1982 Ventures , a Singapore-based early-stage venture capital (VC) firm, on Thursday announced the initial close of its first seed stage venture fund with $12.5 million in committed capital.
The fund which is targeting to raise a total corpus of $15 million, is looking to invest in a total of 30 start-ups primarily in the fintech sector across Southeast Asia, 1982 Ventures said in a statement.
Its first fund has been backed by US fintech unicorn Carta, Asia’s leading multinational Genting Group’s Venture arm, US fund of funds First Close Partners and Rally Cap, and major Indonesian family office Trihill.
1982 Ventures expects to announce the final close of its first seed fund soon and is only open for investment from strategic investors to participate in a “greenshoe option” as the fund is already oversubscribed ahead of its final close.
According to the statement, the firm has a core focus on Indonesia, Vietnam, Singapore, and the Philippines with the ability to invest across the region and opportunistically in Pakistan and Bangladesh.
It said that Southeast Asia represents a once-in-a-generation opportunity with half a billion consumers waiting for financial services. The region is experiencing rapid urbanization and has some of the world’s highest technology adoption and mobile and internet penetration rates.
It also said Southeast Asian fintech startups represent more than $10 billion in unrealized value, with 100 projected fintech exits in the coming years.
Established in early 2020, 1982 Ventures is a Southeast Asia-focused VC fund that invests in seed-stage fintech startups in Southeast Asia.
The firm’s portfolio has made a return of over 3 times, with early and first-round investments in Indonesian open banking player Brick, Vietnamese retail investment platform Infina (YC S21), home financing proptech Homebase (YC W21), Singaporean automated financial data platform Bluesheets and Southeast Asia’s first earned wage access platform Wagely.
The backers of 1982 Ventures include Southeast Asian, European, and American family offices, fintech founders, senior executives of tech and financial services companies, and general partners (GP) of other VC funds including Sheel Mohnot (founding GP of 500 Fintech and Better Tomorrow Ventures) and unnamed GP at major Southeast Asian VC funds.
1982 Ventures Co-Founder and Managing Partner Herston Elton Powers said that seed-stage fintech in Southeast Asia is in a “generation opportunity”.
“Our focus and credibility with founders make us first money invested and the partner of choice for fintech entrepreneurs in the region. Our investors have access to the highest quality deal flow and as a result of their commitment to 1982 Ventures, have directly participated in the region’s most competitive fintech rounds,” he said.
1982 Ventures Co-Founder and Managing Partner Scott Krivokopich also said the fund is on track to realize its goal of becoming the best performing fund in the region and he is encouraged by the support from the global investment community in backing 1982 Ventures.
“We have seen the incredible rise of fintech in China, India, Latin America, Africa, and the West — now is the time for Southeast Asian fintech to lead the way,” he said.
“1982 Ventures has proven its ability to source and invest in the best fintech start-ups in the region. Our mission is clear to back the next generation of unicorns which will come from the fintech sector in Southeast Asia,” Scott added.
Both Herston and Scott are former executives of tryb Group, a Southeast Asian fintech investor, and have each been in Asia for well over a decade.
>>> Please read more startup projects in Malay, Singapore:
- Malaysia-based supermarket chain Jaya Grocer has been acquired by Grab
- Binance withdraws Singapore cryptocurrency bourse application
- Big changes from Malaysia's fintech and e-wallet provider MyMy
- SPAC Kairous Acquisition Starts Trading on NASDAQ