Cydonia
Finch Asia and IndoGen Capital are joining hands to create Cydonia Fund, which seeks to invest in pre-seed to Series B startups in the web3 domain in Southeast Asia.
Cydonia Fund has onboarded notable personalities in blockchain, including top Tokocrypto (Indonesia-based crypto exchange) executives Teguh Kurniawan Harmanda, Chung Ying Lai, and Nanda Ivens.
“Cydonia Fund will focus on growing the web3 ecosystem here and beyond, supporting the likes of TokoLabs by Tokocrypto portfolio (the exchange’s startup empowerment programmatic arm),” said Ying Lai, an advisor to the fund.
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As part of the agreement, IndoGen will bring in its whole ecosystem participation to support its growth, including Jababeka, Mahaka Media Group, and the Japanese Trade Organization (JETRO). IndoGen runs two funds with over 25 portfolio companies, including unicorns (Carsome, Shipper, Aruna, Evos, and Travelio). “We are confident that this collaboration will take Cydonia Fund to the world stage. The size of the fund is significant; imagine around 40-50 portfolios of diverse stages,” said Chandra Firmanto, Managing Partner of IndoGen.
Finch Asia is an international VC firm with close to US$400 million assets under management. An active fund, it has made notable investments in Grab, AyoConnect, Tada, Cermati, and Jojonomics.
Tokocrypto is a leading crypto exchange. Under the wings of Harmanda, Ivens, Lai, the exchange claims to have amassed over 2.5 million registered users since its establishment in September 2018. In November 2019, it became Indonesia’s first-ever regulated crypto-asset exchange. “Like many other ventures, we began as a startup until we could finally stand firm and secure our position in the rapidly developing web3 sector. We’re excited to see more players appearing in the blockchain scene in the region and provide all the support we can give as experts in the field,” said Lai.
“By collaborating with Tokocrypto execs, Cydonia Fund seeks to participate in discovering the latest web3 adoption, and in doing so, leveraging Tokocrypto Execs’ first-hand experience and expertise as key figures in the development of the web3 landscape in Indonesia. We saw similar collaborations happening on the other side of the world, such as the one initiated by FTX, Solana Ventures, and Lightspeed Venture Partners in the US in 2021. Very few VCs have built a strategic relationship with the leading crypto exchange as the domain expert,” said Hans de Back, Managing Partner of Finch Asia.
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The post Finch Asia, IndoGen, Tokocrypto execs to launch Cydonia Fund to back web3 startups in SEA appeared first on e27.