Koh Boon Hwee and partners to start new VC firm

Mr Koh Boon Hwee, one of Singapore's most prominent executives, is teaming up with four fellow investors to try and raise US$100 million (S$138 million) for a new venture capital (VC) firm targeting South-east Asia.

Mr Koh, former chairman of DBS Group Holdings and Singtel, and his partners believe the time is right to start a new VC firm, despite challenges from the coronavirus pandemic. They will target early-stage investments in fintech, consumer Internet, enterprise software, logistics, healthcare and education.

Altara Ventures is launching as China's tech behemoths expand into South-east Asia in the face of growing hostility from the United States and other major markets.

"The level of international investments into South-east Asia is going to increase even more with ongoing global trade dynamics between geopolitical powers," said Mr Dave Ng, one of the new firm's five general partners. "That's going to continue to boost the ecosystem here."

Mr Ng and Mr Gavin Teo previously worked at B Capital, Facebook co-founder Eduardo Saverin's venture capital house.

The other three partners are Mr Koh, Mr Tan Chow Boon and Mr Seow Kiat Wang, who founded Omni Industries, an electronics components maker acquired by Celestica in 2001.

The trio has backed more than 100 companies, including Razer, and run private equity firm Credence Partners.

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A version of this article appeared in the print edition of The Straits Times on September 25, 2020, with the headline Koh Boon Hwee and partners to start new VC firm. Subscribe