BEENEXT, a Singapore-based venture capital firm investing in early-stage technology companies, today announced that it had spun off its $75- million-plus fund from the Gordian Capital platform, and added that it was also forming its own asset management company.
BEENEXT invests in early-stage startups across Southeast Asia, India, Japan and the US.
This vehicle, which was launched over two years ago, and has a corpus in excess of $75 million, will look to invest in the areas of marketplaces, payments, fintech, and software-as-a-service, the company said in a statement. This fund made over 80 investments to date.
“Although we have many years of venture capital investment experience, we had limited experience in establishing a fund, tax matters and structuring as well as the operational and regulatory aspects of operating a fund. Gordian Capital was very helpful and handled all those activities allowing us to focus on investing and working with our investee companies and giving us the flexibility to build our own brand,” said Teruhide Sato, Founder and Managing Partner of BEENEXT Capital Management Pte. Ltd.
Sato, a veteran of Asia’s VC scene, was previously chief executive of BEENOS and took it public on the Tokyo Stock Exchange’s Mothers market in 2004. His notable investments include Tokopedia, Midtrans, CitrusPay, KartRocket, Akakce, Iyzico and Aucfan.
“With our first fund reaching full investment stage, we felt it was time to spin out and establish our own asset management business. Gordian Capital was certainly a great launchpad,” added Hironori Maeda, Managing Partner, BEENEXT Capital Management Pte. Ltd
Maeda launched Japan’s first startup accelerator program “Open Network Lab” in partnership with Digital Garage, Kakaku.com and BEENOS in 2010. Having invested in over 40 companies, his notable investments include Instacart, FundersClub, Everlane, Fril, Qiita, Fond, Virool, Skimlinks, Screenhero, and Lob.