Singapore blue-chip veteran to raise funds for new venture firm


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. Tencent Holdings Ltd has picked Singapore for its beachhead beyond China, joining rivals Alibaba Group Holding Ltd and ByteDance Ltd in the race to build up a global presence closer to home.

SINGAPORE: Koh Boon Hwee, one of Singapore’s prominent executives, is teaming with four fellow investors to try and raise US$100mil for a new venture firm targeting South-East Asia.

Koh, former chairman of DBS Group Holdings Ltd and Singapore Telecommunications Ltd, and his partners think the time is right to start a new venture capital firm, despite challenges from the coronavirus pandemic. They’ll 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.

Tencent Holdings Ltd has picked Singapore for its beachhead beyond China, joining rivals Alibaba Group Holding Ltd and ByteDance Ltd in the race to build up a global presence closer to home.

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

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

The other three partners are Koh, Tan Chow Boon and Seow Kiat Wang, who founded Omni Industries Ltd, an electronics components maker acquired by Celestica Inc in 2001. The trio has backed more than 100 companies, including Razer Inc, and ran private equity firm Credence Partners Pte.

“We are former entrepreneurs, business builders and seasoned investors and know what it takes to scale and exit, ” said Koh, who spent over a decade on the board of Singaporean state investment firm Temasek Holdings Pte. — Bloomberg

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Altara Ventures , Tencent , Alibaba , ByteDance , Singapore ,

   

Did you find this article insightful?

Yes
No

Next In Business News

Top Glove predicts 3% hit on FY21 sales due to production halt �
Airlines set to lose US$157bil amid worsening slump - IATA
AirAsia looks beyond losses to travel return
CPO December contract closes lower at RM3,448
My EG posts net profit of RM70.74m in 3Q
Leong Hup International's 3Q results up on-quarter
Inari sees strong demand for 5G RF components as Q1 net profit soars
PBA 3Q net profit jumps nearly 83% to RM11.3m
Majuperak returns to profit after three consecutive loss-making quarters
UEM Sunrise posts RM28.9mil loss in Q3�

Stories You'll Enjoy