Eleven Zulu launches $100m pan-Asian venture fund

LPs expected to participate have not been disclosed, but AVCJ understands Eleven Zulu has been in talks with investment banks, private equity firms and corporations in both the US and Asia. The vehicle will seek to offer international expansion opportunities to enterprise software, e-commerce, fintech and healthcare companies.

"There are start-ups in Asia that are doing great in their own respective ecosystems, but we would love to see them achieve greater outcomes at pan-Asian, or even at a global scale with our support," Eunse Lee, founder of Eleven Zulu, said via email. "It's not like there is American enterprise software and there is Chinese enterprise software. They are universal."

Eleven Zulu looks to work with four to five start-ups per year, with investments ranging from $3-5 million per company. Following the final close of the current fund, the firm plans to launch a separate $100 million feeder vehicle offering seed and pre-Series A financing.

"We are also working to include potential buyers of start-up companies, as well as the later-stage funds, in our network," Lee added. "And by having a parallel fund and such value-adders in our network, we aim to capture the full value chain."

Lee started Eleven Zulu in January after spending one year as co-founder and general partner at InnoLink Capital, a Los Angeles-based asset management company focused on commercializing Israeli life science technology in Asia. He has been credited as an advisor to a number of Korean government agencies.

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