Beijing-based ATM Capital, which is focused on early and growth stage investments in Southeast Asia, has closed its seed round in Indonesian insurance tech (insurtech) startup Lifepal, according to a top executive with the Chinese VC firm.
Lifepal is a Jakarta-based online marketplace dedicated to health and life insurance services.
Jonathan Zhong, head of UC Browser Indonesia and partner at ATM Capital, told DEALSTREETASIA that ATM Capital was targeting to close six more deals in Indonesia over the next few months. The Lifepal transaction comes on the heels of ATM Capital’s investment in Indonesian freight marketplace Andalin along with Access VC.
Zhong further said ATM Capital was targeting to raise $100-150 million of its $200-million fund by the end of 2019.
ATM Capital has reportedly completed the first close of its $200-million fund from cornerstone investors including Alibaba’s $600-million eWTP Technology and Innovation Fund, 58 Group and Sogou CEO Wang Xiaochuan.
The VC fund partners claim to have investment experience in regional leading companies such as Alibaba, Tencent, Ant Financial and Meituan-Dianping in China, and top Southeast Asian internet companies Rocket Internet, GOJEK and Garena (now Sea Group).
ATM Capital was founded by BAT Capital founding partner Tony Qu, a former director at Ali Capital. He has led investments in major Chinese companies such as Meituan, UC Web, FangDD and Sogou. Its other partner Jeeves Jiang was the founder of PT Oracle Indonesia.
ATM Capital is said to invest between $0.5 million and $20 million across sectors such as logistics, supply chain, e-commerce and business services.
Home to some 660 million people, which is about half of China’s population, Southeast Asia’s e-commerce sales accounted for only 1 per cent of total retail sales, while the figure in China was 15.5 per cent. ATM Capital sees huge potential from this region, especially in some markets such as Indonesia, Singapore and Thailand which saw e-commerce grow by more than 20 per cent annually.