Dymon Asia announces first close of $50M fund for fintech, focused on Southeast Asia

Friday, March 10, 2017

Hedge fund Dymon Asia is getting into the venture capital game after it announced its maiden fund.

Dymon Asia Ventures is focused on fintech deals and it is targeting a $50 million raise. Today, its founding partners disclosed a first close of $20 million from a range of LPs that include Thai bank Siam Commercial (SCB), which invested an undisclosed sum via its Digital Ventures arm. Dymon Asia said a final close of the fund will happen over the next 12 months.

The Singapore-based firm is looking to invest in 12-15 companies over the life cycle of the fund. It has already popped the lid and funded a portfolio of five so far: blockchain startup Otonomos, financing firm Capital Match, forex-focused 4XLabs, trading platform Spark Systems and marketing service WeConvene.

In an interview with TechCrunch, Dymon Asia partners Jinesh Patel and Christiaan Kaptein explained the firm’s decision to move into venture capital was related to both keeping abreast of new developments in the market, and seizing upon opportunities that have opened up in Asia. The focus is particularly on Southeast Asia, where the number of internet users is forecast to jump from 260 million today to 480 million by 2020, growing the total digital economy to $200 billion, according to a report co-authored by Google.

Source: Tech Crunch (link opens in a new window)

Impact Assessment, Investing
fintech, venture capital