Parkpine Capital to launch $50m debut fund by this fall, to invest in 3 SEA firms

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.

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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.