Singapore-based venture capital firm KK Fund, which has received backing from corporate limited partners in the past, is raising an undisclosed amount of capital for its third vehicle, DealStreetAsia reported yesterday.
KK Fund co-founder and general partner Koichi Saito told DealStreetAsia the new iteration may be larger in size and is set to reach a first close later this year, but did not disclose further details. It intends to back some 30 companies through the fund in areas including healthcare, education and human resources.
Founded in 2014, KK Fund provides roughly $500,000 per deal, targeting seed-stage internet and mobile-focused entrepreneurs based in Southeast Asia, Taiwan and Hong Kong.
The firm announced a first close of its KK Fund II in 2016, with contributions from video game publisher Sega Sammy and advertising technology provider Septeni as well as Incubate Fund, Mistletoe and various family offices and private investors.
The second fund concentrates on developers of financial, logistics, media, entertainment and e-commerce technologies, and about 80% of the capital has been deployed.
KK Fund I was formed in 2015 and counted Incubate Fund among its limited partners. The fund has been fully liquidated but its size was also undisclosed.
