Genesis Alternative Ventures has raised $125 million for its second venture debt fund aimed at backing startups in Southeast Asia.
The fund attracted strong interest from existing and new investors, including from Japan. Mizuho Bank Global investment platform OurCrowd.
Returning investors from the first fund include Aozora Bank, Korea Development Bank, Mizuho Leasing, Sassoon Investment Corporation and Silverhorn.
Genesis plans to partner with Indonesia’s Superbank in August 2023 to provide venture loans of up to $40 million to Indonesian tech startups.
Additionally, Philip Yeow, former chairman of the Singapore Economic Development Board, has joined Genesis’ advisory board, bringing extensive experience in technology investments across the region.
Genesis provides debt financing to venture businesses, particularly those that don’t qualify for traditional bank loans for reasons such as a lack of collateral or profitability.
Fund II has already invested more than $20 million in startups in Singapore, Indonesia, Malaysia and the Philippines.
Genesis backs a number of fintech companies in its portfolio, including Indonesia’s Akulaku, credit scoring company Trusting Social and credit management company Flow.
“We are thrilled to partner with Genesis in this exciting new venture,” said Dr. Jeremy Lo, co-founder and managing partner of Genesis.
“We appreciate the continued support of our limited partners and are pleased to welcome a new strategic institutional investor, Mizuho Bank, to Fund II.
“The current market has brought about a change in the profile of startups, with an emphasis on leaner structures and profitable mindsets. Our portfolio companies embody this new direction, positioning themselves for long-term sustainability and success.”
Yasuhiro Kubota, Managing Executive Officer and Co-CEO of Asia Pacific at Mizuho Bank, said:
“We are pleased to share a common vision with Genesis in the venture debt space. Southeast Asia continues to be an attractive region with a vibrant startup ecosystem.
We believe this partnership will accelerate the growth of promising companies through access to capital, industry networks and expertise led by Genesys.”
