In a statement, BEAM said, with the funding, it will focus on expanding its operations into China while providing services to bridge the Asian markets for business, investments, and career opportunities through the support of SOSV.
The new fund will also be utilized to strengthen existing operations in Kuala Lumpur, Johor, Singapore, and East Malaysia.
BEAM, which stands for ‘Bridging Entrepreneurs and Movers’, currently operates an online business connector platform and offline events ranging from conventions, networking events, and retreats in Japan, Singapore, and Malaysia.
In 2018, it targets to boost activities in Taiwan together with the support of TBV Capital, alongside the New Taipei City government to provide soft-landing and support for startups entering the market. It is also targeting revenue of $2 million to $3 million with 250,000-500,000 users this year.
“We believe there is a tremendous opportunity between both China and the Asian markets,” said Kenneth Ho, CEO of BEAM, adding that BEAM will be a bridge to help businesses to raise capital and hire great talent.
Previous investors of BEAM include TBV Capital (formerly TinkBig Venture), Amperor Group PTE LTD, and angel investors.
SOSV is noted for its particular model of acceleration, which involves using China as a launchpad to the global market for foreign startups, via their collection of accelerators and other resources.
The venture capital firm behind mainland Chinese accelerator Chinaccelerator, SOSV has partnered with Taiwanese mobile advertising and internet services platform Gmobi.
Artesian is a leading global alternative investment management firm with offices in Sydney, Melbourne, Singapore, Shanghai, New York and London. It was spun out of the Australia and New Zealand Banking Group (ANZ) in 2004 and is focused on fixed income and venture capital funds.
It is also Australia’s largest seed-stage VC fund with over $250 million in assets under management, partnering with accelerators, angel groups and university programmes.