Japan-listed financial services firm SBI Group has teamed up with Switzerland-based digital asset bank Sygnum and Italy-headquartered asset manager Azimut to form a $75m venture capital vehicle in Singapore.
SBI’s Ven Capital subsidiary will oversee the fund, which will target Europe and Southeast Asia-based companies operating in the blockchain and cryptocurrency spaces at pre-series A and series A stage, focusing on distributed ledger technology (DLT), decentralised finance and regulatory compliance software developers.
Formed in 2013 and also known as SBI Ventures Singapore, SBI Ven Capital has more than $4bn under management and conducts VC and private equity deals in Asia, backing developers of financial services and technology. The unit’s partnership with Sygnum was first disclosed in October 2020.
SBI Ven Capital CEO and managing director Ryosuke Hayashi said: “DLT and digital assets are at the inflexion point of mainstream adoption, and they have the potential to reduce inefficiencies and unlock new capabilities across several sectors, such as financial services and supply chain management.
“Amidst this backdrop, we are excited to launch this latest VC-focused fund offering with our partners, Sygnum and Azimut. The VC fund enables us to bring our expertise and networks in the sector to accelerate the growth of promising digital assets companies and to shape the future of financial services.”
