Chile-based venture capital firm 30N Ventures has launched a $50-million debut fund to back startups in Southeast Asia, Latin America and Africa.
The fund will primarily invest in late seed and Series A stages within the fintech, foodtech, e-commerce, marketplaces, and logistics sectors.
“The fund was designed and built to be investing in emerging markets and we will be investing at least 30-40% in Southeast Asia,” co-founder and managing partner Tomas Denecken told DealStreetAsia.
Some of the fund’s limited partners (LPs) are family offices from all over Latin America, he added.
The launch of 30N Ventures alongside its maiden fund comes at a time when emerging markets are experiencing “rapid growth and increased investor interest, fueled by a rising middle class, increased digital connectivity, and a growing appetite for innovative products and services” a company statement said.
The firm’s partners include Salvador Said, Tomas Denecken, Juan Luis Palma, and Dan Kranzler. Some of its partners are former investors at Capria Ventures, a global VC fund whose backers include Microsoft co-founders Bill Gates and Paul Allen, the Ford Foundation and the World Bank’s International Finance Corporation.
Capria Ventures’ maiden fund drew LP commitments from Vulcan Capital, the investment arm of the late Microsoft co-founder and philanthropist Allen during its first close. The fund hit its final close in June 2020.