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Bloomberg
Quest Ventures, a Singapore venture capital firm, said it completed the first close of a planned $50 million fund.
Quest, founded by James Tan, raised the money from investors including Pavilion Capital of Singapore and QazTech Ventures of Kazakhstan. It’s the firm’s second venture fund and its first time tapping institutional investors, after Tan financed the first fund with his own money.
Quest plans to use the new financing to make early-stage investments in startups in Southeast Asia, a sprawling region with 620 million people and a fast-growing internet economy. The firm sees opportunity in financing businesses that are helping consumers and companies go digital, although the coronavirus outbreak is creating challenges.