Monk's Hill closes Southeast Asia VC fund
Singapore-based Monk's Hill Ventures has closed its first Southeast Asia-focused fund above its target of $80 million, according to Managing Director Peng T. Ong.
The fund, which launched in 2014, has received commitments from a number of investors, including Cisco Investments, Temasek Holdings and Telstra Ventures. In addition, Monk's Hill and five other Singapore-based VC firms received a total of S$60 million ($44 million) from the government of Singapore to support investment in Southeast Asian tech companies.
The fund targets early-stage investments, including Series A and B rounds, in technology start-ups across Southeast Asia; it will also support start-ups from outside the region that want to expand into Southeast Asia. Specific sectors of focus include cloud computing, big data and analytics, and internet applications.
Monk's Hill's management combines investment and entrepreneurial experience. Along with Ong, the co-founder of Match.com, the team includes Kuo-Yi Lim, the former CEO of technology-focused venture fund Infocomm Investments. Former partner Stefan Jung, the founder of Rocket Internet's Lazada and Zalora e-commerce platforms, is now a co-managing partner in Lippo Group-backed Venturra Capital.
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