Singapore Based Venture Capital Firm M Capital closes maiden fund at $31 million to back early-stage technology startups

Newly established Singapore-based venture capital firm M Capital Management said it has closed its debut fund at $ 30.85 million. The vehicle named M Venture Partners (MVP) is said to be sector-agnostic and will primarily fund early-stage startups in Southeast Asia and selectively in India.

The venture firm aims to invest in 40 sprouting startups, primarily seed and pre-Series A, focusing on the technology-enabled business-business (B2B) and business-to-business-to-customer (B2B2C) with an average initial check size of around $500,000. However, the company didn’t specify if this would be the first or final close of the fund.

Led by experienced investors, the fund to put in money in Southeast Asia

M Capital Management was founded by Mayank Parekh in 2019. Parekh’s 30 years of professional experience includes launching Grange Partners and leadership experience as a seasoned investor at leading investment firms. He is joined by Joachim Ackermann, whose decade-long business experience includes, most recently as Managing Director of Google Asia-Pacific, working with top global technology firms as well as top-tier management consultancies.

These two have teamed up with Dr. Tanuja Rajah, previously Entrepreneur First’s launch manager, and Chethana Ellepola, former research director at Acquity Stockbrokers. MVP has invested in around 11 companies to date. One of the companies, 3D Metalforge, backed by the venture firm went public on the Australian Securities Exchange.

Joachim Ackerman said, “The fund will keep working towards its regional and global aspirations, but the initial focus will be on Southeast Asian startups, especially the one based out of Singapore as the country presents a fabulous venture ecosystem and support network for entrepreneurs and serves as an ideal springboard for the launch of innovative and disruptive technology startups across various sectors.”

Meanwhile, other portfolio companies backed by MVP portfolio includes behavioral health coaching startup Naluri, AI-enabled lending, and credit-as-a-service company Impact Credit Solutions, alternative investment fund aggregator XEN Capital, and Cipher Cancer Clinics, which is focused on making oncological care more affordable and accessible in India.

Mayank Parekh said, “We believe that the early-stage investing space has substantial room for growth. A decade ago, there were very few unicorns. Recently this phenomenon has changed because of obvious advancements that are bringing online previously underserved or untapped populations.”

“In addition to it, the venture system has developed nicely in Singapore and across the region with support from institutional VCs at various stages of funding need, government agency support, the advent of local accelerators, and rapidly growing network of angel investing bodies. As early-stage, investors our focus will be on founders, specifically those who have pedigree professional experience and strong academic backgrounds,” he added.