Hong Kong-based early-stage VC firm, Access Ventures, has raised over US$30 million for its second fund.

Initially aimed at closing the fund by 2020 with a target amount of US$50 million, the firm is now looking to hit the final close by Q3 2021.The Limited Partners (LPs) who invested in Fund II include Korea Venture Investment Corp (KVIC), the VC arm of Korean conglomerate F&F, and a number of Singapore-based family offices such as Octava.

LPs from the VC firm’s first fund, such as Line Ventures and Mahanusa Capital, have also come on board to support the new fund.So far, fund II has made over 10 new investments in countries across Southeast Asia. Its portfolio firms include Indonesian P2P lending platform Akseleran and Vietnamese shuttle bus booking app Godee.Though Access Ventures seeks to focus on deals across the seed to Series A level, the firm remains open to late-stage investments, especially in the wake of the economic crisis where firms can evaluate their bottom line better.

For early-stage startups, Access issues cheques in the range of US$300,000 to US$1.5 million for five to 10 per cent stake equity in startups in verticals such as fintech, data analytics and e-sports, among others.

Access launched its debut US$15 million fund in 2017 and made 20 investments across companies, including Moca (acquired by Grab in 2018), Artificial Intelligence firm, and freight forwarder startup Andalin.



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