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Cocoon Capital launches second $22m seed fund targeting enterprise tech founders who "dare to change"- New fund to create thirty high-growth, enterprise tech startups in Southeast Asia - Partners to provide public, hands-on mentoring across major cities - Current portfolio includes rising stars within medtech, cleantech & fintech SINGAPORE, July 23, 2019 /PRNewswire/ -- Cocoon Capital, the leading early-stage venture firm in Southeast Asia today announced the successful raise of its second fund at USD 22m (SGD 30m) targeting enterprise tech startups around the region. The fund also announced its initiative of hosting public mentoring hours regularly across Singapore, Ho Chi Minh, Hanoi, Manila, Bangkok, Jakarta and Yangon to help grow the local entrepreneurial ecosystems. The support will be provided in partnership with local accelerators and co-working spaces. Cocoon Capital was founded in 2016 by two of the most seasoned early-stage investors in Asia, Michael Blakey and Will Klippgen. The duo has done more than 60 seed tech investments since 2000 and seen over 15 exits across Europe and Asia. Having funded Asian success stories like PropertyGuru, Tickled Media and iXiGO.com, the partners have proven that early-stage investing can bring record-breaking returns through the right mix of capital and hands-on mentoring. The tech market in Southeast Asia is accelerating faster than predicted. Google and Temasek reported that the 2018 "e-conomy" was at $72b with the B2C ecommerce volume doubling from the year before. The internet economy is on track to reach as much as $240b by 2025. Southeast Asia sees businesses moving online and adopt technology to increase sales, productivity as well as governance. In a survey by Econsultancy.com Ltd 68% of respondents in Southeast Asia said they have an omnichannel strategy that incorporates B2B ecommerce. In spite of the above, only 7% of venture capital has been channeled to B2B startups in the region. Cocoon Capital's second fund is targeting the enterprise tech market and has singled out startups within medtech, fintech, insurtech and general "deep" tech as primary targets. "Over the last 3 years, we at Cocoon Capital have seen a radical improvement in deal quality, in particular from the Sotheast Asia countries outside Singapore," said Michael Blakey, Managing Partner at Cocoon Capital. "The region has gigantic challenges that need to be solved by technology, and we believe we can help founders build and scale their companies faster." "There is a continuing gap in the region when it comes to hands-on mentoring, in particular at the early stages of a company's formation, and Cocoon Capital has fine-tuned its operation to provide a tailored and comprehensive support package to our founders," added Will Klippgen, Managing Partner at Cocoon Capital. "Many founders in the region lack a support network similar to those in Silicon Valley, London or Shanghai, and we are here to change that," he added. In line with Cocoon's new tagline - Dare to Change™, Cocoon Capital's second fund is supported by investors who have pushed the boundaries and excelled in their fields. They include Michelle Yong (Director of Singapore's Aurum Investments), Jani Rautiainen (Co-founder of PropertyGuru), Parag Khanna (The author of "The Future is Asian"), Pierre Lorinet (Director at Trafigura Group), Matthew Chapman (Founder of ChapmanCG), Stein Jakob Øie (Former President at Lazada), hedge fund manager Steve Diggle's Vulpes Innovative Technologies Investment Company, Martin Hauge (Partner in Creandum – streaming giant Spotify's first financial investor), Martin Roll (Global strategy consultant) and Oliver Tonby (Chairman of McKinsey's offices in Asia excluding Greater China). The newly raised fund has already invested in Kargo Myanmar, Myanmar's leading logistics platform. The company is expanding rapidly by not only enhancing supply chain management for its customers but also improving the productivity and well-being of its drivers. About Cocoon Capital® - Dare to Change™ Media Downloads Media Contacts: Sia Zong Xi William Klippgen This release was issued through WebWire(R). For more information, visit http://www.webwire.com. Photo - https://mma.prnewswire.com/media/949828/Cocoon_Capital.jpg SOURCE Cocoon Capital |