Singapore-based Credence Partners has announced the launch of its first venture capital fund and has made the first close at US$50 million.
The VC firm targets the final close at US$100 million.
Credence will invest mainly in Series A and B companies in Southeast Asia. It looks to invest in defensible businesses solving real problems, led by robust and thoughtful founders leading high-performing teams.
The fund has a preference for investing in the enterprise, B2B and B2B2C business models in industries such as fintech, deeptech, consumer, logistics & mobility and tech-enabled businesses.
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Founded in 2006 by Koh Boon Hwee, Tan Chow Boon and Seow Kiat Wang, Credence believes in building portfolio value by applying a private equity mindset to early-stage companies.
“Applying the PE mindset means we will guide and focus the startups on leadership and talent management, on operational fundamentals, with a strong focus on building out commercialisation and business development growth engines,” said Chairman Hwee.
Since its first close, the fund has committed to three investments — a deeptech software company that identifies and quantifies cognitive states wirelessly, a pure-play digital bank, and a mobile-only micro-lending company.
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