Newly founded California-based venture capital firm Parkpine Capital is set to launch its debut $50-million seed fund and seal at least three deals by September. It is looking at investing in technology startups from Southeast Asia.
Founded by Egyptian pharmacist-turned-venture capitalist Ahmed Shabana, Parkpine Capital either invests through its own fund, co-invests with other existing funds, or helps its partners with deal sourcing and other services.
In a telephone interaction with DEALSTREETASIA, Shabana said the company is conducting due diligence on tech startups it met at its Global Ventures Summit in Bali earlier this month. Fundraising for the $50-million fund has been nearly completed, he added.
Asked when the firm is likely to announce its first slew of investments, Shabana said, “I would say before the fall is more realistic like August or September. We are talking to too many (companies) right now but hopefully we should do not less than three deals. These will be seed or pre-seed level investments and they are tech firms.”
It is very likely that the firms to be funded could either be from Indonesia or Malaysia as Parkpine is quite bullish on these two countries. Mr Shabana noted that this is a good time to start investing in Southeast Asian markets as valuations are fair. “We expect valuations to rise by 2017-end, which is why we want to get in early,” he added.
Parkpine claims to be an enabler for high growth technology ventures in exponentially growing markets through venture capital, high net worth individuals, private equity, and angel investments. It aims to add to its portfolio ventures with business models that can easily be replicated across different parts of the world.
“We see ourselves as connecting different teams and different parts of the world to create more global players. Among our investors, it is a mix honestly. Some are from the U.S. and some from the Middle East,” he said.
The company plans to invest with an average ticket size of around $2 million and is open to considering smaller investments if it comes across an opportunity to do so.
Started in January 2016, Parkpine currently has two firms in its portfolio — Instapill, a prescription-free online medicine firm, and events firm Global Ventures Summit.
Shabana earlier founded Middle East’s first online pharmacy, Agzakhana.com, in which Vodafone Ventures picked up an over 22 per cent stake in 2013.