Early Stage Accelerators and Venture Capital (VC) in South Korea Big Bang Angels (BBA) on Thursday announced the launch of a global investment fund, deepening its footprint in Southeast Asia by strengthening partnerships with early-stage innovation ecosystem enablers developed in Singapore. Farquhar Venture Capital (FVC).
The two companies said in a statement that they will work together to invest in deep tech startups and accelerate the internationalization efforts of early-stage ventures in South Korea and Singapore.
The FVC will also work to enable the BBA to set up a Singapore-based venture capital fund for global investment.
BBA CEO Michael Hwang said the BBA and FVC are informally supporting each other in their venture promotion efforts in both countries.
As South Korean and Singaporean startups seek access to other global markets, such as the Middle East and North Africa (MENA) and the greater ASEAN region, Hwang said this is a timely opportunity to synergize the capabilities of both organizations. I felt it was a great opportunity.
FVC Chief Investment Officer Jason Su said Singapore startups such as Fairphonic and MyFirst are growing in North Asia thanks to fostering efforts by key accelerators such as BBA and programs such as the K-Startup Grand Challenge. He said he was able to achieve a sharper product-market fit. and the two companies have been working together for the past three years to seek out best-in-class startups and bring them to South Korea.
Su also said FVC is looking forward to enabling the BBA Global Venture Fund.
The signing of the partnership agreement and memorandum of understanding (MOU) took place on November 24th at Front1, South Korea’s largest startup hub backed by the Korean Government’s Financial Services Commission.
Founded in 2012, BBA is an early-stage cross-border VC and accelerator in South Korea that has invested in over 100 startups in artificial intelligence, AgTech, and other verticals.
Three of BBA’s portfolio companies are in the pre-public offering (IPO) stage, and BBA has four successful exits to date.
Founded in 2020, FVC is a Singapore-based venture capital fund management firm that has invested in over 20 startups with two exits to date.
FVC’s founding partners were previously from the investment arm of NUS Enterprises, which has fostered various ASEAN unicorns such as Shopback, Carousel, and Pasnap.
FVC aims to accelerate the growth of startup investments through targeted market access with a vast network of medium and large local companies across Southeast Asia, Taiwan and the rest of the world. I am aiming for
FVC is in the process of first closing its second fund, the FVC Green Future Fund.