Dymon Asia Ventures hits final close of $50m maiden fund, embarks on second vehicle

Dymon Asia
Photo: Dymon Asia Private Equity website

Dymon Asia Ventures, the venture capital arm of Singapore-based Dymon Asia Capital, has hit the final close for its maiden $50-million fintech-focused fund, this portal has learnt.

The final close, which took place in May this year, comes nearly two years after the firm kicked off its fundraising process.

In March last year, Digital Ventures, a financial technology-focused venture firm under Thailand’s Siam Commercial Bank (SCB), had made a significant investment in Dymon Asia Ventures, enabling the latter to hit the first close of its maiden fund at $20 million. The Singapore VC, overseen by partners Jinesh Patel and Christiaan Kaptein, had also raised a part of its debut fund on Fundnel, a Singapore-based private investment and equity crowdfunding platform.

Dymon Asia Ventures, whose portfolio includes financing firm Capital Match, forex-focused 4XLabs, trading platform Spark Systems and marketing service WeConvene, has made about 10 investments from its debut fund. Work has already begun on its second fund, an executive aware of the developments confirmed.

The venture firm had been in the news when one of its portfolio companies, Singapore-based Otonomos, was dissolved earlier this year by the blockchain startup’s board after a series of public and legal spats between the founder and its investors – Dymon Asia Ventures and Fenbushi Capital.

In September 2016, DEALSTREETASIA had exclusively reported that Dymon Asia Ventures had kicked off the process to raise a $50-million debut fund dedicated to the fintech space. The report noted that firm plans to make 10-15 investments from its debut fund, with about 10 per cent of its corpus committed to incubating startups, 20 per cent to seed-stage firms, 50 per cent across Series A and B rounds and the remaining 20 per cent for select special opportunities. Ticket sizes were said to range from $200,000 to $5 million.

Dymon Asia Ventures is among the few venture capital firms in Singapore to adopt a fintech-only focus.

Other fintech focused investment firms include tryb Group, which earlier this year secured a $30-million investment from Makara Innovation Fund, that focuses on financing the acquisition, development and expansion of growth-stage financial technology companies.

Dymon Asia Capital, co-founded in 2008 by Danny Yong and Keith Tan, currently oversees assets to the tune of over $5 billion.