Singapore-based venture capital firm Monk’s Hill Ventures (MHV) has closed its second fund of USD 100 million, the firm’s spokesperson told KrASIA. First reported by Venture Capital Journal, MHV said that the fund was already closed in late last year but that it wanted to keep it low-key and chose not to publicly announce it.
For its Fund II, Monk’s Hill Ventures is partnering with long-term investors including US-based and international endowments, foundations, and family offices. “As a firm, we have taken a focused and disciplined approach to invest and believe in raising modest fund sizes, which we believe will allow us to provide our investors with outsized returns,” said the MHV spokesperson.
The firm invests in early-stage startups, mainly Series A in Southeast Asia. MHV raised its first fund of USD 80 million in 2015 and it has backed over 20 startups so far. MHV is an industry-agnostic VC firm that invests in tech companies that are addressing sizeable market opportunities. It usually invests in high-demand sectors like logistics, fintech, e-commerce, and travel. Its portfolio companies include Singapore-headquartered logistics company Ninja Van, Singapore’s talent recruitment and job matching platform Glints, and Indonesian restaurant supply marketplace Stoqo.
The firm did not disclose details of its plans and strategies with the new fund. It will continue to invest in startups with a plan to scale up profitably in the region’s major economies such as Singapore, Indonesia, Malaysia, Vietnam, Thailand and the Philippines, the firm said.