Deal Street Asia
“According to one source close to the development, Quest Ventures is targeting a $25-million first close. It is understood to have garnered interest from limited partners (LP) including two sovereign wealth funds, one of them based in Singapore.
Quest Ventures first announced the launch of its $50-million early-stage Southeast Asian fund in March this year. The vehicle marks the first time the VC firm is raising capital from external LPs, having previously invested out of the personal capital of its managing partner, James Tan.
Tan is the co-founder of Nasdaq-listed Chinese e-commerce company 55tuan. After close to a decade in mainland China, Tan – a Singaporean – cashed out his stake to begin Quest Ventures in Singapore. Since 2010, Quest has added over 40 companies to its portfolio, including Carro, Carousell, 99.co, ShopBack, and Glife.”