Chinese IT billionaire Pang Shengdong partners Tembusu ICT Fund I for SEA expansion
By Digital News Asia November 24, 2016
- Pang is a venture capitalist and founder of web directory www.2345.com
- Aims to forge collaborations between Chinese and Southeast Asian software startups
ONE of China’s most successful venture capitalists (VC), Pang Shengdong, who founded the web directory www.2345.com, has partnered with Singapore’s Tembusu ICT Fund I to forge collaborations between Chinese and Southeast Asian software startups.
Pang, aged 38 with a published net worth of US$1.2 billion, is best known for founding www.2345.com, which was acquired by Shenzhen-listed 2345 Network Holding Group. He is also the founder of www.51.com, a social networking site that boasts nearly 400 million page views a day.
This is the first time that Pang is partnering with a VC or private equity group in Southeast Asia. As part of their collaboration he will invest a seven-figure amount in ICT Fund I, as well as provide ICT Fund I and its portfolio companies with strategic expertise and networking opportunities to access the mainland Chinese market.
Pang said: “It is encouraging to see a number of companies in Southeast Asia, especially Singapore, developing core software (deep tech) in areas like security, analytics and cloud computing. Given Singapore’s close relationship with the Greater China region, I see a tremendous opportunity to utilise my experience and network to unlock synergies and partnerships for ICT Fund I’s portfolio companies.
“I have not seen any other platform in Southeast Asia with the same level of expertise and focus on deep tech investments, making ICT Fund I a very good fit with my investment strategy.”
Tembusu ICT Fund I founder and managing partner Brijesh Pande said: “Pang Shengdong has achieved remarkable success in the startup scene in China and his capital commitment is testament to our investment strategy and platform. We are equally excited to leverage his tech expertise and market reach into Greater China to further augment our investment platform.”
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