Koh Boon Hwee’s new US$100M VC fund Credence Partners to invest in Series A, B firms in Southeast Asia
Singapore-based Credence Partners has announced the launch of its first venture capital fund and has made the first close at US$50 million.
The VC firm targets the final close at US$100 million.
Credence will invest mainly in Series A and B companies in Southeast Asia. It looks to invest in defensible businesses solving real problems, led by robust and thoughtful founders leading high-performing teams.
The fund has a preference for investing in the enterprise, B2B and B2B2C business models in industries such as fintech, deeptech, consumer, logistics & mobility and tech-enabled businesses.
Founded in 2006 by Koh Boon Hwee, Tan Chow Boon and Seow Kiat Wang, Credence believes in building portfolio value by applying a private equity mindset to early-stage companies.
“Applying the PE mindset means we will guide and focus the startups on leadership and talent management, on operational fundamentals, with a strong focus on building out commercialisation and business development growth engines,” said Chairman Hwee.
Since its first close, the fund has committed to three investments — a deeptech software company that identifies and quantifies cognitive states wirelessly, a pure-play digital bank, and a mobile-only micro-lending company.
Hwee is a well-known figure in the tech and startup ecosystem in Singapore. As per Crunchbase, he has so far made 28 investments in his personal capacity in companies, including Zookal, Igloohome, Solarhome, Shohos and Square Yards. He also has two exits to his name — Pie and CombineSell.
In the past, he has held key positions in SingTel, Singapore Airlines, DBS Bank, and Temasek, among many others.