Asia’s leading venture capitalists are propelling innovation in the region

Tech entrepreneur Patrick Grove did not have a straight shot to success: after leaving a career in accounting, he set up Catcha.com in 1999 and soon prepared for its IPO, a deal that disintegrated a week before its debut on the Singapore bourse when the US stock market crashed. Undaunted, he restructured the company into Catcha Group, paid off its US$1.5 million debt and proceeded to reshape the region’s tech ecosystem by supporting disruptive ideas such as iFlix, iCar Asia and Carsome.

Today, Grove’s internet company invests in founder-led businesses involved in technology, digital media, financial and digital services in Southeast Asia and Australia. Specifically, Catcha helps businesses break through the first phase of their journey (when startups prove their viability and profitability) and keep growing toward taking their companies public. “We find that Malaysia has so many incredible under-the-radar tech entrepreneurs that have built what we call PDCs (Profitable Digital Companies),” Grove shared with Tatler. “We want to invest in them, back them, merge with them and help them with chapter two of their journey.” 

Read Patrick Grove’s full profile on Asia’s Most Influential

Foxmont Capital Partners has invested in over 30 tech startups, including the online youth platform Edukasyon.ph, mom-focused retailer Edamama, cloud kitchen network Kraver’s Canteen and bookkeeping app Peddlr. “We started the fund in 2018, after realising that there was a large gap in the Filipino startup ecosystem—the lack of independent venture capital,” said co-founder Franco Varona to Tatler. “Independent venture capital means entrepreneurs and founders have more choice in how they raise their money and capital can be given for unrestricted growth.”

For Foxmont’s growing portfolio, Varona looks for a local business “that is designed as a Filipino solution to a Filipino problem” because, for him, VC funding should also contribute to nation-building. “We empower entrepreneurs to build their businesses. These businesses then allow for hundreds or even thousands of employees to be hired, for customers to be empowered with more choices, or for businesses to have more services available to them,” he explained. “All of this helps contribute to the growth of our economy.”

Read Franco Varona’s full profile on Asia’s Most Influential

After the sale of his online research company Says.com for RM105 million, Khailee Ng realised the power of technology to “...help others unlock generational wealth, and in a shorter span of time.” He said to Tatler, “Knowing that this power exists, I had two options: either I start building more companies or do something more meaningful with my life. If I build more companies, I only create wealth for myself, but I felt that journey would be a lot less fun if you’re not enriching those around you.” Ng travelled to Silicon Valley, where he connected with 500 Global, the venture capital firm that invests in founders focused on fast-growing technology companies. Now, the financial leader helps manage the company’s funds, which has powered the success of companies such as Grab, Carousell, Carsome and more.

In an essay penned for 500 Global, Ng noted how the spectacular growth of tech giant Grab parallels Southeast Asia’s journey in the VC sector: “Grab reminds investors like us of what’s possible—and we’re excited to see all that they will do and achieve for Southeast Asia.” 500 Global’s Southeast Asia funds have backed over 270 companies such as co-working firm Worq, drone solutions company Aerodyne and e-commerce aggregator Una Brands.

Read Khailee Ng’s full profile on Asia’s Most Influential

Minette Navarrete nurtures opportunities by investing in “...emerging market technologies, where the problems are often greatest, and the creative solutions can be more surprising.” As the co-founder and president of Kickstart Ventures, she guides the firm’s three funds, including its Active Fund, which holds a sizeable US$180 million in capital dedicated to innovations in digital access, automation, smart living and resource allocation.  

The company’s investments have helped startups such as video-sharing social networking service Kumu, online learning community Skillshare and financial services platform Nextpay develop into viable businesses. Notably, the firm also supports companies dedicated to the protection of the planet like Clarity, which responds to air pollution via air sensing technology, and Tree Dots, which eliminates wastage by improving the food supply chain. Of Southeast Asia, Kickstart points out how the region’s digital economy will continue to grow, from US$194 billion in 2022 to an estimated US$330 billion by 2025.

Read Minette Navarrete’s full profile on Asia’s Most Influential

Neil Shen, founding partner of HongShan, formerly Sequoia China, is one of the leading venture capital investors in the world. His company has invested in over 900 startups and nurtured a large number to unicorn status. Investing in the consumer and service, healthcare, industrial technology and new technology sectors, HongShan has backed giants such as Bytedance, the parent company of social media platform TikTok, online marketplace Alibaba and video service platform iQIYI. 

To help entrepreneurs build businesses that last, HongShan recently launched its startup accelerator programme, Yue. The programme offers systematic courses on founder growth and enterprise development, with founders and CEOs of well-known companies as coaches. 

Read Neil Shen’s full profile on Asia’s Most Influential

Anurag Srivastava co-founded venture capital firm Jungle Ventures to help founders in Southeast Asia and India build lasting businesses. In 2022, the Singapore-based company, which started with an initial fund of US$10 million, reached over US$1 billion in total assets under management and a US$12.5 billion combined portfolio value. 

Today, its portfolio, which spans fintech, e-commerce, e-vehicles and more, includes notable companies such as the consumer lending app Kredivo, home décor and furnishings platform Livspace and procurement provider Moglix. In recent months, Jungle Ventures has invested in Indian ice cream maker Walko Food and direct-to-consumer company The Ayurvedic Experience. 

Read Anurag Srivastava’s full profile on Asia’s Most Influential

Cherubic Ventures, founded by Matt Cheng, has supported over 200 startups in various industries, including enterprise solutions, blockchain technology, consumer and healthcare. Understanding the journey of an entrepreneur, the angel investor prides itself as a long-term partner that helps startups in every stage of growth and offers founders, apart from crucial funding, mentoring and even emotional support. This founders-first approach has helped many innovative ideas take wing such as the meditation app Calm, AI garment care company Presso and engineering talent firm Terminal.

In 2022, the venture capital firm completed its Fund V at US$110 million, with a total of over US$400 million in committed capital under management. Fund V followed the firm’s first-check approach in identifying high-potential teams. “Putting faith in those startups that have yet to receive any investment is a challenging first step. However, Cherubic is very willing to be the first investor to believe in these teams,” Cheng said in a statement.

Read Matt Cheng’s full profile on Asia’s Most Influential

RHL Ventures, co-founded by Rachel Lau and Raja Hamzah Abidin, is a multi-family private investment firm that champions SMEs not only in Malaysia but across Asean countries. “Malaysia has a great stock of homegrown entrepreneurs behind multi-billion companies such as Nirvana and Top Glove. Our connections with them will help new startups achieve a win-win situation, aside from financial backing,” said Hamzah to Tatler. RHL’s portfolio includes social e-commerce firm RPG Commerce, digital healthcare provider Naluri and K-beauty hub Althea, among others.

Its Hibiscus Fund, which is part of the Malaysian government’s Dana Penjana Nasional Programme and is co-managed by South Korea’s KB Investment, focuses on tech startups to support the country’s economic recovery. In 2024, StealthMole, the AI-powered dark web intelligence startup, announced that it had raised a $7 million Series A funding round, with participation from RHL’s Hibiscus Fund. 

Read Rachel Lau’s and Raja Hamzah Abidin’s profiles on Asia’s Most Influential

Tatler Asia’s Most Influential is the definitive list of people shaping our world today. Asia’s Most Influential brings together the region's most innovative changemakers, industry titans and thought leaders who are driving positive impact in Asia and beyond. View the full list here.

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