Singapore-based VC firm Quest Ventures has announced the first close of its second fund at US$50 million.
As per a press note, this represents more than half of Quest’s fund target for the second fund, called Quest Ventures Asia Fund II.
Two institutional investors, which participated in this investment, are Pavilion Capital from Singapore and QazTech Ventures from Kazakhstan.
The fund II will invest in startups across Southeast Asia and emerging Asia at the post-seed and Series A stages.
Additionally, Quest Ventures said it will expand its footprint to countries, such as Indonesia, Myanmar and the Philippines. It already has a presence in fast-growing economies such as Vietnam.
“We were deliberate in selecting our investors as we value both financial and operational contributions. As operators ourselves before becoming investors, we appreciate what a diverse team can bring to the table. With this fund, we hope to bring different skill sets, domain experience and connections to help our companies,” said Goh Yiping, Partner at Quest Ventures.
Kazakhstan’s national economic initiatives have seen increased business activities between Central Asia and Southeast Asia. This is its sovereign wealth fund Qaztech’s first investment in a VC fund in Asia, and is widely seen to be tapping into Quest’s experience in emerging Asia and in developing innovation ecosystems.
“The cooperation of Kazakhstan with Singapore’s leading venture fund is an important step in bringing together the innovative ecosystems of Southeast Asia and Central Asia. This partnership with Quest and Pavilion will enable Kazakhstani startups to secure important investments, improve competencies, and gain access to global markets,” said Adil Nurgozhin, Chairman of the Board of Directors at QazTech Ventures.