The Hustle Fund team
Hustle Fund, a US- and Singapore-based pre-seed VC investor, has hit the first close of its second fund at US$30 million, according to a filing with the US Securities and Exchange Commission (SEC).
Also Read: Hustle Fund closes US$11.5M fund from Shanda, Naver, LINE, plans to shift focus to SEA
The new fund, which started fundraising in May 2019, intends to make the final close at US$50 million.
As per a DealStreetAsia report, Chinese online gaming giant Shanda is returning as a Limited Partner for fund II
Hustle Fund was started by Elizabeth Yin and Eric Bahn (former Partners at 500 Startups), and Shiyan Koh. The VC firm focuses on investing in pre-seed software startups in Southeast Asia, the US and Canada.
On average, Hustle Fund cuts a cheque of US$25,000 per startup in startups with a minimum viable product (MVP). After investment, the fund works closely with the team to assist in growing their business.
Hustle Fund makes nearly 50 investments annually, mostly in the B2B, fintech and consumer digital health sectors. Its investees include Vietnamese electric motorbike startup Datbike, Singapore-based logistics firm Moovaz, and Malaysian telehealth startup Ora Group.
Also Read: Hustle Fund has invested in Singapore-based moving logistics startup Moovaz
Sticking by its proven method of investing small amounts in pre-seed startups, Yin believes learning well is more important than money for executing a good idea. This is especially so in the pre-seed stage, where there is a limit to the return money and resources have on the execution.
Last week, Singapore-based Beamstart announced that it would launch a US$10 million digital accelerator fund for Southeast Asia, which will focus on investing in technology startups in their earliest stages.
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Image Credit: Hustle Fund
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