The new generation of venture capitalists

IN 2014, around the time when future tech unicorn Carousell was on its way to hitting 5 million listings and raising a major funding round, Angela Toy was shutting down her online business - the first company she had ever started on her own.

The idea was straightforward. Toy had seen the traction of BarkBox's subscription business for dog products in America and wanted to replicate it in Singapore. But the ecosystem was not built for e-commerce at the time and margins were razor-thin.

She let the startup dream go. It turned out not to matter that much, because she spent the next 8 years at the frontline of South-east Asia's tech boom.