Singapore is set to add a new $100-million venture fund to a growing list.
The latest entrant into the club is new VC firm Tin Men Capital that has announced the first close of its maiden $100-million fund. The new vehicle aims to invest in smart cities, security, enterprise productivity, transport and logistics, omnichannel retail solutions and travel and tourism segments.
Founded by Murli Ravi, Jeremy Tan and Benjamin Tan in March this year, Tin Men targets pre-series A investments in Southeast Asian startups in the B2B technology space, a segment it believes is still under-served in the region.
“While the enterprise technology space in Southeast Asia is starting to mature in terms of demand and offerings, it remains under-served by venture,” said Tin Men Capital co-founder Ravi.
Limited partners in the fund include prominent individuals, family offices and companies from Southeast Asia and Taiwan.
Tin Men said it has invested in two Singapore startups so far, Overdrive IOT and Globaltix.
Overdrive IOT is a software company which aims to connect moving assets, people, sensors and devices. Globaltix is an infrastructure provider supporting travel and tourism companies in Asia. The company has developed an e-ticketing platform to connect tourist attractions with travel agents.
Tin Men’s founders say they plan to manage and lead all follow-on financing rounds through to an exit. They believe this will provide better support for their portfolio companies.
“We want our talented entrepreneurs to focus on running and growing the business and not be distracted with fundraising from one round to the next. We will take care of that,” said co-founder Benjamin Tan.