Velocity Ventures launches $20m fund to help companies that address pandemic’s impact

Singapore tourism

Singapore-based venture capital firm Velocity Ventures has launched a $20 million fund to help companies build solutions that address the pandemic’s impact, media reports suggest.

The VC firm specialises in the hospitality and travel industry — a sector that has been pounded by the pandemic.

The fund will target tech startups in Southeast Asia in their seed and Series A+ funding rounds. It will emphasise innovation and opportunity to enable rapid digital transformation.

The global opportunity for digitalisation in the hospitality and tourism sector is supported by the high rate of mobile travel bookings globally and mobile penetration, says Velocity Venture’s website. There is also the growing middle class in Southeast Asia, and their higher spending power leading to increased demand for travel, which is aiding digitalisation.

Velocity Ventures’s fund will provide a corporate partnerships feature, which is designed to match startups with noted travel and hospitality industry players to access mentoring and piloting support.

Velocity Ventures is collaborating with Singapore Tourism Board’s Singapore Tourism Accelerator, Plug and Play APAC, and Malaysia Digital Economy Corporation (MDEC).

Velocity Ventures expects the hospitality and travel industry in Southeast Asia to attain pre-pandemic growth levels of around 5.5 percent within the duration of the fund.

Southeast Asia’s travel and tourism industry accounts for 12.1 per cent of the region’s GDP and 13.3 percent of its employment. The industry was also the fastest-growing sector before COVID-19. Currently, there are about 5,000-6,000 travel and hospitality startups in the region.

Velocity Ventures was founded by A Patrick Imbardelli, the former CEO of the Pan Pacific Hotels and InterContinental Hotels Group (APAC) and Nicholas Cocks, the entrepreneur and investor.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.