Kuo-Yi Lim, Co-Founder and Managing Partner of Monk’s Hill Ventures
Singapore-based early-stage VC firm Monk’s Hill Ventures has made the final close of its third fund at US$200 million.
The firm was originally seeking to raise US$150 million for this fund, according to SEC filings.
The names of the Limited Partners haven’t been disclosed. As per a statement, they are predominantly institutional investors including foundations and endowments, sovereign funds and several prominent family offices.
Singapore’s sovereign fund Temasek was an investor in its previous two funds.
“We are still focused on building tech-enabled regional champions in Southeast Asia by taking a first-principles approach to building a concentrated portfolio of Series A startups,” said Kuo-Yi Lim, Co-Founder and Managing Partner at Monk’s Hill Ventures.
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Fund III has already invested in several companies, including Rainforest and Upmesh (e-commerce); Hannah Life, Ordinary Folk, and Novi Health (digital health); Credibook, Starboard, and MinOS (business digitalisation); Tigerhall and Lumina (HR tech); Crowde (agritech).
The development comes at a time when startup investments are seeing a downward trend in the region. According to Tracxn, investments dropped 69 per cent to US$1.1 billion in Q1 2023 from US$3.5 billion in the same period last year. This is attributed to a steep decline in late-stage funding to US$415 million in Q1, which is 68 per cent and 73 per cent lower than the amounts raised in Q4 2022 and Q1 2022, respectively.
Seed-stage investments in Q1 also fell 27 per cent and 73 per cent when compared with Q4 of 2022 and Q1 of 2022, respectively. Early-stage funding also dropped 69 per cent; however, it saw a slight increase of 11 per cent over Q4 2022.
Founded in 2014 by Peng T. Ong and Kuo-Yi Lim, Monk’s Hill Ventures invests in early-stage tech companies, primarily pre-Series A and Series A, in Southeast Asia. The firm has invested in more than 35 startups spanning multiple business models and industry verticals. Its footprint spans Southeast Asia with on-the-ground teams in Singapore, Indonesia, Malaysia, Vietnam, and Thailand.
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