Upstream Ventures launches $80 mn fund

Upstream Ventures, a Singapore-based venture capital firm, has launched a $80-million fund for investment in emerging technology enterprises across Singapore, China and India.

The new fund, the Upstream Asia Enterprise Fund, will capitalise on the equity gap for early stage funding and on the growing appetite for Asian private equity among European, Middle Eastern and Asian investors.

Founded in Singapore in 2003, Upstream Ventures provides early-stage venture capital funding, expertise and networks to emerging companies across Singapore, China and India.

Upstream Ventures backs teams that have the vision and discipline to build high-growth innovative enterprises targeting Asian and global markets in technology sectors such as Internet and new media, wireless and telecommunications, IT software & solutions, and semiconductors.

According to Upstream, it has a team of investment professionals in Singapore, China and India, and already has a strong pipeline of qualified investment opportunities.

"Competition is now global and the ability to tap into the best markets, skills and resources quickly and effectively is a powerful differentiator for early stage companies," notes Carmelo Pistorio, firm's managing director.

The fast growth in demand from consumer and enterprise markets, and a new generation of homegrown technologies are increasingly making Asia the centre of venture activity. Singapore, China and India have different but complementary strengths that can be selectively leveraged to the advantage of startups.

"Our cross-border approach offers a competitive edge to the early stage venture by bridging the best of these three ecosystems. Furthermore, it allows us to select the best opportunities across all the three countries while benefiting from geographical diversification," added Pistorio.

Singapore, with its business and financial infrastructure, will play an essential role in the fund's strategy and management. The fund will leverage Singapore's central location to bridge its companies to the burgeoning Chinese, Indian and global markets.

The fund has secured commitments from its anchor investors and is in discussion with a number of qualified prospective investors, aiming for a first close later this year.