Firm of the Year – Venture Capital
Altos Ventures
Altos Ventures can claim exposure – past or present – to some of Korea’s top start-ups, from Coupang to Danggeun Market and Viva Republica. E-commerce giant Coupang famously achieved USD 1bn in gross merchandise value faster than Amazon. This year, reselling platform Kream reached this landmark faster than Coupang. Altos was one of the company’s earliest backers. In addition to participating in Kream’s fundraising efforts, the firm invested in earlier-stage start-ups focused on blockchain gaming, mobile laundry apps, online restaurant reservations, and web dramas. It also reportedly surpassed the USD 500m target for its latest Korea fund, which remains in the market.
Blackbird Ventures
Blackbird Ventures’ most notable act over the past 12 months was perhaps making a first realisation from its most notable portfolio company – Australia-headquartered design and workplace collaboration platform Canva. Some of the AUD 150m (USD 96m) in shares sold came from Blackbird’s debut fund, which invested AUD 3m in Canva in 2013. The company’s valuation has since increased by 337x. Blackbird also closed its fifth fund on AUD 1bn. It is the largest-ever VC fund raised by an Australia-based manager and twice the size of Blackbird’s prior vintage. Investments included Eucalyptus, Propeller Aero, Halter, Vow Foods, and Morse Micro.
Globis Capital Partners
Japan’s growing stature in venture capital was confirmed in April when Globs Capital Partners closed its seventh fund on JPY 72.7bn (USD 544m). It is the largest pure early-stage vehicle ever raised for the country. The final close coincided with the firm establishing an office in San Francisco to support the increasingly global ambitions of Japanese entrepreneurs. Globis has participated in several sizeable rounds over the past 12 months, including a USD 170m Series B for robotics start-up Telexistence, a USD 89m Series C for B2B procurement marketplace Caddi, and a USD 100m Series E for microfinance institution Gojo.
Nexus Venture Partners
Nexus Venture Partners underlined its status as one of India’s leading VC firms with a USD 700m fundraise that took its assets under management to USD 2.6bn. Fund VII is the largest ever raised by Nexus, which had previously spent several vintages around the USD 450m mark. The firm was an early advocate of the India-US corridor, leveraging its longstanding presence in both markets to back a string of up-and-coming software-as-a-service (SaaS) start-ups. Global enterprise software companies and technology-powered businesses in India remain the core focus. Investments over the past 12 months include Zepto, Pando, Krato Studios, and Kiwi.
Vertex Ventures Southeast Asia & India
Vertex Ventures Southeast Asia & India was a captive manager until 2017 when its third fund featured third-party capital. Fund V, which closed in September 2023, served as a bellwether of the firm’s subsequent progress. Vertex raised USD 541m, comfortably more than the USD 305m in the previous vintage. Well-timed exits have helped, such as the sale of Flutura to Accenture in March. Meanwhile, Vertex continues to support potential whole fund returners through later rounds. Singapore-based payments technology provider Nium is the most recent example, having raised new capital at a USD 2bn valuation in August 2023.