Southeast Asia-based VC ATM Capital has announced the first close of its new fund, which is targetted at US$200 million. The firm did not disclose the number it has raised so far.
The anchor investors of the fund include Alibaba eWTP Technology Innovation Fund, 58 Group, Sogou CEO Wang Xiaochuan and other entrepreneurs.
The growth stage fund will focus on logistics, retail, fintech, business services and other industrial internet sectors.
The fund was established by Qu Tian, who was the founding partner of BAT Capital and a former associate director of Alibaba Strategic Investment Department.
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Besides Tian, the firm’s team come equipped with a broad range of investment experience working with major Chinese tech companies such as Alibaba, Tencent, Ant Financial and Meituan-Dianping, as well as Southeast Asian companies including Rocket Internet, Go-Jek and Garena (now known as Sea).
These range of expertise, ATM Capital said, gives the firm a strong advantage in helping its portfolio startups localise their offerings to Southeast Asia as well as enabling them to leverage resources from the Chinese tech industry through its extensive network in China.
“Our vision is to help Southeast Asian local internet ventures to grow to next YS$1 billion unicorn by leveraging our experience, expertise and capital,” read an official ATM Capital statement.
The firm said that it has already invested in several companies in Indonesia. One such example includes a major Indonesian insurtech company.
In September 2018, Tsinghua University and ATM Capital hosted a launch event of their Southeast Asia Unicorn Growth Program in Jakarta, Indonesia.
Their aim was to help “high-quality startups” between China and Southeast Asian countries build connections with each other and explore collaboration opportunities.
Image Credit: ATM Capital