Singapore-based blockchain venture firm Signum Capital has made the first close of its debut MAS-regulated fund at $30 million, according to sources privy to the matter.
The fund has attracted a number of Asian limited partners (LPs) to its roster, including Chatchaval Jiaravanon of Charoen Pokphand Group (CP Group), which has joined as the fund’s anchor LP. CP Group is one of Thailand’s largest agri-industrial conglomerates.
Other LPs who are known to be participating include Kingston Kwek, son of City Developments Limited (CDL) founder Kwek Leng Beng; a family member of Singapore instant beverage maker Super Group; and Indonesian family offices in mining, textiles, shipping sectors.
Signum is likely to hit the final close of its fund at $100 million by July this year, said sources. The firm’s investment team is led by John Ng Pangilinan, who is linked to the family behind SGX-listed real estate giant Far East Group.
Signum Capital, which is understood to have been investing independently for almost four years, has already produced some exits out of the roughly 15 investments it has made from this new fund to-date. One source told DealStreetAsia that it managed to exit 20 per cent of its portfolio via tokens on centralised or decentralised exchanges like Binance.
The Singapore-based venture firm makes equity and token investments across various blockchain sectors, including infrastructure, security and decentralised finance (DeFi). One of its portfolio companies is ImToken, a Chinese cryptocurrency wallet that recently raised a $30 million Series B round led by Qiming Venture Partners.
Blockchain funds are few and niche in Southeast Asia.
Apart from Signum Capital, there is also LongHash Ventures, a Singapore-based $15 million blockchain fund backed by Fenbushi Capital, HashKey Capital under Wanxiang Group and Enterprise Singapore, as well as SCB 10X, the investment arm of Thailand’s Siam Commercial Bank (SCB), which recently launched $50 million early and growth-stage blockchain fund.
Singapore-based blockchain platforms have also branched out to set up their own funds to invest in blockchain startups. Earlier this month, Zilliqa announced the launch of a strategic annual investment fund to invest up to $5 million in 15 companies building on its platform.