Venture Capital firm Quest Ventures recently announced the first closure of its new $50mn fund. The new fund, Asia Fund II, is anchored with the help of two investors, Pavilion Capital and QazTech Ventures, the sovereign wealth fund of Kazakhstan.
In addition to Pavilion and QazTech, Fund II is also backed by entrepreneurs, C-suite executives, Asian family business founders, family offices, and institutional investors.
The Singapore-based company said that it is planning to look for opportunities post-seed and Series A rounds across Southeast Asia and other emerging Asian economies.
The VC firm already has a footprint in Vietnam and is eyeing on expanding to other countries in the region, including Indonesia, Myanmar, and the Philippines.
According to a company statement, although it’s called Asia Fund II, the vehicle is Quest Ventures’ first institutionally backed fund. Its prior fund was invested out of the personal capital of its managing partner James Tan.
Some of its notable investments include Carousell, ShopBack, 99.co, Carro, StyleTheory, Glife, and Xfers, among others.
Quest Ventures said that the deal marks QazTech’s first investment in an Asian VC fund as it looks to tap into the increased business activities between Central Asia and Southeast Asia.
“This partnership with Quest Ventures and Pavilion Capital will enable Kazakhstani startups to secure important investments, improve competencies, and gain access to global markets,” said Adil Nurgozhin, the chairman of QazTech’s board.
Quest also announced its plans to launch an accelerator in Kazakhstan, aiming to spur the region’s digital economy. The program is set to back founders with disruptive business models that can create new sustainable values for the end customer.
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