Southeast Asia Exponential Ventures (SeaX), a venture capital fund, closed a $60 million fund to invest in technology startups, including blockchain and Web 3.
- The U.S.-based firm will invest $500,000 to $5 million in pre-seed, seed and Series A rounds, according to a press release on Monday.
- The original size of the VC’s second fund was supposed to be $50 million, which was increased to $60 million as it was oversubscribed.
- Some notable corporate investors in the fund include, Central Pattana PCL, Singha Ventures Corporation, Ramkhamhaeng Hospital PCL, MC Group PCL, amongst many others.
- Southeast Asia has a population of 650 million people with a combined GDP of $3 trillion Dr. Supachai “Kid” Parchariyanon, the founder and managing partner of SeaX Ventures said. “We can help innovative startups from across the world grow exponentially in this large and dynamic area through our relationship with over 400 corporates,” Parchariyanon said.
- SeaX is not the only Asia-focussed venture capital firm to raise funds for crypto. Last month, venture capital firm gumi Cryptos Capital set up a $110 million early-stage fund, gCC Fund II, to invest in both equity and tokens.
UPDATE (April 4, 10:12 UTC): Corrects first bullet to say U.S.-based firm.