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Genesis Alternative Ventures
Singapore-based Genesis Alternative Ventures has launched its second venture debt fund to raise $150 million to finance start-ups across Southeast Asia. The move follows its debut $90-million fund.

Almost half the fund was raised at first close earlier this month, Genesis said in a statement. Some 80 per cent of Fund II’s first close commitments came from existing limited partners of Genesis such as Sassoon Investment Corp, Aozora Bank, Korea Development Bank, Mizuho Leasing, Silverhorn, family offices, charitable trusts, fund of funds and corporate investors.

Among new investors is OurCrowd, the Israel-based online global venture investing platform.

Genesis extends debt to revenue-generating, high-growth companies which are backed by venture capital funds. These startups typically do not qualify for regular bank loans because they lack collateral, or have not yet reached profitability, and/or their founders are wary of taking on too much venture capital for fear of diluting their ownership, the firm said in a statement.

The venture debt firm founded by Ben J Benjamin, Dr Jeremy Loh and Martin Tang in 2019, will continue to focus on Southeast Asia’s early and mid-stage high growth technology start-ups (Series B to pre-IPO).

Dr Loh said that Fund II has a $60 million deal pipeline in place.

“Southeast Asia remains a magnet for investors attracted by the region’s growth potential, talent availability, high population and reasonable labour costs. In particular, Singapore has strengthened its position as a hub for innovative startups in the region,” Dr Loh said.

“While the pace of investing may have slowed due to economic headwinds, interest in Southeast Asia technology companies remains strong. Given the record amount raised by venture capital funds in the last year, there’s a lot of dry powder for startups with strong fundamentals,” Dr Lo said.

Genesis Fund I has financed 25 companies from Series A to pre-IPO in sectors such as logistics-tech, fintech, agritech, cybersecurity, and foodtech operating in Southeast Asia.