Two principals at fintech-focused investor tryb have left the Singapore-based company to set up a new venture capital firm called 1982 Ventures.
According to their Linkedin profile, Herston Elton Powers and Scott Krivokopich have now assumed the role of managing director at 1982 Ventures from December 2019 after leaving tryb a month earlier.
According to the firm’s new Linkedin page, 1982 will focus on investing in early-stage tech startups across Southeast Asia with a core focus on seed-stage fintech. Its main target markets will be Indonesia, Vietnam, the Philippines and Singapore.
While the firm does not disclose information on its fund, industry sources have said that 1982 Ventures is targeting to raise its first fund of around $20 million.
Having spearheaded on-the-ground investment activities at tryb for over two years, INSEAD graduates Powers and Krivokopich are expected to hit the ground running at their new firm given the similarities in investment thesis between the two firms.
Founded in 2016, tryb has also been targeting early-stage fintech companies in Southeast Asia. Over the last few years, it has built up a portfolio of seven companies, according to its website. Among them are Singapore payment platform MC Payment, Manila-based SME lending startup First Circle and Indonesian sharia fintech company Alami.
Another VC firm that shares a similar focus is Finch Capital. The Europe-based fintech-focused VC firm has largely been investing in Series A companies but says it plans to back companies in seed stage through its upcoming new fund, targeted at around $75 million.
These fintech-focused investors, however, are also competing with other VCs who are flocking to the region to bet on fintech. According to CB Insights, in 2018, funding to fintech startups across Southeast Asia grew 143 per cent year over year, hitting a record of $485 million invested across 68 deals.
The interest in Southeast Asian fintech is expected to persist as the opportunity and addressable market remains huge. As of 2018, only 47 per cent of adults in the region had a bank account, while only a third of Southeast Asian SMEs had access to loans or lines of credit.
