1982 Ventures closes inaugural seed fund at US$20m
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EARLY-STAGE venture capital firm 1982 Ventures on Thursday (May 26) announced the final close of its debut seed fund at more than US$20 million, surpassing its target of US$15 million.
Investors in the fund 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 rali_cap.
Sheel Mohnot, founding general partner of Better Tomorrow Ventures, was among participating individual backers, 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.
Founded in early 2020, 1982 Ventures focuses on seed stage fintech startups and has invested in 25 startups in South-east Asia, Pakistan and Bangladesh. It has led pre-seed and seed rounds with initial investments of US$250,000 and US$500,000.
Its fund I portfolio includes open banking player Brick, wage access platform Wagely, automated financial data platform Bluesheets and online travel planner Go Zayaan.
The firm had previously announced the fund’s first close at US$12.5 million in December 2021.
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It aims to make another 10 to 15 new investments, as well as follow-on investments, in their fund I portfolio. It also has more than US$5 million in early commitments for its second fund.
Herston Powers, co-founder and managing partner of 1982 Ventures, said: “We are accelerating our pace of investments despite current market sentiment. Early-stage South-east Asia fintech remains the most attractive sector for venture capital.”
Powers and fellow co-founder and managing partner Scott 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.
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