SG’s Quest Ventures secures first close of $50m fund backed by Pavilion Capital, QazTech Ventures

From left to right: Quest Ventures managing partner James Tan and partners Goh Yiping and Jeffrey Seah

Singapore-based venture capital firm Quest Ventures has secured the first close of its $50 million fund, according to a statement.

More than half of the target corpus has already been raised with its limited partners (LPs) comprising Temasek’s Pavilion Capital, Kazakhstan’s sovereign wealth fund subsidiary QazTech Ventures, and multiple family offices and entrepreneurs from around the world.

Quest Ventures Asia Fund II is Quest’s first institutionally-backed fund. Its previous fund was invested out of the personal capital of James Tan, its managing partner and co-founder of Nasdaq-listed Chinese e-commerce company, 55tuan.

Quest Ventures will target early-stage startups in Southeast Asia and emerging Asia, and sees itself expanding into markets such as Indonesia, Myanmar and the Philippines. It has been actively deploying capital in Singapore and Vietnam, with its portfolio including names like Carousell, ShopBack, 99.co, Carro, StyleTheory, SGAG/ MGAG/ PGAG, Glife and Xfers.

“As the digital economy matures across the world, the venture capital industry in Asia is now poised to play a mainstream role to bring the public and private markets closer. Besides robust financial returns, investors look for value creation derived from business models built on strong fundamentals…We are humbled by the belief that our investors have in us,” said James Tan, managing partner at Quest Ventures.

QazTech Ventures was recently reported to be committing $10 million to the fund, making Quest Ventures its first Asian investment on an LP basis. Its participation will see Quest Ventures roll out a Kazakh startup acceleration programme called Kazakhstan Digital Accelerator to nurture tech startups in Kazakhstan and Central Asia over the next three years.

“This partnership with Quest Ventures and Pavilion Capital will enable Kazakhstani start-ups to secure important investments, improve competencies, and gain access to global markets,” said Adil Nurgozhin, Chairman of the Board of Directors at QazTech Ventures, the Kazakhstan sovereign wealth fund.

Quest Ventures has been steadily expanding its team to manage the growth of its venture business. In March 2019, it appointed two partners – Goh Yiping and Jeffrey Seah – to oversee its portfolio of over 40 companies.

According to Quest Ventures’s website, the firm also runs innovation labs and corporate accelerators, serving a global list of clients such as Nissan, VMWare, Yahoo, HP, Tencent, and Coca Cola.

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.