Iterative Co-Founder and General Partner Brian Ma
Singapore-based VC firm Iterative has announced the close of its US$55 million second fund.
The LPs include Cendana, K5 Global, Village Global, and Goodwater Capital.
Silicon Valley founders and executives, such as Dropbox’s Arash Ferdowsi, Bukalapak’s Achmad Zaky, Andreessen Horowitz’s Andrew Chen, former YC COO Qasar Younis, Foursquare’s David Shim, and Airbnb Asia’s Kum Hong Siew, also invested in the second fund.
Iterative’s Fund II seeks to invest in seed-stage startups, write larger cheques, and make follow-on investments. Fund II will invest up to US$500,000 each in over 100 companies across pre-seed to Series A.
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Iterative positions itself as Southeast Asia’s answer to Y Combinator, enrolling the region’s founders into its accelerator programme, where it helps startup founders refine ideas and launch their products in the market.
Since launching its first fund in 2021, the VC firm has backed over 65 companies in five cohorts. Its portfolio companies include Singaporean fintech startup Spenmo, Pakistani travel startup GoZayaan, Singaporean proptech startup Propseller, and home services startup Sendhelper (acquired by PropertyGuru in October 2022).
Iterative’s portfolio firms have raised US$163 million in follow-on funding from investors such as Insight Partners, Tiger Global, Monk’s Hill, Wavemaker, Hustle Fund and others.
Iterative’s total portfolio is currently worth US$1.2 billion.
Iterative is now accepting applications for its winter 2023 batch.
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