Quest Ventures raising two new funds totalling up to US$120m

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The Business Times

The Business Times of Singapore took a deeper look at the latest funds from Quest Ventures.

“Venture capital firm Quest Ventures is raising two funds – an open fund of US$50 million to US$100 million, and an impact fund of up to US$20 million – The Business Times has learnt.

Quest, a seed stage and Series A investor, is known for cutting first cheques for Carousell, 99.co and Shopback. This is the first time that the firm is raising capital from limited partners (LPs).

Mr Tan believes the time is right to launch the two funds because the right people are in place. Quest recently appointed serial entrepreneur Goh Yiping and industry veteran Jeffrey Seah as partners. They were previously venture partners since 2016 and 2017, respectively.

The primary markets that Quest is targeting are Singapore, Malaysia, Indonesia and Vietnam, while the secondary markets are Cambodia, Laos, Myanmar, Thailand and the Philippines.

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