China-based, Southeast Asia-focused venture capital firm ATM Capital has closed a fund backed by corporates Alibaba and 58.com at about $100m, DealStreetAsia reported yesterday, citing sources privy to the development.
Founded in 2017, ATM Capital aims to bring Chinese expertise to bare helping Southeast Asia-based startups grow. The fund is its first and it had set a $200m target for its final close, but sources told DealStreetAsia the Covid-19 crisis had impacted fundraising activities.
E-commerce group Alibaba’s EWTP Technology and Innovation Fund and online classified listings operator 58.com are both among the fund’s limited partners, as are Alibaba co-founder Eddie Wu and fellow individuals Wang Xiaochuan, Jet Li, Tao Zhang Jiawei Gan.
ATM Capital concentrates on business services providers, media and financial technology developers and has built an 11-strong portfolio. It took part in a $31m round for freight services marketplace Kargo this week, and invests $500,000 to $20m per deal according to DealStreetAsia.
One of the firm’s founding partners is Tony Qu, formerly a director at Alibaba corporate venture capital unit Ali Capital. He was subsequently a vice-president at alternative investment firm CDH Investments for two years before going on to VC firm BAT Capital as a founding partner.
