Fund to help Southeast Asia start-ups tap China
A NEW venture capital fund launched in Singapore last week aims to help Southeast Asian start-ups tap the Chinese market. Called Jubilee Capital Management, the fund aims to raise US$100 million (S$142 million Bt3.5 billion), mostly from Chinese entrepreneurs with an eye on international growth.
The fund was started by Chinese entrepreneurs Stanley Zhang and George Gong, and Singaporean Gan Fong Jek. Zhang, who has lived in Singapore for three years and is a permanent resident, founded domain name and hosting service provider HiChina Group in 1996.
Chinese e-commerce giant Alibaba bought a controlling stake in the company in 2009. In 2013, Mr Zhang left HiChina to become an angel investor and has since invested in 17 companies in Singapore, China and the United States.
Gong, who lives in New Zealand, was the co-founder of IT services provider Beyondsoft in 1995. The company is now listed on the Shenzhen Stock Exchange.
Gan has 20 years of experience in cross-border strategic and venture investments and has held senior investment positions in a number of large companies. The fund will focus on technology, media and telecommunications start-ups in Singapore, Southeast Asia and China, said Zhang.
