SINGAPORE-BASED Credence Partners has hit a first close of US$50 million for its first venture capital (VC) fund.
The fund manager has committed to three investments so far for the Credence Ventures Fund, and is targeting more in Series A and B funding rounds across South-east Asia.
The three investees are a mobile-only micro-lending company, a pure-play digital bank and a deep tech software company that identifies and quantifies cognitive states wirelessly.
The VC fund will focus on startups with enterprise, business-to-business (B2B) and business-to-business-to-consumer (B2B2C) business models in the fintech, deep tech, consumer, logistics and mobility and tech-enabled industries.
Credence is targeting a final close of US$100 million for the new VC fund.
Koh Boon Hwee, chairman of Credence, said the fund will apply a "private-equity mindset" - to guide and focus the startups on leadership and talent management as well as on operational fundamentals, and to have a strong focus on building out commercialisation and business development growth engines.