Press in 2023

Vietcetera

In this interview, Kow Juan Tiang, Executive Director for Southeast Asia at Enterprise Singapore, talks about the economic trends post-pandemic, the role of technology in SEA’s future, sustainable growth initiatives, and the unique opportunities and challenges for businesses in the region. We’re unraveling the collaborative efforts between Vietnam and Singapore, their joint strides toward sustainability, and the exceptional business prospects on the horizon.

In Vietnam, we have witnessed successful partnerships between Singapore and Vietnamese companies following the launch of our Vietnam GIA Acceleration Programme in 2019, in collaboration with Quest Ventures. Sixty-three Singapore-based startups participated in eight cohorts of the Vietnam GIA Acceleration Programme from 2020 to 2023. Since then, 18 Singapore startups have either established a presence in Vietnam or formed collaborations with in-market partners. One notable example is myFirst, a company that develops technology gadgets for children, including wireless earbuds, headphones, smartwatch phones, instant print cameras, and drawing tablets. These products aim to revolutionize how children learn and play through the safe use of technology. After myFirst participated in the sixth cohort of the Vietnam GIA Acceleration Programme, it has established its business in Hanoi and is selling its products in the market through two Vietnamese distributors.

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Tech in Asia

In 2019, Hoang Van Dung lost his right hand after a work-related explosion. Today, the 29-year-old is a TikToker with over 261,000 followers, producing mostly humorous short-form videos that showcase his ability to navigate life with just one hand.

His recovery journey has been strongly tied to Vulcan Augmetics, the Vietnamese startup that built his prosthetic arm.

As one of its earliest users, Hoang has become the marketing face of the company. In one video, he shows off his push-up skills using the prosthetic arm, and in another, he does arm wrestling, though only for fun.

“We do deeptech, the hardware and software, and we’re doing it right here in Vietnam,” Rafael Masters, CEO and co-founder of Vulcan Augmetics, tells Tech in Asia in an interview. “It’s very difficult to get local VC firms to take a look.”

In October, Vulcan raised a seed round from Quest Ventures. The five-year-old startup has ambitions to expand overseas, targeting markets like India and the Middle East. It also aims to go beyond prosthetics and develop wearable technologies.

“Our goal is to be the global leader in body-mounted sensor and control systems, applicable to any wearable device,” he says. “This includes industrial uses like factory exo-suits, medical uses such as remote care, and commercial use cases such as virtual reality (VR) and augmented reality (AR).”

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The Business Times

ANGEL investors are still making fresh bets on early-stage startups across South-east Asia, drawn by opportunities in up-and-coming sectors such as electric vehicles (EVs), as well as attractive valuations. This is despite the ongoing “tech winter” where institutional investors have tightened their purse strings.

“Downturns are the best time to angel invest. My best angel investments today were made in the early days of the recovery from the Great Recession,” said James Tan, a longtime angel investor whose post-2008 bets include classifieds platform Carousell Group and proptech startup 99 Group (99.co | Rumah123 | SRX) .

In the current tech winter, Tan is bullish on opportunities in Malaysia, the Philippines, and Vietnam. He is also looking into climate and sustainability challenges that are addressable by startups.

Tan, who is also managing partner at venture capital firm Quest Ventures, sees other angel investors being active.

“Wealthy individual investors are stepping up. Without the constraints of rigid fund structures, these angel investors are able deploy faster at current attractive valuations,” he said.

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DealStreetAsia

“As more people in Southeast Asia humanise their pets as family members, demand for pet-related products and services will rise,” commented James Tan, Managing Partner at Quest Ventures, which led a $3.7-million Series A round in Singapore-based petcare startup ZumVet last year.

“Technology will play a crucial role in making petcare business attractive to institutional capital. The humanisation of pets will drive improvements in pet care, increase in adoption of mobile apps for pet services, adoption of telemedicine for pets, and even IoT devices for monitoring and tracking pets,” Quest Ventures’s Tan told DealStreetAsia.

“We generally favour businesses that have the potential for scalability and replicability across cities,” he said.

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Channel NewsAsia

2023 marks the 10th anniversary of China’s Belt and Road Initiative. As the BRI continues to evolve, opportunities for Singapore remain in the areas of infrastructure expertise and legal services and are emerging in green innovations, green financing sectors. In the next decade, how can Singapore continue to tap on its strengths as a global trading, innovation, financial and legal hub to forge its own paths in the BRI?

“For large businesses, it might seem easier for them to capitalize on the doors that will be opened through the BRI but that’s not to say that opportunities do not exist for small businesses and startups too. Singapore has created a very solid base of entrepreneurs who are willing to take risk and willing to address hard problems and dedicate time and energy to it,” says James Tan, Managing Partner.

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AVCJ

Singapore’s Quest Ventures has confirmed an investment of undisclosed size in Vietnam-based robotic prosthetics start-up Vulcan Augmetics.

Vulcan’s technology spans wearables, biometric sensing, and customizable robotics for upper limb amputations.

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e27

The Science Fund, a Kazakhstan national scientific and technological development institute, signed a Memorandum of Understanding with Southeast Asian VC firm Quest Ventures to bolster the country’s startup and innovation ecosystem.

The collaboration will leverage their combined expertise and resources as well as strengthen linkages between the public and private sectors.

The Science Fund will leverage the extensive international network of Quest Ventures for research commercialisation while Quest Ventures will draw from a deep pool of top scientific talent and ideas.

The MOU was signed in Astana between Abdilda Shamenov, Chairman of the Board of the Science Fund, and James Tan, Managing Partner of Quest Ventures.

Shamenov said: “With a significant presence in Singapore and across Asia, Quest Ventures brings valuable international experience, best practices and an extensive network that aligns with our key goals of strengthening the local technology commercialisation and venture capital ecosystem.”

Tan added: “As the startup and innovation hub for Central Asia, Kazakhstan has produced many game-changing ideas for the region, and more will come. The Science Fund’s pool of resources is testament to the quality of research and defensibility of businesses that can be created.”

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TaiwanPlus

We spoke to James Tan. He’s the Chairman of ACE Singapore, which is Singapore’s national advocate for the startup ecosystem. He’s also the Managing Partner at Singapore-based Quest Ventures, and he told us how Singapore has successfully fostered its thriving startup ecosystem.

“At the heart of our mission is for ACE Singapore to be an effective conduit, creating greater avenues and channels for local entrepreneurs and founders to thrive and to grow Singapore’s innovation ecosystem. In line with this mandate, we work around five key pillars which are startups, corporations, risk capital, the public sector, and institutes of higher learning. Our overarching goal is to create a fertile culture and environment for entrepreneurs to succeed,” says James Tan.

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AsiaTechDaily

Vietnamese biometric sensor and robotic prosthetics developer Vulcan Augmetics has secured undisclosed seed funding from Singapore-based venture capital firm Quest Ventures.

Vulcan Augmetics specializes in creating customizable modular robotic prosthetics, harnessing the power of proprietary machine-learning software to enhance accessibility and affordability for amputees, particularly in underserved regions across the developing world.

The company’s technology allows users to don these devices in under two minutes, which often involves a time-consuming process spanning six to 18 hours. Vulcan Augmetics effectively reduces fitting times by over 60%, ensuring quicker and more accessible solutions for those in need.

Rafael Masters, Co-Founder and CEO of Vulcan Augmetics spoke to the media during the announcement. “Making assistive technology accessible is a global challenge that will impact two billion people by 2030 and a huge opportunity for us to realize the potential of the disabled community,” he said.

“Vulcan Augmetics is a great example of addressing large and socially impactful issues with capital and technology.” James Tan, Managing Partner at Quest Ventures, further said, supporting Rafael’s thoughts.

James Tan, the Managing Partner at Quest Ventures, has expressed the venture capital firm’s mission to identify and support pioneering technology companies that operate at the intersection of deep tech and high scalability. Quest Ventures seeks out enterprises with the potential to address substantial and impactful challenges by leveraging capital and technology.

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TechNode Global

Vulcan Augmetics, a Vietnam-based robotic prosthetics firm, has on Monday announced that it has secured seed funding from Singapore-based venture capital firm Quest Ventures.

Vulcan Augmetics said in a statement that the firm envisions broadening its scope beyond prosthetics to encompass the full suite of wearable technologies, from diagnostic and health devices such as Fitbit to augmented reality (AR) and Virtual reality (VR) control systems.

“We are delighted to have received seed funding from Quest Ventures. Together with raiSE, they have demonstrated understanding and empathy for the problem we are solving and the vision to see how our technology can scale,” said Rafael Masters, Co-Founder and Chief Executive Officer of Vulcan Augmetics. According to him, they have been instrumental in securing early pilot programs.

“Vulcan Augmetics is a great example of addressing large and socially impactful issues with capital and technology,” said James Tan, Managing Partner at Quest Ventures.

“We are particularly concerned with ageing populations, and the quality of care that they will have. Affordable and high-performance robotic prosthetics will certainly improve independence, increase the quality of life, and decrease burden on caregivers and society-at-large,” he added.

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TechNode Global

The Science Fund, a Kazakhstan national institute for scientific and technological development, has on Monday announced that it has signed an agreement with Singapore-based venture capital firm Quest Ventures to bolster the vibrant emerging startup and innovation ecosystem in the country.

The Science Fund said in a statement that the firm and Quest Ventures have signed a Memorandum of Understanding to embark as knowledge partners to drive startup innovation and investments in the country.

“We are excited to join forces with Quest Ventures in our pursuit of innovation and growth in the startup industry. With a significant presence in Singapore and across Asia, Quest Ventures brings valuable international experience, best practices and an extensive network that aligns with our key goals of strengthening the local technology commercialization and venture capital ecosystem,” said Abdilda Shamenov, Chairman of the Board of the Science Fund.

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The Astana Times

Managing Partner at Quest Ventures James Tan provided statistics on the venture capital invested into Central Asia startups, noting that “for the last four years, the region has received only $150 million, which is a drop in the ocean.” With a focus on early-stage digital commerce investments, his Beijing-based company deploys funds across Asia.

In Tan’s view, having no back-up support, Central Asian startups head to Silicon Valley at some stage of their development. “The United States has nearly 49% of the world’s global venture capital market,” he noted.

Local limited partnerships (LP), in his opinion, should be interested in supporting the local funds, saying that “the companies focus not only on the startups themselves, but also on the interests of local LPs.”

During his speech at the opening of the Digital Bridge Forum on Oct. 12, President Kassym-Jomart Tokayev outlined the importance of attracting international players to Kazakhstan’s venture capital market.

“We need their competence and high-quality expertise of projects. Domestic institutional investors, including the Baiterek national holding can become key partners. In addition, it is necessary to develop mechanisms and tools to ensure participation in venture funds of various financial institutions – second–tier banks, insurance companies, and microfinance organizations,” said the head of state.

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KrASIA

Vulcan Augmetics specializes in the development of affordable, high-performance sensor technology to augment the capabilities of prosthetics. The company’s prosthetics are modular in design, making them more adaptable to the needs of users.

The company is aiming to improve the accessibility of prosthetics in developing countries where amputees remain an underserved demographic. With an estimated 57 million amputees globally, of which over 500,000 reside in Vietnam, Vulcan Augmetics hopes to help them find employment and regain independence through its solutions.

“We are delighted to have received seed funding from Quest Ventures. Together with raiSE, they have demonstrated understanding and empathy for the problem we are solving and the vision to see how our technology can scale. They have been instrumental in securing early pilot programs. Making assistive technology accessible is a global challenge that will impact two billion people by 2030, and a huge opportunity for us to realize the potential of the [physically impaired] community,” said Rafael Masters, co-founder and CEO of Vulcan Augmetics.

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BusinessWorld

STATE-OWNED enterprise investor National Development Co. (NDC) partnered with Singapore-based venture capital firm Quest Ventures to drive startup innovation and investments in the Philippines.

“We are excited to join forces with Quest Ventures in our pursuit of innovation and startup industry growth,” NDC General Manager Antonilo DC. Mauricio said in a statement.

Mr. Mauricio said that Quest Ventures’ footprint in Singapore and across Asia will be valuable in “enhancing local venture capital ecosystem and promoting sustainable investments.”

The collaboration aims to leverage the combined expertise and resources of the two companies.

NDC will be leveraging on its newly established Philippine Innovation Hub, which will house the headquarters of the Startup Venture Fund, the Philippine E-commerce Platform, and the Philippine AI (artificial intelligence) Research Center.

“Quest Ventures is delighted to join the NDC in these important efforts to transform the Philippines’ startup and innovation ecosystem by improving access to venture capital,” said April Ong Vaño, head of environment, social and governance at Quest Ventures.

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Malaya Business Insight

The National Development Company (NDC), the government’s investment arm, has signed a memorandum of understanding with Asian venture capital firm Quest Ventures to become knowledge partners in driving startup innovation and investments in the country.

In a statement, NDC said the collaboration aims to leverage the combined expertise and resources of both parties to address the potential of the Philippines startup and innovation ecosystem.

For this collaboration, the NDC will leverage its newly established Philippine Innovation Hub, the headquarters of the Startup Venture Fund, the Philippine E-commerce Platform and the Ph AI Research Center.

The MOU was signed in Manila by Anton Mauricio, general manager of the NDC and April Ong Vaño, head of Environment, Social & Governance at Quest Ventures.

Mauricio said Quest Ventures brings valuable cross-border insights, best practices and extensive network to the partnership aimed at enhancing the local venture capital ecosystem and promoting sustainable investments.

Ong Vaño said Quest Ventures will bring its venture capital courses and accelerators and will implement Philippine-specific programs to address new sectors of opportunities such as sustainability.

Quest Ventures has a portfolio of over a hundred venture-backed companies operating in more than 150 cities across Asia. These include industry leaders such as 99.co, Carousell, Carro, Glife, Hepmil/ PGAG, Oddle, Shopback, VulcanPost, Xfers, and Kraver’s Canteen. Its enterprise innovation clients include Applied Materials, Coca-Cola, HP, Nissan, and Tencent.

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深圳卫视

未来可期！

“一带一路”走过十年，供应链产业链价值链加速融合，共建伙伴由共生而共赢，由共赢而共享。如今，越来越多的中国企业家们行走在“一带一路”上，他们打造出生产、技术、销售、服务的完备产业链，拉近了中国与世界的距离。第三集《造链》，讲述中国企业探索当地、扎根当地、服务当地的故事。

求索创投管理合伙人陈中参加了深圳卫视节目制作。

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BusinessMirror

The National Development Company (NDC), the government’s investment arm under the Department of Trade and Industry (DTI), recently inked a series of agreements with an international venture capital firm to drive start-up innovation and investments in the country.

NDC General Manager Anton Mauricio underscored the importance of the agreement with Quest Ventures, noting that the venture capital firm’s “significant footprint” across Singapore and Asia brings “valuable cross-border insights, best practices and extensive network that aligns with our key objectives in enhancing the local venture capital ecosystem and promoting sustainable investments.”

The MOU was signed in Manila between Anton Mauricio, General Manager of the NDC, and Ms. April Ong Vaño, Head of Environment, Social & Governance at Quest Ventures; and witnessed by Mr. Jerahmeel Chen, Chief Innovation Officer at iHub.

At a media briefing last Friday, NDC Assistant General Manager for Corporate Communications Group Leopoldo Acot explained that under the firm’s start-up venture fund, counterpart funding should transpire between NDC and a co-investment partner.

Jerahmeel Chen, Chief Innovation Center of NDC, explained further at the same briefing, “The challenge of SVF is we always have to have a coinvestment partner. Even if we want to invest in a start-up, we have to ask them to present to the accredited CIPs and then if one of them will invest then tsaka we will invest.”

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Manila Standard

The National Development Company (NDC), an attached agency of the Department of Trade and Industry (DTI) tasked to support companies and industries, and Quest Ventures, a top venture capital (VC) firm in Asia, signed a memorandum of understanding (MOU) to embark as knowledge partners to drive startup innovation and investments in the country.

NDC general manager Anton Mauricio and Quest Venture head of environment, social and governance April Ong-Vaño signed the agreement in Manila on Monday.

“We are excited to join forces with Quest Ventures in our pursuit of innovation and startup industry growth. With their significant footprint in Singapore and across Asia, Quest Ventures brings valuable cross-border insights, best practices and extensive network that aligns with our key objectives in enhancing the local venture capital ecosystem and promoting sustainable investments,” Mauricio said.

Ong-Vaño said the regional venture capital firm was encouraged to partner with NDC to transform the Philippines startup and innovation ecosystem by improving access to venture capital.

“We look forward to bringing our crowd favorites such as venture capital courses and accelerators to important hubs in The Philippines. We also look forward to implementing Philippine-specific programs to address new sectors of opportunities such as sustainability,” she said.

Quest Ventures portfolio companies include industry leaders such as 99.co, Carousell, Carro, Glife, Hepmil/ PGAG, Oddle, Shopback, VulcanPost, Xfers, and Kraver’s Canteen. Its enterprise innovation clients include Applied Materials, Coca-Cola, HP, Nissan, and Tencent.

Quest Venture is known for uplifting communities in emerging economies in Southeast Asia and Central Asia, through the infusion of capital and technology. It received recognition as VC of the Year in 2022.

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TechNode Global

NDC said in a statement that the NDC and Quest Ventures have signed a Memorandum of Understanding to embark as knowledge partners to drive startup innovation and investments in the country.

It said the collaboration aims to leverage their combined expertise and resources as well as to strengthen linkages between government and private sector.

The NDC will leverage its newly established Philippine Innovation Hub (iHub) for this collaboration.

It is noted that iHub is also the headquarters of the Startup Venture Fund (SVF), the Philippine E-commerce Platform (PEP), and the Ph AI Research Center (PAIR).

“With their significant footprint in Singapore and across Asia, Quest Ventures brings valuable cross-border insights, best practices and extensive network that aligns with our key objectives in enhancing the local venture capital ecosystem and promoting sustainable investments,” said Anton Mauricio, General Manager of the NDC.

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e27

The NDC will leverage its newly established Philippine Innovation Hub (iHub) for this collaboration. iHub is also the headquarters of the Startup Venture Fund (SVF), the Philippine E-commerce Platform (PEP), and the Ph AI Research Center (PAIR). The SVF recently received US$143 million from the Philippines’s Department of Trade and Industry (DTI) to invest in local startups.

Anton Mauricio, General Manager of the NDC, said: “With their significant footprint in Singapore and across Asia, Quest Ventures brings valuable cross-border insights, best practices and extensive network that aligns with our key objectives in enhancing the local venture capital ecosystem and promoting sustainable investments.”

Quest Ventures is an active VC firm with a portfolio of 100-plus companies in over 150 cities across Asia. Its portfolio companies include 99.co, Carousell, Carro, Glife, Hepmil/ PGAG, Oddle, Shopback, VulcanPost, Xfers, and Kraver’s Canteen.

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TechNode Global

Singapore-based venture capital firm Quest Ventures has appointed Philippine-based April Ong Vaño as its Head of Environmental, Social & Governance (ESG).

She will be covering this role while based in Cebu, The Philippines.

“I intend to drive practical outcomes in local communities. These include microfinance for agriculture and accessible solutions for clean water and energy, all of which are important for a decarbonised planet,

“I firmly believe that venture capital plays a pivotal role in sustainable innovations and technology. I look forward to supporting transformative startups to scale their impact,” said Ong Vaño.

It is noted that Quest Ventures is one of the first venture capital firm signatories in Asia to the Principles of Responsible Investment, an investor initiative in partnership with UNEP Finance Initiative and UN Global Compact.

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Manila Bulletin

Philippine-based April Ong Vaño to champion outcome-driven initiatives in sustainability

Emerging markets top venture capital firm Quest Ventures announced today that it has appointed Ms. April Ong Vaño as its Head of Environmental, Social & Governance (ESG). In this capacity, Ms. Ong Vaño will play a pivotal role in advancing the company’s mission and advancing sustainability efforts in key markets.

Ms Ong Vaño brings a wealth of experience to this role, having served ten years in social innovation and sustainable development across government, non-profit, and private sector projects. As Head of ESG at Quest Ventures, Ms Ong Vaño will leverage her knowledge of venture financing and local markets to spearhead strategic initiatives with meaningful outcomes. She will be covering this role while based in Cebu, The Philippines.

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DealStreetAsia

Singapore-based venture capital firm Quest Ventures has appointed April Ong Vano as the head of its environmental, social & governance (ESG) functions.

Ong Vano has been with the company for five years, and will be based in the Philippines in her new role, leading sustainability efforts in key markets.

Quest Ventures is an Asia-focused venture capital firm, operating in more than 150 cities across the continent. Its portfolio includes companies such as 99.co, Carousell, Carro, Glife, Hepmil, Oddle, Shopback, VulcanPost, Xfers, and Yummy Corporation.

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KnowESG

This strategic move underscores Quest Ventures’ commitment to advancing its mission of sustainability across key markets.

April Ong Vaño, the newly appointed ESG head, brings a rich and diverse wealth of experience to her role, having dedicated an entire decade to social innovation and sustainable development. Her impressive background spans various sectors, including government, non-profit organisations, and the private sector.

She will be stationed in Cebu, The Philippines, and her mission is nothing short of transformative. She aims to drive tangible, positive changes in local communities, with a particular focus on critical areas such as microfinance for agriculture and accessible, eco-friendly solutions for clean water and energy, all of which are pivotal for a sustainable, decarbonised planet.

Expressing her vision for this pivotal role, Ong Vaño stated, “I am dedicated to effecting tangible change in local communities, with a specific emphasis on providing microfinance for agriculture and accessible clean water and energy solutions, all of which are indispensable for a sustainable, decarbonised world.”

Notably, Quest Ventures stands as one of the trailblazing venture capital firms in Asia, having committed to the Principles of Responsible Investment, an investor initiative forged in partnership with the UNEP Finance Initiative and UN Global Compact.

The firm’s unique blend of capital and technology is making a substantial contribution to uplifting communities in emerging economies throughout Southeast Asia and Central Asia, garnering accolades such as VC of the Year in 2022.

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Digital News Asia

With a decade of experience in social innovation and sustainable development across various sectors, she aims to leverage her expertise in venture financing and local markets to spearhead strategic initiatives. Ong Vaño will be based in Cebu, The Philippines, and her mission includes driving practical outcomes in local communities, particularly in areas like microfinance for agriculture and accessible clean water and energy solutions for a decarbonized planet.

Quest Ventures is among the first venture capital firms in Asia to sign the Principles of Responsible Investment, an investor initiative in collaboration with UNEP Finance Initiative and UN Global Compact. The firm’s combination of capital and technology contributes to uplifting communities in emerging economies across Southeast Asia and Central Asia, earning it accolades such as VC of the Year in 2022.

James Tan, managing partner, expressed the company’s delight in having Ong Vaño lead their ESG efforts, emphasizing her wealth of experience derived from years of addressing real-life issues impacting social impact entrepreneurs and individuals at the base of the pyramid.

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Vietnam Investment Review

Prime Minister of Singapore, Lee Hsien Loong, will pay an official visit to Vietnam this week. Tan See Leng, Singapore’s Minister for Manpower and Second Minister for Trade and Industry, writes about how both economies can bring their economic ties to greater heights.

Singapore and Vietnam are among the top three startup ecosystems in Southeast Asia. With our common goal of driving further economic growth through technology and innovation, there is scope for us both to tap on each other’s innovation ecosystems for partners, funding, and talent. Our collaboration in innovation has gained momentum through BLOCK71 in Ho Chi Minh City, a collaboration between the National University of Singapore and Vietnam’s Becamex IDC, which is currently home to more than 1,000 startups, incubators, and accelerators.

There is also the Global Innovation Alliance node in the same city, where Enterprise Singapore partnered with the Saigon Innovation Hub and Quest Ventures to facilitate startup exchanges between both countries.

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The Astana Times

Editor’s note: In a recent interview with The Banker, Renat Bekturov, the governor of the Astana International Financial Centre (AIFC) spoke about the AIFC and the evolving landscape of investment opportunities in Kazakhstan. Below is the full text of the interview.

It has created a small but growing space for private investors. For example, one of the start-ups that operates in Tajikistan has registered in AIFC due to the rule of law. We see foreign investors requiring companies from the region to register here. Singapore’s venture capital firm Quest Ventures requires project start-ups to register with AIFC.

We also want to focus on innovation to enable start-ups to raise capital and explore their ideas within our regulator’s fintech sandbox. With the emergence of AI and blockchain, this is an area to focus on as a higher value-add industry to move the country’s economy forward.

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The Banker

Renat Bekturov, the governor of the Astana International Financial Centre, talks to Kimberley Long about how the centre has grown since its launch in 2018, the development of Kazakhstan’s capital markets, and how the centre has benefited from sanctions against Russia.

In terms of the capital market we are at an early stage, but we are pushing it forward with AIX and by creating a jurisdiction that is similar to what fund managers would see elsewhere. We have introduced different flexible structures, allowing the creation of general partnerships, limited partnerships, and limited liability partnerships, for example. Companies in AIFC can have different classes of shares, tailored to different groups of investors.

It has created a small but growing space for private investors. For example, one of the start-ups that operates in Tajikistan has registered in AIFC due to the rule of law. We see foreign investors requiring companies from the region to register here. Singapore’s venture capital firm Quest Ventures requires project start-ups to register with AIFC.

Finally, environmental, social and governance is of course important. We are working with the government to approve the taxonomy of social projects. The next step is to help the country in its aspirations to become carbon neutral by 2060 by creating a carbon units trading system and much more. This is especially important in light of the EU introducing CBAM, the cross-border adjustment mechanism. We believe if we don’t invest in this, we will have to bear the cost in the future.

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SunStar

IN THE high stakes arena of startup investment, a seasoned angel investor and a venture capitalist told Cebu business leaders and entrepreneurs not to be afraid of taking risks and to go bold on investing in startups with promising products or services seen to have high demand and potential.

These advantages have an upper hand to steer the success for any startup ecosystem, Joseph de Leon of Manila Angel Investors Network (Main) and James Tan of Quest Venture said during the second day of the “Innovation and Technology: Summit and Expo” organized by the Cebu Chamber of Commerce and Industry as part the months-long celebration of Cebu Business Months 2023 on Friday, Aug. 18, 2023, at the SM Seaside City Cebu.

Tan is the founder and managing partner at Quest Ventures, a pioneering venture capital fund in Asia based in Singapore centering on technological advances, while de Leon is a founding Member of Main.

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NUS News

A start-up catalysing waste reduction for positive sustainability impact. An innovative venture that manufactures body-assistive apparel using patented fabric-based air-spring technology to reduce muscle effort and potential injury when doing physical work. A research-based company that collects and transforms organic waste from farmers into an array of sustainable alternative materials.

These were the NUS-affiliated start-ups recognised for making significant environmental, social or sustainability-related impacts at the iGnite Award, organised by Alpha JWC Ventures in partnership with NUS Enterprise. The iGnite Award is the flagship start-up support programme of Alpha JWC Ventures, designed to nurture the next generation of impact-driven founders. Through their partnership with NUS, the award now extends its support to recognise and empower promising early-stage impact start-ups affiliated with NUS, enabling them to create a lasting positive impact on communities.

… six start-ups advanced to the grand finals on 26 July 2023, where they presented their transformative solutions to a distinguished panel of judges representing pioneers in the start-up space: Mr Brian Koh, Director of Ecosystem Development, NUS Enterprise; Mr Jefrey Joe, Managing Partner, Alpha JWC Ventures; and Mr James Tan, Chairman, Action Community for Entrepreneurship (ACE).

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The Business Times

The startup he is CEO of, treatsure, has matured in tandem. By the company’s estimates, the platform has collectively saved 50 tonnes of food from waste and reached 80,000 users locally.

From its initial “buffet-in-a-box” concept that enabled users to pay for a box of excess food from hotel buffets, the app ventured into surplus grocery distribution, and now runs a concept store in the middle of the central business district that offers a range of sustainability experiences and education.

But at its core, little has changed, said Wong, now 34. “Our mission is still to get everyone to treat food as treasure.”

This steady growth has affirmed their choice to tackle food waste via a sustainable business model that offers consumers and businesses alike incentives, rather than one that relies on donations or goodwill offerings.

So far, treatsure has raised funding from venture capital firm Quest Ventures and raiSE Singapore. It is actively pitching for a new round of investors.

“In this part of the world, we’ve seen less funding going towards tech startups in the food waste sustainability space. The focus has traditionally been on agritech, alternative protein and vertical farms,” said Wong.

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Lianhe Zaobao

位处欧亚大陆的广袤草原国度，哈萨克斯坦是新加坡在中亚最大的贸易伙伴，去年双边商品贸易总额为4亿1230万元。根据新加坡企业发展局资料，目前有超过30家我国公司在当地设有实体办事处。本期《商游四海》聚焦哈萨克斯坦的商机，看看这个中亚最大经济体，能为新加坡商家带来哪些机遇。

（求索创投）成立于2011年，获包括新加坡和哈萨克斯坦主权财富基金的支持。

我们决定投资哈萨克斯坦前，比较了邻近的乌兹别克斯坦、土库曼斯坦和阿塞拜疆，哈萨克斯坦具备了我们须要的所有条件。

我们在那里在三年内，投资了30多家公司，是投最多公司 的风投。加上其他风投的投资项目，有足够的量吸引投资成熟 项目的资金进来。

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Ministry of Trade and Industry, Singapore

Singapore and Vietnam are among the top three start-up eco-systems in Southeast Asia. With our common goal of driving further economic growth through technology and innovation, there is scope for Singapore and Vietnam to tap on each other’s innovation eco-systems for partners, funding and talent.

Our collaboration in innovation has gained momentum through (i) BLOCK71 Saigon, a joint collaboration between the National University of Singapore (NUS) and Vietnam’s Becamex IDC, which is home to more than 1,000 startups, incubators, and accelerators since 2011; and (ii) the Global Innovation Alliance (GIA) node in Ho Chi Minh City, where Enterprise Singapore partnered Saigon Innovation Hub (SIHUB) and Quest Ventures to facilitate start-up exchanges between both countries.

In December 2022, Singapore’s Ministry of Trade and Industry and Vietnam’s National Innovation Centre (NIC) signed an Innovation Work Group MOU to connect innovation eco-systems between Singapore and Vietnam. I am happy to see that NIC is signing MOUs with several Singapore Institutes of Higher Learning and corporates like UOB and Keppel later to foster closer partnerships between both sides.

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TechNode Global

ApartX, a Quest Ventures-backed property technology startup focused on rental property management, has on Wednesday announced that it had secured seed funding of $250,000 from Kazakhstan-based Big Sky Capital and Activat VC.

The seed funding will be used to drive talent acquisition, improve platform functionality, and expansion into new regions such as Southeast Asia, ApartX said in a statement.

Prior to this round of funding, ApartX was backed by Singapore-based venture capital firm Quest Ventures as part of the world-class Kazakhstan Digital Accelerator which was managed in conjunction with Qazakhstan Investment Corporation, the sovereign wealth fund of Kazakhstan.

“We are delighted with the results that ApartX has seen in Central Asia and look forward to supporting its continued growth,” said James Tan, Managing Partner at Quest Ventures.

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CNBC

Southeast Asia’s digital economy has plenty of growth potential, backed by strong fundamentals including over 460 million digital consumers, young and tech-savvy populations, as well as rising internet penetration.

The digital economy across six countries within the Association of Southeast Asian Nations bloc — known as ASEAN-6 and comprising Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam — is projected to grow 6% annually.

“Regulations often lag behind innovation and there has to be new, effective laws to areas like data and privacy protection as the landscape evolves,” said James Tan, managing partner at Singapore-based venture capital firm Quest Ventures.

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Ministry of Trade & Industry, Singapore

Singapore’s commercial interests in Kazakhstan are in the master-planning, logistics and connectivity, innovation, consumer goods, infrastructure, as well as the oil and gas sectors. Notable Singapore companies that have undertaken activities in Kazakhstan include:

Quest Ventures is backed by the Kazakhstan sovereign wealth fund – Qazaqstan Investment Corporation (QIC formerly known as QazTech Ventures). QIC’s investment into Quest Ventures saw the catalytic development of the Central Asia startup and innovation ecosystem with Kazakhstan at its node. Through direct investments and programmes such as the Kazakhstan Digital Accelerator (a comprehensive programme with seed funding jointly developed by QIC and Quest Ventures), Quest Ventures is currently Central Asia’s largest and most active investor by number of investments made.

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Lianhe Zaobao

农业科技起步公司Fefifo的创办人方家豪和苏启文虽然是科技行业背景，过去对农业行业了解不多，但他们相信凭借所累积的创业和科技领域经验，能通过“共享农场”（co-farm）方式，让小农民更可持续地耕种。

他们一人是数码多媒体公司创办人，一人曾是新加坡政府投资公司（GIC）的科技专才。两人没有耕种农业背景或经验，却联合创立了Fefifo这家农业科技起步开公司。

Fefifo至今共筹集了310万美元（414万新元），投资者包括本地创投公司求索创投（Quest Ventures）、马来西亚RHL Ventures，以及韩国KB Investment等。公司也正展开新一轮的700万美元集资。这笔资金将有助于公司扩展他们在马来西亚的共享农场与数码化农业合同的商业产品，并进入印度尼西亚市场。

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New Straits Times

HOMA2U, a Malaysian online marketplace for home improvement and interior design supplies, revealed that it has secured US$875,000 (RM 3.87 million) in its pre-series A funding.

The investment round was led by Quest Ventures Asia Fund II, an early-stage venture capital fund managed by Quest Ventures Pte Ltd, a leading Singapore-based venture capital firm. This is Quest Ventures Asia Fund II’s second cheque for Homa2U.

Worldwide Management Solutions and Qhazanah Sabah Berhad (QSB) are also participants in the investment round.

The construction and renovation industry is quickly adopting circular economy concepts that emphasise sustainability standards and optimal usage of natural resources.

By integrating environmentally friendly practices and social responsibility into their business offerings, Homa2U hopes to set new standards in design and sustainability, helping more individuals and businesses bolster strategies to achieve net zero carbon emission targets.

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Alejandro Cremades

James Tan has gone from startup founder to operating an $80M venture capital fund to fuel the growth of other early-stage ventures today. Now on his third fund, he’s already helped create four unicorn companies.

On the Dealmakers Podcast, Tan talks about being on both sides of the table, investing in over a hundred companies, building marketplace businesses, network effects, being ruthless when going against the competition, and as an entrepreneur.

Plus, going public, when you need to exit your company, and what he is looking to fund now.

After successfully launching and exiting his first company, James Tan went on to take his second venture public on the NASDAQ.

Going public and especially listing on the NASDAQ may well be the big dream of many entrepreneurs. Though for James, it was also very much about seeing the right timing to exit your company and move on.

He says that “many entrepreneurs fail to understand that there is a window of opportunity when the industry that you’re in and the company that you’re doing can be well understood and well covered by the market at large.”

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TechNode Global

HOMA Sdn Bhd (HOMA2U), a Malaysian marketplace for renovation and interior design materials, announced Tuesday that it secured $875,000 in its pre-series A funding.

HOMA2U said in a statement that the investment round was led by Quest Ventures Asia Fund II, an early-stage venture capital fund managed by Quest Ventures Pte Ltd, a Singapore-based venture capital firm.

HOMA2U will also channel the funds to help more people amplify their commitment to environmental, social and governance (ESG) sustainability as well as help them meet their ESG goals through their Yellow Boxes and online platform.

HOMA2U is working towards growing the business threefold and will be concentrating its efforts on opening a total of 18 Yellow Boxes throughout Malaysia and Singapore.

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Campaign Asia

Co-founded by Jonathan Eg, Tony Jen and Benyamin Ramli in Singapore in 2016, Partipost launched its mobile app in 2018 and quickly began doubling and tripling its influencer userbase every month, attracting the attention of financial backers like SPH Ventures and Quest Ventures.

From its early operations in Singapore, Taiwan, and Indonesia, it quickly expanded into six markets, including Malaysia, the Philippines and Hong Kong, and will expand to Thailand and Vietnam in a few months.

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联合早报

瑞士信贷银行价值170亿美元的额外一级资本(Additional Tier 1，简称AT1）债券减记归零，本地不少投资者本金无归，担心更多此类债券会面对同样风险。

市场人士指出，许多投资者并不了解AT1债券的风险，建议想投资银行债券的话考虑优先级别（seniority）较高的债券。

本地创投公司求索创投（Quest Ventures）合伙人佘庭瀚也表示，身边不少人投资了各银行的AT1债券，多数人认为这是安全的产品，但现在不少人宁可脱售这类债券蒙亏，也不要承担本金无归的风险。

瑞信2019年5月在新加坡发行7亿5000万元的AT1新元永久债券，获得了超过27亿元的认购额。91%的债券是新加坡的投资者户头认购，7%的来自亚洲其他地区，投资者类型方面，84%的是私人银行客户，10%是基金经理。这批债券的票息率5.625%，在当时低利率的市场显得吸引人。

AT1债券也称为应急可转债（Contingent convertible bond，简称CoCo债券），当银行资本水平低于一定程度时可以被转换为股票，甚至可以减记作为缓冲，不同AT1债券的条款各异。一般上瑞士的银行债券包括减记条款，法国和英国银行一般采用转换股票。

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DealStreetAsia

At least seven regional venture capital firms entered the Philippines in 2022, validating the ripeness of the local startup ecosystem, according to a report jointly released by early-stage VC Foxmont Capital Partners and Boston Consulting Group.

According to the Philippine Venture Capital Report 2023, Do Ventures, Reefknot Investments, Alpha JWC Ventures, East Ventures, TNB Aura, Quest Ventures, and January Capital explored the country’s potential by investing in local startups for the first time last year.

… while Quest Ventures led the $3-million Series A funding in cloud kitchen startup Kraver’s Canteen.

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联合早报

本地创投公司求索创投（Quest Ventures）合伙人佘庭瀚指出，这一事件给起步公司敲响警钟，存在银行的钱不一定安全，每一家银行存款获保障的数额有限，公司或需要超过一个现金户头。

为起步公司和风险创投公司提供服务的美国硅谷银行（Silicon Valley Bank）倒闭，风险创投圈内人士表示，美国政府介入减轻整体冲击，东南亚和本地起步公司所受的影响不大，但接下来预计会有进一步的后续影响。

这一事件也给起步公司敲响警钟 — 要谨慎管理现金。

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8视界

美国商业银行硅谷银行金融集团突然倒闭，导致全球多家起步公司及私募投资者的数百亿美元资金被冻结，市场上也引发对科技起步公司造成影响的担忧。不过，受访专家皆表示，这不会对本地带来太强烈的影响，同时也认为起步公司从此应该会更加认真地把银行与财务策略多元化，以分散风险。

硅谷银行的客户来自世界各地，当中包括中国的起步公司。《第一财经日报》报道，中国医疗起步公司创业者安迪（化名）在11日午间发一条微信朋友圈表示，他的公司大部分美元资产都存在硅谷银行，主要用于美国办公室人员的工资发放。另一位业内人士表示，有起步公司因此损失上亿人民币。

不过，创业行动社群（ACE）主席兼求索创投（Quest Ventures）合伙人陈中表示，本地的起步公司很少数是硅谷银行的客户，因此这起事件对我国来说不会造成太大影响。

另一方面，陈中表示，硅谷银行的倒闭由联邦存款保险公司接管，这起事件凸显了两点。首先，他认为这个系统会被启动就是为了要保护存款人。另外，他也认为科技界的生态系统对于失败已经感到非常适应。“我在多年前也是一名创始人，是硅谷银行的客户。我相信它们会从这次的失败回弹，如果失败的话，新的创新者将会出现，并且取代它们所谓起步公司首选银行的地位。”

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TechShake

Quest Ventures is a top venture capital firm that provides funding and acceleration to a myriad of startups, among the most notable of which are Carousell, Carro, and Shopback. Quest Ventures is also the first venture capital firm in Asia to roll out a multi-dimensional environment, social and governance strategy that supports a range of social good initiatives within the region. With this, join me in learning more about Quest Ventures with its Founder and Managing Partner, James Tan.

What are the most impactful achievements that Quest Ventures has accomplished?

There was a period that catapulted our firm – that was when I returned to Singapore from Beijing in 2017 to look at how we can capitalize new funds to tap into new opportunities. We discovered new promising sectors and moved into them quickly. Another achievement would be that we rolled out new partnerships so that we could scale the impact we were having. One project that we are very proud of is the Sustainable Impact Accelerator.

Where do you see Quest Ventures in the next 5-10 years?

We are always reinventing ourselves to ensure that we stay relevant. In the next 5-10 years, we will launch new funds to expand into rising sectors in Southeast Asia and beyond.

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Money FM 89.3

Ever wondered which are the companies who give startups their first investment cheque? Well, our guest for today Quest Ventures is one such company.

The Venture Capital firm, which was founded in 2011, is a leading venture capital firm in areas such as artificial intelligence, e-commerce and marketplaces, entertainment, finance and even food. It’s also invested in a number of well-known companies such as 99.co, Carousell, Shopback and Hepmil.

But what exactly does the company look out for when it comes to investing? How does it assess the business environment it lies in, and what are some of its recent investments?

On Under the Radar, Drive Time’s finance presenter Chua Tian Tian sat down with James Tan, Managing Partner, Quest Ventures for more.

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CNBC

SINGAPORE — Digital retail banks in Singapore are pulling out all stops to win new customers.

Trust Bank and GXS Bank — two online retail banks launched last year — are offering lower fees, more incentives and waiving minimum account balances to win over customers from traditional banks.

Observers have previously raised questions about the need for digital banks in a largely banked population, where only 2% do not have bank accounts.

There’s also strong competition among the more established traditional banks.

“If you look at DBS Bank, it’s not like their digital offerings are [lousy],” said James Tan, managing partner of Quest Ventures, a VC company headquartered in Singapore.

Tan said he signed up for Trust Bank to see how different it will be to traditional banks. “I found no difference,” he told CNBC, adding that he eventually closed his Trust Bank account.

“I think the digital banks would have a higher rate of success if we were in a severely underbanked place like the Philippines,” said Tan.

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CNBC

“If there’s any caution, it will be because of the potential of new Covid strains and not potential government crackdown or regulatory constraints because that was already happening before Covid,” said James Tan, managing partner at Singapore-based Quest Ventures.

Quest Ventures’ Tan said what happened in China highlights the importance of diversification.

For example, iPhone maker Apple is diversifying its supply chain out of China, following Covid lockdowns and worker protests at its Zhengzhou plant which delayed production.

“With the doors now open, smart investors realize that they cannot put all of their eggs in one basket,” said Tan.

“I think we will see a lot more investments in key new areas strategic to China such as quantum computing, artificial intelligence and semiconductors, because the investments that need to go into the semiconductor industry is necessarily huge,” said Tan.

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FinSMEs

ION Mobility, a Singapore-based tech and automotive OEM, raised US$18.7M in Series A funding.

Backers included TVS Motor Company, AC Ventures Malaysia, Michael Sampoerna, Ng Ho Sen, and existing investors such as TNB Aura, Quest Ventures, Monk’s Hill Ventures, Village Global, GDP Venture and Seeds Capital.

The company intends to use the funds to invest the capital into Indonesia to grow its local team, operations and capabilities. This includes its sales and marketing presence, local supply chain networks, production tooling and manufacturing capabilities in Indonesia.

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e27

Singapore-based smart electric motorbike company ION Mobility has secured US$18.7 million in its Series A round of financing from investors, including India’s leading two-wheeler maker TVS Motors.

Other investors are AC Ventures Malaysia, Michael Sampoerna, and ION’s CMO Ng Ho Sen. Existing investors TNB Aura, Quest Ventures, Monk’s Hill Ventures, Village Global, GDP Venture, and Seeds Capital also joined.

The plan is to convert the 200-plus million motorcycle users from petrol to electric to drive a sustainable future in Southeast Asia.

In October 2021, ION completed its US$6.8 million seed financing, co-led by Quest Ventures and TNB Aura.

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DealStreetAsia

ION Mobility, a Singapore-based EV startup that produces smart electric bikes and energy storage solutions, has secured a strategic investment from the Indian automobile major TVS Motor.

The strategic investment is part of ION Mobility’s $18.7-million Series A funding round. AC Ventures Malaysia, Michael Sampoerna, and ION Mobility chief manufacturing officer Ng Ho Sen, with existing investors TNB Aura, Quest Ventures, Monk’s Hill Ventures, Village Global, GDP Venture and Seeds Capital have participated in the round.

The new funding round brings the total capital raised by the company to over $25.5 million since 2020.

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e27

The theme of social impact is taking over the centre stage in the Southeast Asian (SEA) tech startup ecosystem this year, with social enterprises being in the spotlight, but challenges remain for companies that are working in the sector.

Quest Ventures shares its insights on the biggest challenges faced by startups in the social impact sector.

“Startups will face the challenge of balancing impact creation and business growth, aligning expectations of stakeholders and business partners, and getting their investors to better understand how impact can translate into enterprise value,” says James Tan, Managing Partner at Quest Ventures.

“With sustainability coming into focus in these few years, the challenge may be slowly mitigating, but investors should put teeth in their commitment to sustainability and impact by actually investing in and supporting the growth of impact-driven startups … Together with our local and international partners in the startup investment ecosystems and social sectors, we are able to support the startups in expanding beyond the local market and pulling together resources to replicate and scale.”

Alfie Othman, CEO of Singapore Centre for Social Enterprise, raiSE, explains the challenges that social impact companies are facing: “According to a study on The State of Social Enterprise in Singapore that raiSE conducted in partnership with the British Council in 2021, the top three challenges faced by social enterprises are customer acquisition and market development, access to financial support, and building internal capabilities.”

“We continue to partner with Quest Ventures to provide promising, socially impactful startups with the support they need to improve their competencies and access regional and global markets for the second cohort of the accelerator this year. The Sustainable Impact Accelerator’s first cohort has proven successful – with companies pitching to over 2,000 investors, corporates, and government organisations within the programme’s first three months. We are always heartened to see participants benefit from the programme, whether it be scaling their business, growing their impact, or gaining footholds in new markets,” says Othman.

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Vistra

Quest Ventures wanted to use the Singapore Variable Capital Company (VCC) structure to get their investor-led funds to market at speed. Vistra supported Quest Ventures with a full suite of end-to-end fund setup and administration solutions, allowing them to focus on their core business.

“We had an ambitious target of launching multiple funds with different strategies across the Asia-Pacific region. From the outset, the Vistra team was responsive and flexible and fast became our trusted partner. Critically, they provide us with a full range of solutions that mean we can focus on our core business of looking for investment opportunities”, says James Tan, Founder and Managing Partner, Quest Ventures.

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KrASIA

Quest Ventures is calling for startups focused on making a sustainable impact to apply for the second cohort of their Sustainable Impact Accelerator (SIA) in partnership with raiSE. James Tan, managing partner of Quest Ventures, said, “Socially impactful enterprises can also scale like high-growth startups, unlocking capital and resources to impact more people regionally and globally. Building upon the success of the first cohort, we look forward to partnering with raiSE again to propel high-potential impact businesses forward in their journey.”

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The Edge

This accelerator, organised by the Singapore Centre for Social Enterprise, raiSE and Quest Ventures, a venture capital firm in Asia, aims to support budding impactful startups by providing financial and non-financial support to help them improve their competencies and gain access to regional and global markets.

Since launching in 2022, companies from the first cohort of the Sustainable Impact Accelerator have collectively pitched to over 2,000 investors, corporates, government organisations, and other stakeholders across Asia within the first three months of the programme. Some companies have also successfully raised their next funding round within a few months and gained a foothold in overseas markets such as Australia, Malaysia, Indonesia, and Vietnam.

James Tan, Managing Partner of Quest Ventures, said, “Socially impactful enterprises can also scale like high-growth startups, unlocking capital and resources to impact more people regionally and globally. Building upon the success of the first cohort, we look forward to partnering with raiSE again to propel high-potential impact businesses forward in their journey.”

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Channel NewsAsia

Treatsure’s Mr Wong said that investors’ understanding of the potential of food waste companies still appears to trail behind in Asia compared with the West.

“It does seem that they’re trailing behind in … that understanding of the potential impact if a company could scale similarly in terms of what our peers in Europe have done.”

He pointed to other tech platforms aimed at reducing food waste in Europe and North America, such as Copenhagen-based Too Good to Go and London-based Olio.

“It’s still quite a niche and selective group that we’re talking about,” Mr Wong said of Asia’s investors in food waste companies.

But he also pointed out that there were “encouraging signs”. Last year, venture capital firm Quest Ventures came on board as an investor with Treatsure.

“There are investors who are looking at this opportunity, because food waste is quite a significant opportunity. It’s just (a matter of) the model in which the business operates,” he said.

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