Gavin Teo (pictured left) and Dave Ng (pictured right), previously partners at consultancy Boston Consulting Group-sponsored investment firm B Capital Group, have co-founded venture capital firm Altara Ventures, DealStreetAsia reported yesterday.
B Capital hired Ng in late 2015 and tasked him with setting up the firm’s office in Singapore, where he focused on deals in Asia. Teo, on the other hand, joined B Capital in mid-2016 as a general partner and founded its office in San Francisco before being appointed board partner and adviser three years later, roles which he held until April this year.
They had invested in early and growth-stage companies on behalf of B Capital, including Atomwise, AImotive, Carro, Icertis and Ninja Van.
Singapore-based Altara Ventures has already raised roughly half of its $100m target for its initial fund, securing limited partner commitments from unnamed Southeast Asia-based financial institution, public technology company and family office.
Altara will concentrate on early-stage developers of financial, e-commerce, logistics, healthcare, education and enterprise technologies mainly from Southeast Asia. It has already backed three companies: online banking service Tonik, digital creditor StashFin and Senseye, which is working on computer vision software.
– Photos of Gavin Teo and Dave Ng courtesy of LinkedIn
