Genesis Alternative Ventures Raises US$125 Million for Second Venture Debt Fund
MEDIA RELEASE
Genesis Alternative Ventures raises US$125 million for second venture debt fund
- Fund II welcomes new investor, Mizuho Bank, as Limited Partner
- Former EDB Chairman Philip Yeo joins Advisory Board
Singapore, 10 Sep 2024 – Genesis Alternative Ventures has raised total commitments of US$125 million for its second Southeast Asia-focused venture debt fund.
Fund II welcomes back over 80% of investors from Fund I, including Aozora Bank, Korea Development Bank, Mizuho Leasing, Sassoon Investment Corporation and Silverhorn. New and notable investors in Fund II include Japanese mega bank, Mizuho Bank, and OurCrowd, the online global investing platform.
Separately, Genesis and Indonesia’s digital-focused bank, Superbank, announced a collaboration in August 2023 to provide up to US$40 million of venture debt to promising technology start-ups in Indonesia. Superbank counts Emtek, Grab, Singtel and KakaoBank as significant shareholders.
Genesis also announced that Mr Philip Yeo, former Chairman of Singapore’s Economic Development Board, has joined Genesis’ Advisory Board. Mr Yeo is a veteran in the technology investment space across Southeast Asia and brings a wealth of experience and insights to guide Genesis’ continued growth and future strategies.
Dr Jeremy Loh, Genesis’ Co-Founder and Managing Partner, said: “We are grateful for the continued support of our limited partners and pleased to welcome new strategic institutional investor, Mizuho Bank, to Fund II. We are also delighted to welcome Mr Philip Yeo to our Advisory Board, a true statesman and visionary in the technology and investment space.
“Fund II has already deployed venture loans of more than US$20 million to a handful of promising start-ups across the region, including in Singapore, Indonesia, Malaysia, the Philippines. The current market has brought about a shift in start-up profiles, with a focus on leaner structures and a profitable mindset. Our portfolio companies exemplify this new direction, positioning themselves for long-term sustainability and success.”
Dr Loh added that while the start-up landscape presents its share of funding and exit challenges, Fund II has already marked its first successful warrant exit. “This validates the market demand for venture-backed companies that are strategically aligned with evolving market needs,” he said.
Yasuhiro Kubota, Managing Executive Officer and co-CEO for APAC, Mizuho Bank, Ltd., said: “We are delighted to come on board with Genesis on a shared vision in the venture debt space. Southeast Asia continues to be an exciting region with a thriving start-up ecosystem. We are confident that this partnership will accelerate the growth of promising firms with access to capital, industry networks and expertise led by Genesis.”
Genesis extends debt to revenue-generating companies that are backed by venture capital funds. These start-ups typically do not qualify for regular bank loans because they lack collateral, or have not yet reached profitability, and/or their founders and institutional investors are keen to take venture debt to build up the company’s credit worthiness while equally seeking to minimise unnecessary equity dilution.
About Genesis Alternative Ventures
Genesis Alternative Ventures is Southeast Asia’s leading private lender to venture and growth stage companies funded by tier-one VCs. Genesis is founded by a team of venture lending pioneers who have backed some of Southeast Asia’s best loved companies. Armed with a strong reputation among entrepreneurs and investors, Genesis is a trusted partner in empowering corporate growth while minimising shareholders’ equity dilution. Genesis was founded by Ben J Benjamin, Dr Jeremy Loh and Martin Tang in 2019.
For media queries, please contact:
Catherine Ong Associates
Catherine Ong
Mobile: (65) 9697 0007
Email: cath@catherineong.com
Romesh Navaratnarajah
Mobile: (65) 9016 0920
Email: romesh@catherineong.com
