Ascent Capital Partners, a Singapore-registered VC firm with a focus on the Myanmar startup market, has raised US$80 million for its debut fund, DealStreetAsia report said, citing its Founder and Managing Partner Lim Chong Chong.
With a corpus of US$100 million, the Ascent Myanmar Growth Fund 1 (AMGF) made its debut by leading a US$26 million investment round in Frontiir.
The fund has not made its final close yet.
Launched in 2018, Ascent is a Monetary Authority of Singapore-registered fund, with offices in Singapore and Yangon.
The VC firm seeks to invest in various sectors, including consumer-related, education, healthcare, TMT and financial services, aiming to commit from US$5 million to US$20 million in each opportunity.
The fund is supported by strategic institutional, corporate and individual investors.
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Image Credit: Harish Shivaraman
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