Quest Ventures secures US$50m to aid in Indonesia expansion

Venture capital firm Quest Ventures has secured the first close of its US$50 million fund. According to the company, the fund will be invested in start-ups across Southeast Asia and emerging Asia such as Vietnam, as well as expanding its footprint in Indonesia, Myanmar and The Philippines.

Quest Ventures has previously invested its funds with Carousell, ShopBack, 99.co, Carro, StyleTheory, SGAG/ MGAG/ PGAG, Glife, Xfers, and others. With the recent funding, the company now has the support of entrepreneurs, C-suite executives, Asia family business founders, family offices, and institutional investors across more than a dozen industries and nationalities. Two of the institutional investors that participated in the fund include Singapore-based investment firm Pavilion Capital, and QazTech Ventures from Kazakhstan. 

Goh Yiping, partner at Quest Ventures said the company aims to bring different skill sets, domain experience and connections to help firms. While, Jeffrey Seah, partner at Quest Ventures, added at Quest Ventures, the firm encourages established businesses to partner with startups beyond proofs-of-concept, as the common objective is survivability, and sustainable business models that can scale. 

“As the digital economy matures across the world, the venture capital industry in Asia is now poised to play a mainstream role to bring the public and private markets closer. Besides robust financial returns, investors look for value creation derived from business models built on strong fundamentals. Our approach has been validated by more than 50 portfolio companies in the first fund. We are humbled by the belief that our investors have in us,” said James Tan, managing partner at Quest Ventures.

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