Line Ventures, the corporate venturing subsidiary of instant messaging app developer Line, has contributed to China-based venture capital firm Access Ventures’ $30m second fund, DealStreetAsia reported yesterday.
Financial services firm Manahusa Capital is also among the new limited partners, joining clothing producers F&F (through Korea Venture Investment Corp) and Nodo, Singapore-based family offices such as Octava, and unnamed individuals, all of which supplied capital in August 2019.
Access is looking to raise $50m for the fund by the third quarter of 2021, a date postponed from the end of this year, due to coronavirus-driven challenges.
The vehicle is focusing on East and Southeast Asian investments and has sourced more than 10 deals in Southeast Asia including esports platform Revival TV, shuttle bus booking app developer GoDee and retail analytics software provider Palexy.
Access typically invests $300,000 to $1.5m in seed or series A rounds, taking equity stakes ranging from 5% to 10%. Its first fund launched in 2017 with $15m from investors including Line Ventures and Manahusa Capital, according to DealStreetAsia.