Vynn Capital, a new Southeast Asia-focused venture capital firm founded by former Gobi executive Victor Chua and Singapore’s Darren Chua, is raising a $40-million debut fund that will start investing this quarter.
“Opportunities arise, sometimes, when you least expect. So we are very much on our toes in making sure we work with the right entrepreneurs,” Victor Chua told DEALSTREETASIA in an emailed response.
The Kuala Lumpur-headquartered VC firm, which will target seed and pre-Series A deals to start with, is looking to invest in about 15-20 deals, per Tech Crunch that first reported the development.
“We are focusing on seed to A. Maximum ticket size is $1 million,” Victor noted.
Vynn has already mopped up $10 million for its maiden fund. It will target startups in travel, property, FMCG, logistics, property and “female-focused economics”. The fund will focus on countries such as Malaysia, Indonesia, Thailand, Vietnam and Singapore.
Victor, a former Vice President of Investments for Gobi Partners, managed two Southeast Asia focused early stage funds there. Among some of his notable investments include Carsome (Malaysia), Triip.me (Vietnam) and Travelio (Indonesia), according to the firm’s website.
Prior to that, he worked on direct and indirect investments at Malaysia’s largest venture capital fund, MAVCAP. He spent his formative years with Willis Towers Watson, advising corporate, pension and sovereign wealth funds on investment strategies.
Meanwhile, Darren also has numerous years of experience in strategic management and private equity investment, having completed stints with the Singapore government, technology startups and multinational firms.
Before starting Vynn Capital, he led investment and strategy projects across Southeast Asia and the Greater East Asia region. He has also worked on technology transfers across Asia and Europe. At IE Singapore, he guided more than 10 SMEs in corporate development and market expansion across Asia.
The firm has appointed Tan Sri Vincent Lee, a key executive of the Malaysian advertising industry, as one of its advisors, according to its website.
Other advisors are Setyono Djuandi Darmono, the founder and Chairman of industrial estate developer PT Jababeka Tbk, and Mario Hardy, CEO of the Pacific Asia Travel Association (PATA), a not-for-profit travel and tourism body in Asia-Pacific.