Dyman Asian has launched a $50 million venture capital fund called Dyman Asia Ventures that plans to invest in 12-15 fintech companies, as TechCrunch reports.
This is the Singapore-based hedge fund's first VC fund, which announced its "first close of $20 million from a range of LPs that include Thai bank Siam Commercial (SCB), which invested an undisclosed sum via its Digital Ventures arm," according to TechCrunch. Its final close, with the aim at reaching $50 million, is expected to happen over the next 12 months.
TechCrunch reports that Dyman Asia Ventures already has five companies in its portfolio, including "blockchain startup Otonomos, financing firm Capital Match, forex-focused 4XLabs, trading platform Spark Systems and marketing service WeConvene."
In an interview with TechCrunch, Dymon Asia partners Jinesh Patel and Christiaan Kaptein explained the firm’s decision to move into venture capital was related to both keeping abreast of new developments in the market, and seizing upon opportunities that have opened up in Asia. The focus is particularly on Southeast Asia, where the number of internet users is forecast to jump from 260 million today to 480 million by 2020, growing the total digital economy to $200 billion, according to a report co-authored by Google.
“The hype around fintech is warranted in some respects given the opportunity we’re seeing. The fund will primarily be B2B-focused because that’s where we see the greatest disconnect,” Patel explained.
Dymon Asia aims to invest as early as seed stage, right up until Series B, at a range between $300,000 up to $3 million, "'significant reserves'" available for follow-on rounds," the partners tell TechCrunch.