Sydney-based venture accelerator BlueChilli is considering a $68.99-million (A$100 million) global fund in 2020 to support its growing pipeline of startups.
A source close to the development told DealStreetAsia that the fund will cover pre-seed, seed and Series A startups from its accelerator programmes in Singapore, Indonesia and Australia. A majority of these funds will go into Southeast Asian startups.
The source added that BlueChilli has already begun speaking with potential limited partners (LPs) from Singapore and Australia to join the fund, and that the response has been very positive so far.
However it is understood that these developments are still in very early stages. The fund will likely spend a significant portion of time in 2020 fundraising and crystallising its investment allocations and strategy.
BlueChilli declined to comment on this development.
The Australian accelerator, however, did share that it is nearing the end of a five-year tenure for its $6.89 million (A$10 million) first pre-seed fund.
Launched in 2014, BlueChilli’s pre-seed fund focuses on Australian startups. It writes a first cheque of under $34,461 (A$50,000) for high potential startups from its accelerator, with the option of follow-on funding of up to $172,306 (A$250,000). The LPs of BlueChilli’s pre-seed fund are high net worth individuals (HNWIs) and family offices from Australia and the United States.
BlueChilli has been expanding its presence in Southeast Asia of late.
In May, BlueChilli announced a partnership with Enterprise Singapore (ESG) to launch a Singapore-based health-tech accelerator.
The six-month programme includes health partners such as the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and Galen Growth Asia from Singapore and Australia.
In April, BlueChilli launched an Innovation Centre in Indonesia with Coca-Cola Amatil to build regional capabilities. It also has a partnership with Singapore-based venture capital firm, Hatcher+, to invest in 240 startups across Southeast Asia.
BlueChilli is headquartered from two cities – Sydney and Singapore, with the latter operating as its Southeast Asian base. It also has operations in the US, Indonesia and New Zealand and plans to expand this to more markets in coming months.