Vynn Capital to raise $40m debut fund

Vynn Capital, a new Southeast Asia-focused venture capital firm founded by former Gobi executive Victor Chua and Singapore's Darren Chua, is raising a $40-million debut fund, according to dealstreetasia.com.
The Kuala Lumpur-headquartered VC firm is also planning to start making investments by the end of this month and will target seed and pre-Series A deals to start with, a report from TechCrunch said. The firm is looking to invest in about 15-20 deals.
The report said Vynn has already mopped up $10 million for its maiden fund. It will target startups in travel, property, FMCG, logistics, property and "female-focused economics". The fund will focus on countries such as Malaysia, Indonesia, Thailand, Vietnam and Singapore. An email to Victor did not elicit any response at the time of publishing of the article. Victor, a former Vice President of Investments for Gobi Partners, managed two Southeast Asia focused early stage funds there. Among some of his notable investments include Carsome (Malaysia), Triip.me (Vietnam) and Travelio (Indonesia), according to the firm's website. Prior to that, he worked on direct and indirect investments at Malaysia's largest venture capital fund, MAVCAP. He spent his formative years with Willis Towers Watson, advising corporate, pension and sovereign wealth funds on investment strategies.
Meanwhile, Darren also has numerous years of experience in strategic management and private equity investment, having completed stints with the Singapore government, technology startups and multinational firms.