Mavcap and Gobi launch US$15mil fund, perhaps even more
By Goh Thean Eu March 24, 2016
- To invest in 25-35 startups over next 3yrs, an average of US$500K per deal
- SuperSeed Fund companies to register US$10mil revenue collectively this year
A MERE hours after Malaysia Venture Capital Management Bhd (Mavcap) and Gobi Partners launched their RM60-million (US$15-million) Gobi Mavcap Asean SuperSeed Fund, they are already thinking about increasing the size of the fund.
“We are looking into the possibility of increasing the fund size, if there is interest,” Gobi cofounder and managing partner Thomas G. Tsao said after the official launch in Kuala Lumpur earlier today (March 24).
The SuperSeed Fund will invest in new-generation South-East Asian-based Internet and mobile technology startups, primarily focused on verticals like e-commerce, financial technology (fintech), the Internet of Things (IoT), ‘Muslim innovation,’ and online tourism.
It also plans to invest in 25-35 startups over the next three years.
“The SuperSeed Fund will have an average deal size of RM2 million (US$500,000),” said Tsao.
Currently, the fund has five portfolio companies: Nuren Group, a wedding and maternity e-commerce site; Offpeak (restaurant discovery); RecomN (on-demand services); Triip.me (crowdsourcing tours); and YouthsToday (youth empowerment).
“That’s just the start. Very soon, we will have another three companies coming on-stream,” Tsao said, without disclosing further details.
He said he also expects that by the end of this year, SuperSeed Fund portfolio companies will record a collective revenue of US$10 million.
“We expect our portfolio companies to directly create over 100 new jobs, and register over 600% year-on-year growth this year,” he added.
The SuperSeed Fund will be managed out of Gobi’s Kuala Lumpur office, and the investment committee comprises Tsao himself; Gobi’s Singapore-based partner Kay-Mok Ku; and Mavcap chief executive officer Jamaludin Bujang.
Meanwhile, Jamaludin said that the launch of the new fund is a reflection of Mavcap’s successful partnership with Gobi which began few years ago.
“With the SuperSeed Fund, we look forward to identifying, investing in, and growing promising local and regional tech companies … into regional and world champions.
“We believe this goal can be achieved with our combined, and in many cases complementary, strengths in networking, experience and determination to turn Malaysia into a regional hub for technology development and entrepreneurship,” he added.
Gobi’s Ku said that the launch of the fund is also a testament of the company’s optimism and confidence in South-East Asian startups.
“As one of China’s first venture capital firms to expand into the region with the establishment of a Singapore office in 2010, Gobi is a first mover in Asean and we have built up valuable experience investing in the region.
“We believe that the Asean equivalents of BAT (Baidu/ Alibaba/ Tencent) will emerge in the not-too-distant future and contribute to the region’s growth and prosperity,” he added.
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