Singapore-based Jubilee Capital hits first close for $100m tech-startup fund

Singapore-based Jubilee Capital Management has announced the first close of its $100 million Jubilee Tech Fund — a venture capital fund for tech startups in Singapore, Southeast Asia, China, Israel and US, raising $30 million from investors in China and Singapore.

The early-stage investment firm’s fund is aimed at investing in post-seed to Series A stage tech startups, it said in a statement issued today.

“We see a growing trend of accomplished and experienced entrepreneurs from China coming out to Singapore and South East Asia to look for new business opportunities in Asean and International markets,” says Jubilee’s co-founder and Chinese entrepreneur George Gong.

Jubilee Capital was founded last year by Stanley Zhang, George Gong and Gan Fong Jek, the three EMBA alumni of Tsinghua University. Stanley was the founder of HiChina in China which was acquired by Alibaba Group in 2013.

George was the co-founder of Beyondsoft, an enterprise software service provider listed in Shenzhen Stock Exchange while Fong Jek is a senior corporate venture capital and M&A professional who has worked in Temasek-owned corporations and a large media conglomerate in Indonesia.

With regard to the markets the fund is focusing for investments, Fong Jek said that the firm is witnessing more and more Chinese investors going to Israel to scout for new technology to invest, or procure for the China market.

“We also see more Israeli entrepreneurs more willing to switch their market interest from America to Asia including China and Asean. Being headquartered in Singapore, we see an opportunity for Jubilee Capital to position ourselves as a bridge between outbound Israeli technology start-ups who are interested to enter Asian markets,” he added.

The firm noted that it could bring international startups the much needed access to Chinese market and capital and Chinese startups, Jubilee has a strong overseas network in Singapore, Beijing and Auckland and establishing strategic partnerships in Tel Aviv, Israel and Silicon Valley, US.

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