Hustle Fund, a pre-seed investor based in San Francisco and Singapore, has secured 20 per cent of capital commitments to reach the first close of its $50-million second fund.
According to one source close to the development, Chinese online gaming giant Shanda is also returning as a limited partner (LP) for its second vehicle.
Hustle Fund declined to comment on this story.
DEALSTREETASIA last reported in May that the pre-seed VC firm was targeting to raise up to $50 million for Hustle Fund II, based on its filing with the US Securities and Exchange Commission.
The fund launch came just eight months after the pre-seed VC closed its first vehicle at $11.5 million. Hustle’s first fund was anchored by China’s online gaming giant Shanda, Japan’s Line, and South Korea’s largest search engine Naver.
Hustle Fund invests $25,000 in pre-seed startups, before working alongside the team to determine follow-on rounds. Hustle Fund I has invested in more than 80 startups including Setter, Doorr, Reap and reDock.
Last year, Hustle appointed Shiyan Koh as a new managing partner to drive the firm’s focus on Southeast Asia. Its Southeast Asian investments include BlockPunk, a blockchain-based entertainment startup, and Moovaz, a smart logistics company based in Singapore.
Hustle Fund was co-founded by Elizabeth Yin and Eric Bahn, former 500 Startups partners who left the accelerator to start their own fund. Yin was also founder of LaunchBit, an advertising platform that was acquired in 2014 by BuySellAds.com. Bahn, on the other hand, was the founder of Beat The GMAT, a site that helps people prepare for the GMAT.
Apart from Hustle, a number of seed venture builders and VCs have also gone global, such as UK-based Entrepreneur First and Singapore-based venture builder Antler.
Entrepreneur First (EF) was last reported in February to be raising a $255-million global fund to support its growing pool of startups which now cover six cities: Hong Kong, Bangalore, Singapore, Paris, Berlin and London. Until last year, EF was only operating from London and Singapore.
Singapore-based Antler, on the other hand, is setting its sights on $30-million funds in four new geographies – Australia, the UK, Central and East Africa by Q2, as well as a Nordic fund by Q3 this year. Today it runs seven offices across five continents: Singapore, Stockholm, Amsterdam, London, Oslo, Sydney and New York.
Seed investors are also raising larger rounds, driven by rising optimism in the space.
STRIVE, formerly known as GREE Ventures, is raising a $130-million cross border seed fund which will target startups across Japan, Southeast Asia and India. Large institutional players are also entering the fray, with Sequoia Capital India writing $1.5 million cheques to successful participants in its Surge programme.