Media company Singapore Press Holdings (SPH) is among the limited partners in the $40m fund recently closed by US-based venture capital firm Fika Ventures, DealStreetAsia has reported.
Fika is a seed-stage investor that aims to back startups developing solutions to what it calls “deep systemic problems,” according to a blog post by Singaporean co-founder and general partner Tianxiang Zhuo on Medium.
The fund will mainly target marketplace operators and enterprise software, financial and digital health technology developers based in California, and especially Los Angeles, while also dipping a toe in markets such as New York and Seattle.
The other LPs for the fund include wealth and asset management firm PhillipCapital, venture capital firm Cross Creek Advisors, investment manager Knollwood Investment Advisory and Loi Pok Yen, chief executive of logistics and supply chain services provider CWT.
Zhuo told The Business Times: “I am excited that I can play a small role in helping Singapore companies access some of the best technologies in the US, and bring back that DNA and innovation mentality to help them become global tech leaders.”