Christened SeedPlus, the new fund also has Google Southeast Asia and PwC Singapore as strategic partners on board.
Run by partners with strong global operational backgrounds, SeedPlus is focusing on investing in companies that are targeting large addressable markets and have the ability to expand globally. Target companies include promising startups and graduates from successful accelerator programmes across the region.
SeedPlus has also appointed Michael Smith Jr (former CTO of streaming service HOOQ), Gabriel Lundberg (former Product Manager at Spotify) and Tiang Lim Foo (formerly with Evernote Asia Pacific) as operating partners to spearhead its activities.
“We are looking for companies with the potential to upend an industry on a wide scale. With the objective of doing only a half dozen investments per year, we want to make sure we actively help build and scale these businesses along with the founding teams,” said Smith Jr.
“SeedPlus aims to be a network of networks. Between Jungle Ventures, Accel, PwC Singapore, Google, IIPL and RNT Associates, there are very few questions we can’t answer and little support we can’t give. Our mandate is to adopt a hands-on approach. We co-locate with each investment, and our operating partners will spend several days out of each week solving hard problems for and with the founders,” said Foo.