Exclusive: Monk’s Hill Ventures hits final close on maiden $85m fund

Singapore-based venture capital firm Monk’s Hill Ventures has hit the final close on its maiden fund, industry executives aware of the development confirmed.

This ranks among the largest maiden fund raised by a Singapore-based venture capital firm. It also places Monk’s Hill among the largest VC firms in the city state, and it joins the likes of NSI Ventures that had closed its debut fund at a little over $80 million last year, and Jungle Ventures that is currently raising its second fund with a target of $100 million.

These executives, who did not want to be quoted, said Monk’s Hill had raised around $85 million, which is above its initial target of $80 million.

The company has been raising capital for its debut fund since 2013.

Monk’s Hill did not respond to a detailed query from DEALSTREETASIA on the final close of its fund.

The fund was put together with investments from various limited partners including Cisco, Temasek, Telstra, and YJ Capital, among others. Industry sources said these LPs have all put in around $10 million each into Monk’s Hill, but this could not be independently verified by this portal.

DEALSTREETASIA reported recently that Australia’s Telstra Ventures invested $10 million into Monk’s Hill Ventures. Additionally, in 2015, the publication also exclusively reported that Temasek and Cisco had joined Monk’s Hill Ventures as limited partners within one month of the venture capital firm roping in YJ Capital, the corporate venture arm of Yahoo Japan, as a limited partner as well.

Singapore state fund Temasek Holdings had also invested in NSI’s maiden fund, as well as Jungle Ventures’ second fund, that is yet to hit a final close.

Founded by principals Peng T. Ong, the co-founder of Match.com and founder of NASDAQ-listed Interwoven; and Kuo-Yi Lim, the former chief executive of Infocomm Investments, Monk’s Hill Ventures targets high-growth technology companies that are looking for Series A and B level financing.

These companies can either be early-stage tech startups in Southeast Asia that are operating out of the region, or companies based elsewhere that are looking to expand into the region.

Since its launch two years ago, Monk’s Hill Ventures has invested in five portfolio companies: finance and insurance portal Compare88, last-mile logistics company Ninjavan, property marketplace ZipMatch, gaming studio and publisher Playlab, and digital investment service Scalable Capital.

In the past, the the firm has said that it plans to invest in Series A and B funding and also help startups that want to expand to Asia, and has added that its operations will be focussed around Singapore, Jakarta, Bangkok, and Manila.

According to Monk’s Hill Ventures’ FAQ page, the venture capital firm typically invests in technology companies that have secured at least $500,000 to $1.5 million in seed or angel funding. Potential portfolio companies should also be able to show proof of its progress developing a product that is capable of working successfully. Additionally, these technology companies should fall under the software, Internet, and mobile solutions umbrella.

Also Read: 

Philippine online realty marketplace ZipMatch raises $2.5m from Monk’s Hill Ventures & 500 Startups

Australia’s Telstra Ventures invests $10m in Singapore-based Monk’s Hill VC fund

Singapore: Monk’s Hill leads $5m Series B investment in mobile game developer Playlab

 

 

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.

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.