Mr Tan with Ms Goh and Mr Seah ; Mr Tan believes the time is right to launch the two funds because the right people are in place.VENTURE capital firm Quest Ventures is raising two funds - an open fund of US$50 million to US$100 million, and an impact fund of up to US$20 million - The Business Times has learnt.
"It's a combination of us getting together and thinking that with this kind of calibre, why not see if we can also raise some more money from outside to buy into our thesis?" said Mr Tan. Each fund will cover investments in 40 to 60 startups. Ticket sizes of US$500,000 to US$1 million will be issued from the open fund, while follow-on investments can range from US$1 million to US$2 million. For the impact fund, the first cheques and follow-on cheques will range from US$100,000 to US$500,000.
Mr Tan told BT that Quest now wants a bigger bite of the pie. It is pivoting from focusing on digital commerce to focusing on what it terms the"digital economy". He pointed out that the next generation is taking over some of the manual chores of today, which creates many opportunities. Startups such as Grab and Quest portfolio firms Haulio and Glife are second generation founders that overlay their parents' businesses or industries with smarter use of tech and capital.
The launch of the impact fund will also deepen its presence in the environmental, social and governance space. Mr Tan pointed out that Quest is one of the handful of venture firms dabbling in early-stage impact investing, which has yet to take off in the region because LPs are still concerned about financial performance.
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