Online game producer Shanda is backing the second fund to be raised by US-based venture capital firm Hustle Fund, which has achieved a $10m first close, DealStreetAsia has reported.
Founded in 2017, Hustle Fund invests at pre-seed stage, providing $25,000 in capital and helping portfolio companies advance to the point where they would raise seed funding. It is headquartered in the US but has begun moving into Southeast Asia’s startup scene.
Hustle Fund II has a $50m target for its close and it follows the firm’s $11.5m first fund, which closed in September 2018. Shanda anchored that vehicle, while internet company Naver and messaging platform developer Line were among the limited partners.
