M Capital co-founders Joachim Ackermann (L) and Mayank Parekh

M Capital Management, a newly-established VC firm based in Singapore, announced today that it has made the final close of its maiden fund, M Venture Partners, at US$30.85 million.

The names of the LPs have not been disclosed.

The fund intends to invest in about 40 ventures — mainly in the seed and pre-Series A stages — focused on technology-enabled B2B or B2B2C business models. The average initial cheque size will be about US$500,000.

“We intend to remain sector-agnostic in this maiden fund. However, we are extremely focused on investing in seasoned talent. We seek to partner with entrepreneurs who have pedigree professional experience and strong academic backgrounds,” said co-founder Mayank Parekh.

“While it may sound simplistic, at this early stage, it’s all about ensuring the talent has the mental acuity, maturity, and resilience to build to last,” he added.

MVP was founded by Parekh, a former investor, and management consultant, along with Joachim Ackermann, former managing director of Google Asia Pacific. Other key team members include Dr. Tanuja Rajah who joins from Entrepreneur First, and Chethana Ellepola, previously Research Director at Acquity Stockbrokers.

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Since its inception, the VC firm has made 11 investments in total.

Its prominent investment is 3D Metal Forge, which recently got listed on the Australian Stock Exchange. Other investees are health coaching startup Naluri, AI-enabled credit company Impact Credit Solutions and health-tech startup Cipher Cancer Clinics.

“While maintaining Southeast Asian, broader regional and global aspirations, a majority of our portfolio companies will be Singapore headquartered. Singapore presents a fabulous venture ecosystem and support network for our entrepreneurs and an ideal springboard to launch innovative and disruptive technology start-ups across multiple markets,” said Ackermann.

Singapore’s VC ecosystem is buzzing as of late even as the world is yet to come out of the COVID-19 crisis. On Tuesday, Niklas Holck, former Chairman of Nordic Eye Venture Capital, announced the launch of Tradeworks.vc.

The boutique VC firm targets early-growth startups and scale-ups at the seed to Series A funding stages, mainly in the logistics-tech segment.

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Image Credit: M Capital

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