Cambodia-based VC firm Ooctane raises $55m for tech investments

Cambodia. Photo by Pisit Heng on Unsplash

By Juliet Shwe Gaung

February 28, 2019

Cambodia’s Worldbridge Group-backed venture capital firm Ooctane has closed its debut fund at $55 million to invest in local tech startups, a spokesperson told DEALSTREETASIA.

The soft launch of the venture capital fund was announced in June last year with a $5-million contribution from Oknha Rithy Sear, founding chairman of Worldbridge Group. Worldbridge is one of Cambodia’s largest logistics companies.

Since then, the fund roped in additional LPs to close the fund at $55 million. A spokesperson for Ooctane said the firm is in “advanced discussions and performing due diligence” on a handful of companies to close its first deal.

“Ooctane will make a game changing contribution as it seeks to propel Cambodia into its digital future,” said the executive.

Similar to other frontier countries in Southeast Asia, the venture capital landscape of Cambodia is still at a very nascent stage. The country’s growing startup community is very active and has been participating in pitching competitions, demo days and community events.

“In the private sector, we are also seeing big companies in Cambodia taking an active interest in the startup ecosystem by launching their own corporate venture capital arms and/or starting startup incubator programs,” said the Ooctane spokesperson.

Telecom firm Smart Axiata had backed a $5-million Digital Innovation Fund launched last year to invest in the digital ecosystem of Cambodia.

Other investors looking at investment opportunities in Cambodia include Mekong-focused Belt Road Capital Management, which is currently raising $100 million for its second fund, and Emerging Markets Investment Advisers, a Mekong-focused investment firm that has established a $64-million Cambodia-Laos-Myanmar Development Fund II.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
APPLY NOW

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
APPLY NOW