The new generation of venture capitalists

South-east Asia’s decade-old VC scene has new blood. They dream of many things, but can they step out of the shadow of their predecessors?

Claudia Chong

Published Fri, Mar 11, 2022 · 02:50 PM

Venture capital

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.

"I'd thought I would just be in venture capital for a year perhaps, and then learn and maybe start another business. But being in Golden Gate was pretty m…