Tech in Asia
Singapore-based VC firm Quest Ventures has announced the first close of its new US$50 million fund, anchored by two institutional investors, Pavilion Capital and Kazakhstan sovereign wealth fund QazTech Ventures.
Quest Ventures said it plans to look for post-seed and series A opportunities across Southeast Asia and emerging Asia for its Asia Fund II. Already present in Vietnam, the company also plans to expand its footprint to other countries in the region, including Indonesia, Myanmar, and the Philippines.
Although it’s called Asia Fund II, the vehicle is Quest Ventures’ first institutionally backed fund. Its prior fund was invested out of the personal capital of its managing partner James Tan, according to a statement. Some of its notable investments include Carousell, ShopBack, 99.co, Carro, StyleTheory, Glife, and Xfers, among others.
Quest Ventures said that the deal marks QazTech’s first investment in an Asian VC fund as it looks to tap into the increased business activities between Central Asia and Southeast Asia.