SINGAPORE (Nov 24): Chinese IT billionaire, Pang Shengdong, founder of web directory, 2345.com will invest a seven-figure sum in Singapore venture capital fund, Tembusu ICT Fund I to help forge partnerships between Chinese and Southeast Asian software startups.
Tembusu ICT Fund I was established in 2015 focusing on early-stage software companies by private equity firm, Tembusu Partners and Pepri Ventures.
Pang, who has a net worth of US$1.2 billion (S$1.7 billion), is best known for 2345.com, which was acquired by Shenzhen-listed 2345 Network Holding Group.
This is a first for Pang, who will provide the fund and its portfolio companies with expertise and networking opportunities to break into the China market.
“Given Singapore’s close relationship with the Greater China region, I see a tremendous opportunity to utilise my experience and network to unlock synergies and partnerships for ICT Fund I’s portfolio companies,” says Pang.
“We are equally excited to leverage his tech expertise and market reach into Greater China to further augment our investment platform,” says Brijesh Pande, founder and managing partner, Tembusu ICT Fund I.