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Credence achieves US$50m first close for VC fund; eyes Series A, B firms in region

Credence achieves US$50m first close for VC fund; eyes Series A, B firms in region

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2 -min read
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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.

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