Singapore VC Majuven seeks to raise up to $50m for second fund

Farrer Park, Singapore. Photo: Kelvin Zyteng

Singapore-headquartered venture capital firm Majuven is in talks to raise up to $50 million for its second fund, said two persons privy to the development.

“The firm is in the market to raise capital and has initiated talks with a host of LPs,” said one of them.

Established in 2012, Majuven invests in early and growth-stage companies across Asia in sectors such as healthcare, financial services and digital consumerism. It also has a few investments in the US.

Majuven was founded by Lee Hsien Yang, the brother of Singapore’s prime minister. Its managing partners include Lim Ho Kee, the former chairman of Singapore’s national postal company SingPost.

So far, the VC firm has made as many as 20 investments from its first fund in countries such as Myanmar, Taiwan, Thailand and China, among other Asian nations, besides its home turf Singapore, and the US.

Its portfolio companies include prominent names such as online community marketplace Airbnb, online grocery app HappyFresh, and drug discovery company Eureka Therapeutics, among others.

According to information available on its website, a majority of Majuven’s investments are in the consumer tech space, followed by fintech and biotech sectors.

Majuven is currently scouting for opportunities from seed stage to Series B rounds, said one of the persons mentioned above. “It is looking at companies that have plans to expand regionally.”

Majuven had not responded to a request for comment at the time of publishing this story.

Southeast Asia-based VC firms are currently in the market to raise an aggregate of $4.97 billion but their fundraising efforts are starting to take a hit due to the coronavirus outbreak.

“It’s difficult to schedule any meetings that involve travelling. For any deal to close, people still want/need to meet face to face. You can do some work with online meetings but not everything,” a partner at a Southeast Asia-focused VC firm currently in the market told DealStreetAsia earlier.

Of the 42 Southeast Asia-based VCs currently in the market, the largest is global tech investor B Capital Group, which we earlier reported is seeking to hit its second fund’s hard cap of $750 million after meeting its $600-million target.

Others in the market include Vickers Ventures (seeking $500 million for its sixth fund), Malaysia’s Xeraya Capital (eyeing $400 million for its latest life sciences fund) and Golden Gate Ventures (a $200 million growth fund with Hanwha Asset Management).

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.