US-based venture capital firm Creative Ventures is looking to close its second fund at $50m having attracted corporates Benchachinda Group and Singha as limited partners, DealStreetAsia has reported.
Digital services provider Benchachinda and alcoholic beverage producer Singha have contributed to the fund through corporate venturing vehicles BCH Ventures and Singha Ventures, alongside incubator and VC fund V ventures and entrepreneur Itthipat Peeradechaphan.
Founded in 2016, Creative Ventures targets companies developing technologies that could tackle societal issues such as labour shortages, ageing populations and reductions in resources caused by climate change.
More than 50% of the capital has already been secured for the fund, which Creative Ventures intends to close by the end of 2020. It targets East Asian LPs looking to invest in Silicon Valley, and the second fund’s backers, which include unnamed family offices, cover Thailand, Singapore, Hong Kong and Taiwan.
Founder Champ Suthipongchai told DealStreetAsia: “We provide market access to our portfolio companies and help them win new commercial contracts and strike joint venture agreements,” adding that it could hypothetically seek $200m to $250m when it moves on to a third fund.
The firm’s first fund closed at $11m in 2016. Its portfolio companies include medical imaging device maker Exo Imaging and smart home technology developer Iotas.
