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The ICT Fund, managed by Tembusu Partners, is a venture capital fund established in 2015, focusing exclusively on software startups in South-East Asia. It is recognized as the only venture capital fund in Singapore dedicated solely to this sector. The fund is backed by Singapore's National Research Foundation under the Early Stage Venture Fund II scheme, which enhances its credibility and appeal to other investors.
As of now, the ICT Fund has a portfolio of six companies, demonstrating its commitment to supporting innovative technology-driven businesses. The fund's management team brings extensive experience in the technology sector, providing not just capital but also strategic guidance to its portfolio companies. The ICT Fund operates with a broader Asia-wide mandate, aiming to foster growth in the technology sector.
ICT Fund specializes in early-stage investments, primarily targeting B2B technology companies within the software sector. The fund focuses on sectors such as enterprise SaaS, AI, cybersecurity, data analytics, and IoT. The investment strategy emphasizes supporting startups that are poised to disrupt traditional industries through technology-driven solutions.
Investment stages include Seed, Series A, and Series B, with check sizes ranging from $1 million to $50 million. The fund seeks to partner with visionary entrepreneurs who are developing innovative solutions that can significantly impact their industries. ICT Fund's geographic focus is on South-East Asia, but it maintains a broader mandate across Asia.
ICT Fund's portfolio includes notable companies that reflect its focus on software and technology. The following companies are part of its active investments:
Additionally, the fund has seen successful exits with companies like KaHa, which specializes in smart wearables, and ViSenze, a visual AI company that has been acquired. These exits highlight the fund's ability to identify and support high-potential startups.
Brijesh Pande - Managing Partner; he also runs Pepri Ventures and serves as the primary contact for the fund. Brijesh has extensive experience in venture capital and technology investments.
Hiten Varia - Operating Partner; he is the CEO of M9 Solutions and brings operational expertise to the fund's portfolio companies.
Andy Lim - Chairman of Tembusu Partners; he plays a key role in the investment committee, guiding the fund's strategic direction.
Jonathan Ang - Chief Investment Officer at Tembusu Partners; he oversees the fund's investment strategy and portfolio management.
Ike Lee - Executive Advisor to the ICT Fund; he provides strategic insights and guidance based on his extensive industry experience.
Pang Shengdong - Partner at ICT Fund; he contributes to the fund's investment decisions and portfolio support.
To pitch ICT Fund, founders should send an email to brij@tembusupartners.com. It is recommended to include a comprehensive pitch deck that outlines the startup's vision, market analysis, and financial projections. A warm introduction can enhance the chances of a favorable response.
Response times may vary, but founders should expect to hear back within a few weeks. The fund appreciates detailed and well-structured presentations that clearly convey the startup's value proposition.
As of 2019, ICT Fund made its last public investment in CoveIoT during a Series B round. Since then, there have been no new investment activities reported, indicating that the fund may be in a hold or exit phase.
Notable exits include ViSenze, which was acquired, and Cove, both of which highlight the fund's ability to identify and support high-potential startups. The fund's backing by Singapore's National Research Foundation under the Early Stage Venture Fund II scheme remains a significant milestone, enhancing its credibility in the venture capital landscape.
What are the investment criteria for ICT Fund?
ICT Fund focuses on early-stage investments in software startups, particularly in the B2B technology sector. They look for companies that are innovative and have the potential to disrupt traditional industries.
How can I pitch to ICT Fund?
Founders can reach out via email at brij@tembusupartners.com. It is advisable to include a detailed pitch deck that outlines the business model, market opportunity, and team background.
What makes ICT Fund different from other VCs?
ICT Fund is unique as it is the only venture capital fund in Singapore that focuses solely on software companies. This specialization allows them to provide targeted support and resources to their portfolio companies.
What is the geographic scope of ICT Fund's investments?
The fund primarily invests in South-East Asia but maintains a broader mandate across Asia, allowing it to tap into various emerging markets.
What is the typical check size for investments?
ICT Fund typically invests between $1 million and $50 million in its portfolio companies, depending on the stage and potential of the startup.
What kind of support does ICT Fund provide post-investment?
Beyond capital, ICT Fund offers strategic guidance and operational support to its portfolio companies, leveraging the extensive experience of its management team and their network within the technology sector.
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