Singapore-based venture capital firm KK Fund has achieved a first close of its second fund with commitments from entertainment conglomerate Sega Sammy and advertising holding firm Septeni, according to DealStreetAsia.
The fund’s limited partners also include VC firm Incubate Fund, incubator Mistletoe, a range of family offices and assorted angel investors. Its current and target sizes have not been disclosed.
KK Fund II expects to invest between $400,000 and $500,000 in early-stage fintech, logistics, media, entertainment and marketplaces startups across Southeast Asia, Taiwan and Hong Kong.
The fund signals a broader approach from the predecessor vehicle, which has invested around $200,000 in 13 startups to date, focusing on Southeast Asia with one Taiwan-based business: budget airlines price comparison platform Hellowings.
KK Fund I, which is not yet fully deployed, does not invest in the media and entertainment sectors.
Kuan Hsu, former principal of games developer Gree’s corporate venturing unit Gree Ventures, joined KK Fund in November 2015 and will drive investments in Hong Kong and Taiwan.
Hsu said: “We continue to see opportunities for technology startups in Southeast Asia, driven by improvements in infrastructure and regulations. Entrepreneurs in the region, including Hong Kong and Taiwan, are also maturing alongside the ecosystem which led us to launch our second venture fund.”