1982 Ventures hits US$12.5m first close of inaugural seed fund

EARLY-stage investor 1982 Ventures has raised US$12.5 million at the first close of its inaugural seed fund, the venture firm announced on Thursday (Dec 16).

Investors in the fund, targeted at US$15 million, include US fintech unicorn Carta, the venture arm of conglomerate Genting Group, Indonesian family office Trihill and US fund of funds First Close Partners and Rally Cap.

Founded in early 2020, 1982 Ventures is focused on young fintech startups in South-east Asia. With its new fund, it is looking to back 30 startups. The firm is focused on Indonesia, Vietnam, Singapore and the Philippines, with the ability to invest opportunistically in Pakistan and Bangladesh.

Its investments to date include Indonesian open banking player Brick, Vietnamese retail investment platform Infina, home financing startup Homebase, automated financial data platform Bluesheets and earned wage access platform Wagely.

1982 Ventures' investors have had access to deal flow and participated directly in competitive fintech rounds, said Herston Powers, the firm's co-founder and managing partner.

Fellow co-founder and managing partner Scott Krivokopich said that the firm aims to be the best performing fund in the region. Ian Sulaiman, vice-president of Trihill, added that it fills a "critical gap" in the market.

A NEWSLETTER FOR YOU

Monday, 3.30 pm

Garage

The hottest news on all things startup and tech to kickstart your week.

Sign Up

Both Powers and Krivokopich are former executives of tryb Group, a South-east Asian fintech investor. Krivokopich was previously the head of investments at tryb, while Powers led investments, operations and investor relations.

1982 Ventures' backers include Sheel Mohnot, the founding general partner of 500 Fintech and Better Tomorrow Ventures, along with other general partners at South-east Asian venture firms, regional, European and American family offices, fintech founders and senior executives in tech and financial services.

The company expects to soon announce the final close of its fund. It is open to investment from strategic investors for a greenshoe option.