Quest Ventures to launch early-stage digital commerce startup funds worth US$120m

The VC firm plans to invest up to US$100m through an open fund and as much as US$20m through an impact fund.

VC firm Quest Ventures is launching two funds worth up to geared towards early stage digital commerce startups, an announcement revealed.

Quest Ventures is known for its early investments into Carousell, Carro, Eatsy, Shopback, Vulcan Post and Ethis. Its portfolio comprises of more than 40 firms, Quest Ventures highlighted.

The open fund targets up to US$100m and will focus on an overarching theme of digital commerce, according to the firm. “Quest Ventures will continue to invest in startups that are scalable and replicable business models that operate in large internet communities,” James Tan, managing director for Quest Ventures, told Singapore Business Review.

Also read: Can venture capital keep up as startups embrace Asia's wealthy families?

According to Tan, the Quest Ventures is looking at making 40 to 60 investments in its primary markets Singapore, Malaysia, Indonesia and Vietnam. The firm’s secondary markets comprise of Philippines, Thailand, Cambodia and Myanmar.

“As more and more investment dollars shift from seed funding to later rounds, we want to continue to invest in talented founders at their most crucial Series Seed to Series A stages,” Goh Yiping, former CEO of all Deals Asia and partner at Quest Ventures, said. Yiping, along with former CEO for Starcom MediaVest Group (SMG) Jeffrey Seah, were appointed as partners with the firm in conjunction with the launch of the fund.

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