2021 Ultimate List of the Most Active Venture Capitalists in Southeast Asia

Southeast Asia is a strong market for venture capital (VC) and private equity investments, generating USD 14.1 billion of announced deals in 2018. With the growth of the tech industry, investors are also putting more attention on tech-based startups and companies. Our team spent a few days researching the top VC firms from across the region to identify who are the most active investors in Southeast Asia by number of deals, given their most recent investments.

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1. 500 Startups
2. Wavemaker Partners
3. Partech
4. East Ventures
5. CyberAgent Capital
6. Gobi Partners
7. Golden Gate Ventures
8. SGInnovate
9. Global Founders Capital
10. Insignia Ventures Partners
11. Openspace Ventures
12. Qualgro

After Southeast Asia was hit hard by the pandemic in 2020, we see this region slowly climbing up the charts with more opportunities in fundraising and exits. This recovery can also be attributed to the growing interest in fintech and e-commerce companies.

Here are some venture capital and investment firms currently active in Southeast Asia’s tech scene.

1. 500 Startups

500 Startups Logo
500 Startups

Founded: 2010

Number of investments: 2,543 (Crunchbase, June 2021)

Example portfolio:

  • BukaLapak (Indonesia)
  • HappyFresh (Indonesia)
  • Carousell (Singapore)
  • Grab (Singapore)
  • Revolution Precrafted (Philippines)

500 Startups is a US-based venture fund and seed accelerator founded by entrepreneurs Dave McClure and Christine Tsai. The fund has since expanded into a global scale, having supported more than 74 countries and 2.200 startups in its portfolio.

In Southeast Asia, 500 Startups invests primarily through its regional affiliate called 500 Durians — awarded as the region’s most active tech investor in 2017. 500 Durians has invested in multiple sectors from the internet to deep learning, including several of the region’s unicorns.

2. Wavemaker Partners

Wavemaker Partners Logo
Wavemaker Partners

Founded: 2003

Number of investments: 441 (Crunchbase, June 2021)

Example portfolio:

  • Moka (Indonesia)
  • Snapcart (Indonesia)
  • Microsec (Singapore)
  • KrASIA (Singapore)
  • Kalibrr (Philippines)

Wavemaker Partners is an international early-stage venture capital firm dual-headquartered in Los Angeles and Singapore. In Southeast Asia, they primarily invest in companies in the B2B, consumer, and deep tech sectors, with over 20 percent of their investments in deep tech.

They are also part of the Draper Venture Network (DVN), an international VC collective comprising 10 firms across 5 continents. Wavemaker is DVN’s regional partner for Southern California and Southeast Asia.

3. Partech

Partech Logo

Founded: 1982

Number of investments: 424 (Crunchbase, June 2021)

Example portfolio:

  • Zenyum (Singapore)
  • Beam (Malaysia)
  • US2.ai (Singapore)
  • Xendit (Indonesia)
  • Popmeals (Malaysia)

Partech is a global Venture Capital firm that has its focus on digital and tech companies. Their main focus of investments is on software, digital brands and services, hardware, and deep tech.

They have supported 180 portfolio companies over 4 continents and 30 countries. These countries in Southeast Asia include Singapore, Malaysia, and Indonesia. The firm has also supported firms in India and South Korea. The types of funding that this firm usually supports are early and late-stage ventures, private equity, and seed stages.

4. East Ventures

East Ventures Logo
East Ventures

Founded: 2010

Number of investments: 407 (Crunchbase, June 2021)

Example portfolio:

  • Tokopedia (Indonesia)
  • Traveloka (Indonesia)
  • 99.co (Singapore)
  • Stockradars (Thailand)
  • Allsome (Malaysia)

Founded in Indonesia, East Ventures (EV) is one of the first and longest-running native venture capital  firms in the region. It has expanded its portfolio across Southeast Asia and into other Asian markets such as Japan, while still being a leading investor in Indonesia.

Besides investing in prominent unicorns like Tokopedia and Traveloka, several EV companies have also achieved successful exits such as payment platform Kudo’s acquisition by Grab and e-ticketing platform Loket’s acquisition by Go-Jek.

Also read: Indonesia's Gojek and Tokopedia to merge as GoTo Group

5. CyberAgent Capital

CyberAgent Capital Logo
CyberAgent Capital

Founded: 2006

Number of investments: 226 (Crunchbase, June 2021)

Example portfolio:

  • Tokopedia (Indonesia)
  • Ralali (Indonesia)
  • Viddsee (Singapore)
  • Tiki.VN (Vietnam)
  • VNG (Vietnam)

CyberAgent Capital is a Japan-based venture capital firm investing primarily in technology companies in Asia. Its portfolio includes companies in Asian markets like Korea, China, and Taiwan, as well as Southeast Asia including Indonesia, Thailand, and Vietnam.

CyberAgent has invested in a wide array of companies in sectors like mobile applications, e-commerce, mobile gaming, advertising, social media, and the internet. These companies include some of the region’s unicorns such as Indonesia’s Tokopedia and Vietnam’s VNG.

6. Gobi Partners

Gobi Partners Logo
Gobi Partners

Founded: 2002

Number of investments: 163 (Crunchbase, June 2021)

Example portfolio:

  • Orami (Indonesia)
  • Deliveree (Indonesia)
  • Fastwork (Indonesia)
  • Carsome (Malaysia)
  • Glints (Singapore)

Gobi Partners is a Shanghai-based early to late-stage venture capital firm first founded to tap into the technology, media, and telecommunications boom in China. It has expanded to nine branches in China, Japan, Hong Kong, Thailand, the Philippines, Malaysia, Singapore, and Indonesia.

The firm maintains a focus in China and Southeast Asia, with a mission statement to help support emerging markets underserved by venture capitals and startup support networks.

7. Golden Gate Ventures

Golden Gate Ventures Logo
Golden Gate Ventures

Founded: 2011

Number of investments: 96 (Crunchbase, June 2021)

Example portfolio:

  • Go-Jek (Indonesia)
  • Printerous (Indonesia)
  • Ayannah (Philippines)
  • Carousell (Singapore)
  • Baokim.VN (Vietnam)

Golden Gate Ventures is a Singapore-based early-stage venture capital firm focusing primarily on Southeast Asia. As of 2019, its portfolio companies are active in Singapore, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.

The firm invests in consumer internet products and services across many sectors, including e-commerce, payments, marketplaces, mobile applications, and SaaS.

8. SGInnovate

SGInnovate Logo

Founded: 2016

Number of investments: 71 (Crunchbase, June 2021)

Example portfolio:

  • Whitecoat (Singapore)
  • Funding Societies (Singapore)
  • Eureka AI (Singapore)
  • Biofourmis (Singapore)

SGInnovate mainly invests in firms based in Singapore and has its sights on building Deep Tech startups. The firm’s main focus is on MedTech, Quantum Tech, Finance, and AI - B2B companies.

9. Global Founders Capital

Global Founders Capital Logo
Global Founders Capital

Founded: 2013

Number of investments: 151 (Crunchbase, June 2021)

Example portfolio:

  • Traveloka (Indonesia)
  • Lazada (Singapore)
  • Klikdaily (Indonesia)
  • UnaBrands (Singapore)
  • Naluri (Malaysia)

Founded in Germany, Global Founders Capital is a globally oriented seed and growth investor that empowers entrepreneurs. Its investments span Singapore, Malaysia, Indonesia, and the Philippines.

The firm invests in Artificial Intelligence, augmented reality, big data, e-commerce, finance, and gaming. The types of funding they engage in are at early- and late-stage ventures, and seed.

10. Insignia Ventures Partners

Insignia Ventures Partners Logo
Insignia Ventures Partners

Founded: 2017

Number of investments: 67 (Crunchbase, June 2021)

Example portfolio:

  • Tonik (Singapore)
  • Edmicro (Vietnam)
  • Shipper (Indonesia)
  • Super (Indonesia)
  • Rainforest (Singapore)

Insignia Ventures Partners is a Venture Capital firm that specializes in investing in startups. It is dedicated to investing in tech companies in Southeast Asia and its portfolio spans across countries such as Singapore, Vietnam, and Indonesia.

11. Openspace Ventures

Openspace Ventures Logo
Openspace Ventures

Founded: 2014

Number of investments: 61 (Crunchbase, June 2021)

Example portfolio:

  • GoTo Group (Indonesia)
  • Biofourmis (Singapore)
  • SensorFlow (Singapore)
  • Finnomena (Thailand)
  • Nano (VUI) (Vietnam)

Openspace Ventures invests in early-stage technology companies based in Southeast Asia and their existing portfolio consists of B2C and B2B technology companies. The types of funding that the firm supports entrepreneurs are at seed, and early venture stages.

The firm usually invests in the Round A or B stage and has about $500 million of committed capital.

12. Qualgro

Qualgro Log0

Founded: 2015

Number of investments: 33 (Crunchbase, June 2021)

Example portfolio:

  • Ralali (Indonesia)
  • Funding Societies (Singapore)
  • EngageRocket (Singapore)
  • Edmicro (Vietnam)
  • Shopback (Singapore)

Qualgro is a Venture Capital firm based in Singapore and supports talented entrepreneurs with regional or global growth ambition. Qualgro invests across Southeast Asia, Australia/NZ, primarily at seed, Series A, and B.

The firm invests mainly in B2B companies in Data, SaaS, and Artificial Intelligence.

Greenhouse has helped hundreds of startups from around the world to expand to Southeast Asia. Our network of VCs is quite extensive and we often coach startups on how to adapt their decks to fit the expectations of investors based in Asia. Check out some of our programs on the topic here.

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