more particulars about former Sequoia venture partner Yinglan Tan’s new fund have emerged after an SEC filing validated that it has raised $ 25 million for its maiden fund, and it made its first investment.
Tan, who became with Sequoia’s Singapore workplace for 5 years in a task aiding operations earlier than leaving this summer season, is notion to be beginning Insignia challenge partners to focus on Southeast Asia’s speedy-rising startup scene.
The fund has already been uncorked and made its first deal, leading a $ 4 million investment in Indonesia-based mostly co-working startup Ev Hive, a supply near negotiations told TechCrunch.
Tan didn’t reply to requests for comment.
There isn’t a tonne of detail in the submitting — which became first spotted by using Deal road Asia — however it feels like Tan has teamed up with fellow Singaporean Lin-Hong Wong to birth the new task. Wong, who has hung out at Singaporean sovereign fund Temasek and the Singapore economic construction Board, is listed as a director of Insignia task companions within the submitting. Wong presently operates a VC fund management agency referred to as Wingz Capital, and it is uncertain no matter if he’ll steadiness that along with his role at the fund.
aside from having worked within the funding space, each men have additionally authored books on the field. Tan wrote two books — one on innovation in China and a further on commonplace undertaking capital — while Wong’s title covers project capital fund administration.
A $ 25 million fund would likely operate within the seed and collection an area in Southeast Asia, a section that once become seen as a spot however now’s becoming well filled with funds. one of the vital VCs enjoying in the space encompass Golden Gate Ventures ($ 50 million), Jungle Ventures ($ 100 million), Venturra Capital ($ a hundred and fifty million), and Monk’s Hill Ventures ($ 80 million.)
Sequoia is among the few funding funds that operates within the series A and series B areas in Southeast Asia. regardless of that and turning out to be interest in the area from most important tech organizations, with recent offers from Alibaba, Tencent, SoftBank and Expedia, it doesn’t have a dedicated fund. as an alternative, its Southeast Asia offers are lined by means of the Sequoia India fund. The present India fund, the company’s fourth, is the country’s biggest VC fund with a total corpus of over $ 850 million.
past this summer time, Sequoia secured $ 4 billion in clean financing, together with $ 2 billion for its boom money, according to a U.S. filing. The firm decline to deliver particulars on how the capital will be allocated, but a fine guess is that a large chunk may be put to work in Asia. indeed, according to file, $ 125 million of that sparkling allocation became funneled into the present India fund.
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Fundings & Exits – TechCrunch