Cisco Investments invests US$10m in S'pore venture capital firm Monk's Hill Ventures
This will foster startups, drive innovation in Asean in various tech areas
Singapore
THE Internet of Everything (IoE), data analytics and connected mobility among tech trends are set for a boost in Asean as Cisco Investments - the corporate venture capital arm of US tech giant Cisco Systems - on Wednesday said that it has invested US$10 million in homegrown venture capital firm Monk's Hill Ventures (MHV).
This capital injection, which will be used to foster startups and drive innovation in Asean in the aforementioned tech areas, will mark Cisco's first dedicated investment in the region.
That said, Cisco has been engaged with Asean - reported to be among the most diverse, fast-moving and competitive regions in the world, and which now accounts for 38 per cent of Asia's market for initial public offerings - from the early 2000s through direct and indirect investments, Pratik Bose, Cisco's director of corporate development for Asia-Pacific and Japan, told The Business Times.
Asked why MHV, he replied: "Their focus on Asean, wealth of experience and best practices, and being 'by entrepreneurs for entrepreneurs', have made them a perfect fit for Cisco."
The latter's inbound investments will help local companies innovate, and generate economic growth for their communities and develop the overall startup ecosystem in Asean, he added.
Cisco is also looking at ways to share technology and go-to-market expertise with its investee companies in the region.
Mr Bose noted: "In Singapore, we are focused on the Internet of Things and IoE (connecting the things to people, process and data), reinforcing Singapore's vision to be the world's first Smart Nation."
MHV - launched last year by Match.com co-founder Peng T Ong and former Infocomm Investments chief executive Kuo-Yi Lim - invests in early-stage (Series A and B) tech startups operating in South-east Asia as well as global tech companies that want to expand into South-east Asia.
With offices in Singapore and Jakarta, MVH runs a currently active US$80-US$100 million fund that counts YJ Capital, the venture arm of Yahoo! Japan, as well as Singapore's Temasek Holdings, as investors.
MVH's fund has to date backed Jakarta financial products site compare88, Singapore logistics app Ninja Van and Philippines real estate portal ZipMatch, among others.
Cisco Investments, on the other hand, has over the last 20 years built an active portfolio of US$2 billion with close to 100 direct investments globally; it also holds limited partner positions in over 35 funds around the world.
