China-based venture capital firm Access Ventures has raised $20m from limited partners including corporates F&F and Nodo for a fund with a $50m target, partner Charles Rim told DealStreetAsia yesterday.
Clothing producers F&F and Nodo contributed through their corporate venturing funds, alongside various Singaporean family offices and assorted angel investors.
Line Ventures, the corporate venture capital arm of messaging app developer Line, and financial services firm Manahusa Capital are set to also commit capital having already backed the first Access fund, Rim said.
Access Ventures focuses on startups operating in Vietnam, Indonesia and South Korea, investing between $500,000 and $2m at seed and series A stage. It has already backed two companies with the new fund, including an analytics technology startup called Moss.ai.
Rim said: “We expect to have 20-25 portfolio companies with this and the fund to be deployed in three years.”
The firm’s recent investments include deals for customer engagement software provider Perx Technologies and hotel management technology developer Zuzu Hospitality Solutions. It exited payment technology provider Moca in September 2018 when its stake was bought by ride hailing service Grab.
