Start@SG

Tech veterans set up fund to list US firms in Asia-Pac

Two United States technology veterans have set up a fund to invest in US firms and take them public on Asia-Pacific exchanges.

The Global Public Offering (GPO) Fund comes from Mr Jeff Stewart, the co-founder of Singapore-based financial technology firm Lenddo, and Mr Key Compton, who founded several North America-based technology companies.

It will invest in world-class, technology-enabled growth companies with private valuations ranging from US$100 million to US$200 million (S$135 million to S$269 million), with the explicit goal of conducting a public offering on a major Asia-Pacific exchange within 12 months of investment.The partners said they launched this fund as the barriers to listing on US exchanges have risen too high for young growth companies.

"Instead, companies are resorting to private investment rounds that result in complex capital tables that lead to misaligned interests among stakeholders," said Mr Stewart.


Start-up MyDoc raises $7m in Series A funding

MyDoc, a Singapore-based health tech start-up, has raised US$5.2 million (S$7 million) in a Series A funding round.

The investment was led by UST Global, a California-based provider of IT services. Other investors included venture capital firm Wavemaker Partners.

MyDoc provides companies with an easy-to-use digital health platform that integrates key aspects of healthcare.

This Series A round will fund the development of MyDoc@Work, a digital healthcare platform providing corporate employees a wide range of health services: video consultations with doctors, online prescriptions and medical certificates, onsite health screenings and a private care network. Through MyDoc@Work, corporations benefit from significant cost and operational efficiencies, through reduced administrative processes to manage medical certificates, insurance claims and decreased employee absenteeism and minimised upfront employee healthcare costs.


East Ventures launches $40m seed capital fund

South-east Asian venture capital firm East Ventures has launched a US$30 million (S$40.5 million) investment fund to provide seed funding to technology start-ups in South-east Asia.

This is the firm's sixth fund and it will focus on Indonesia, where East Ventures is already active. It has previously contributed to 192 deals there.

East Ventures has invested in 116 companies across the region with an 83 per cent survival rate.

Most of the 96 active companies it has funded have raised follow-on investment rounds.

This year, East Ventures' portfolio has seen significant deals, including a US$1.1 billion Alibaba-led investment in Tokopedia, a US$500 million Expedia-led investment in Traveloka, the acquisition of Kudo by Grab, the acquisition of Loket by Go-Jek, and one of the largest initial coin offerings in South-east Asia by Omise.

A version of this article appeared in the print edition of The Straits Times on September 26, 2017, with the headline 'Start@SG'. Print Edition | Subscribe