Formation 8 to raise Asia VC fund
US venture capital firm Formation 8 is looking to raise a $400 million Asia fund to connect start-ups in the region with Silicon Valley.
The firm registered the fund - called F8 Asia Growth - with the Securities and Exchange Commission (SEC) last week. The fund is expected to back between five and seven late-stage tech companies.
The news follows the firm's hiring of Joel Sng - an early investor in Xiaomi - as a partner in Singapore. Formation 8 has already made investments Asia. In March it took part in a $17.5 million Series B round of funding for South Korean fashion e-commerce start-up Memebook.
Formation 8 was set up in 2012 by Joe Lonsdale, a former executive at payments company PayPal and co-founder of Palantir Technologies. The other co-founders are Jim Kim and Brian Koo. The firm closed its second flagship fund at $500 million in December.
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