(L-R) 1982 Ventures Co-Founders Scott Krivokopich and Herston Elton Powers
1982 Ventures, an early-stage VC firm in Southeast Asia, has announced the final close of its debut seed fund with over US$20 million in committed capital.
As per an official statement, the fund was oversubscribed as 1982 Ventures was targeting to raise a total corpus of US$15 million. It is backed by the family office of an Indonesia conglomerate, Trihill Capital, US fintech unicorn Carta, Genting Group’s venture arm, US fund of funds First Close Partners, and rali_cap.
Also Read: 1982 Ventures hits US$12.5M initial close of Fund I, to back 30 seed-stage startups
The Singapore-based firm’s backers also include unicorn and fintech founders, and senior executives of tech and financial services companies, such as Sheel Mohnot (General Partner of Better Tomorrow Ventures).
1982 Ventures — which has backed 25 startups across Southeast Asia, Pakistan and Bangladesh — expects to make 10-15 new investments and follow-on investments in its existing portfolio.
The VC firm leads pre-seed and seed rounds with an initial investment of US$250,000 and US$500,000.
In December 2021, 1982 Ventures announced the initial close of its first seed-stage fund with US$12.5 million in committed capital.
It has over US$5 million in early commitments to its soon-to-be-announced Fund II.
Established in early 2020, the fund focuses on seed-stage fintech startups in Southeast Asia. By the end of 2021, the company said that its portfolio firms had made nearly 3x return, with first-round investments in Brick, Infina (YC S21), Homebase (YC W21) Wagely, Go Zayaan, Lista, Bluesheets, and Monit, among others.
Also Read: These 21 Web3 startups prove why Vietnam is world’s most surprising crypto hotspot
“We are accelerating our pace of investments despite current market sentiment. Early-stage Southeast Asia fintech remains the most attractive sector for venture capital,” said Herston Elton Powers, Co-Founder and Managing Partner of 1982 Ventures.
Southeast Asia is experiencing rapid urbanisation and has some of the world’s highest technology adoption and mobile and internet penetration rates. Southeast Asian fintech startups represent more than US$10 billion in unrealised value, with 100 projected fintech exits in the coming years (Dealroom).
—
Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.
The post 1982 Ventures closes debut US$20M seed-stage fintech fund appeared first on e27.