Investment firm K2 to seek $284m, after taking stakes in Uber, Spotify

K2 Global, which has invested in start-ups such as Uber Technologies and Spotify, aims to raise US$200 million (S$284.2 million) for a second venture capital fund, after gathering just under that amount for its first such offering.

The investment firm, led by Singapore-based chief Ozi Amanat, will start seeking more money in the second quarter, after raising US$183 million from investors last year, according to an investor presentation obtained by Bloomberg News.

The new fund will focus on technology, Internet and software firms, according to the presentation.

Mr Amanat declined to comment.

K2 was started in 2015 to help wealthy Asian families invest in start-ups before they raise money via initial public offerings (IPOs).

Mr Amanat received a US$35 million allocation in Alibaba Group Holding shares before its IPO in September 2014 - a majority of which he placed with Asian families.

Through its first fund, K2 is invested in more than 15 companies, mostly in the technology sector, according to the presentation.

Its annual return before fees has been 26 per cent since its inception, it said in the presentation.

Among K2's holdings is a stake in Stockholm-based music streaming start-up Spotify, which aims to go public this year.

The investment firm also owns shares in Magic Leap, a US start-up working on a device that simulates reality, and ride-hailing company Uber, which has garnered more than US$17 billion in cash and debt since its founding in 2009.

K2 also acquired a stake in Twilio, a maker of mobile and Web applications, before its IPO last June.

The shares have more than doubled in price since.

In Singapore, K2 recently led a US$32.5 million funding round for Paktor, the region's biggest online dating app. Paktor is also backed by Vertex Venture Holdings, the venture arm of Temasek Holdings.

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A version of this article appeared in the print edition of The Straits Times on March 10, 2017, with the headline 'Investment firm K2 to seek $284m, after taking stakes in Uber, Spotify'. Print Edition | Subscribe