In its explanation of the move, the firm spoke of Singapore's large family offices sector and the rise in their number in recent years.

Hemisphere Ventures, a US-based venture capital and consulting firm, now has a new office in Singapore, its first Southeast Asia presence. 

The firm, established in 2014, concentrates on investments in space, cybersecurity, biotech, nanotech, drones, robotics, and other frontier technologies.

The business said it attracts scouts from other VC firms and investors from prominent US family offices.

“Our new Singapore office enables engagement in the region and allows us to connect startups with international markets,” Lisa Rich, founder of Hemisphere Ventures, said.  

Chip Whittemore, who has been promoted to managing partner, will lead the Singapore operation. 

The firm is tapping into the growth of Singapore’s family offices sector, noting that the number of these organisations has more than tripled since 2020, with an additional 250 offices established in the first eight months of 2024. The number of single family offices (SFOs) set up by the super rich has ballooned to 1,650 at the end of August. From 400 SFOs awarded tax incentives by the Monetary Authority of Singapore in 2020, the number of family offices grew to 1,400 at the end of 2023 (source: Straits Times, 17 September 2024).