SG’s Monk’s Hill Ventures closes second fund below target at $100m

Monk's Hill managing partner Peng T. Ong (centre). Photo: Monk's Hill Ventures website

Venture capital firm Monk’s Hill Ventures has closed its second Southeast Asia fund at $100 million, short of a $150-million target it disclosed in an SEC filing in 2018.

According to Monk’s Hill, the early-stage venture firm has secured an “expanded” LP base for its second fund including endowments, foundations and family offices from the United States and globally. Singapore’s state investor, Temasek Holdings, is also returning as an anchor investor after participating in its inaugural $80-million fund closed in 2015.

According to an email seen by DealStreetAsia, the Southeast Asian venture firm also teamed up with regional angel networks such as AngelCentral to raise sums as little as $500,000 to $1 million for the fund in 2018. AngelCentral’s partners, Lim Der Shing and Huang Shao Ning, are understood to be LPs in its second fund.

Monk’s Hill told DealStreetAsia that deployments from its second fund include Indonesian restaurant supply marketplace STOQO, Singapore recruitment platform Glints and project collaboration app Padlet.

Monk’s Hill Ventures did not provide concrete details on the performance for Fund I but said that two portfolio companies from the fund delivery company NinjaVan and English learning app ELSA have raised subsequent rounds.

The fund’s closing comes amid a number of recent staff departures at Monk’s Hill.

An industry source told DealStreetAsia that as many as four executives have left the firm since November, including its Malaysia-based partner, Mohd Ridzwan Nordin; corporate development head Li-Anne Huang, who was involved in fundraising; and Singapore-based investment associate Yee Hoong Chow. The company’s website lists Nordin among its operational advisers, who are akin to external consultants that work with the firm. Huang and Chow are not listed among its team members.

Monk’s Hill Ventures declined to comment on the departures. However, its company spokesperson said that the firm has made two hires recently a principal and an investment associate.

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.