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Fidelity’s investment arm opens Singapore office

Fidelity’s investment arm opens Singapore office

In a move to further strengthen its presence across Southeast Asia, Eight Roads, the venture capital arm of Fidelity International, has opened an office in Singapore.

Currently, Eight Roads has three investments in Southeast Asia and is seeking to back growth stage technology, healthcare and consumer companies.

The company said it will focus on making early-growth investments of up to $30 million.

In Southeast Asia, Eight Roads has investments in Eywa Pharma, a generic pharmaceutical manufacturer; virtual credit card company Akulaku; and banking platform Silot.

The firm has operated in India for over a decade and first began investing in China in 1994.

Names like UNBXD, Specsmakers, Securonix, Eywa, Cygnus, and Medwell Ventures are among Eight Road’s portfolio companies in India.

In China, the firm has investments in B-One, Blue Rhino, Force Clouds, Orient Speech Therapy, Quancheng and Rulai, to name a few.

Eight Roads said its managing director for Asia, Raj Dugar, will relocate to Singapore from India to oversee the combined India and Southeast Asia operations.

Dugar said Southeast Asia has several early-stage and late-stage funds that cater well to the start-ups and more mature companies. 

‘The growth-stage companies, looking at raising Series B/C/D rounds have had limited access to capital given the lack of global funds operating in the region,’ he added.

Last week, Eight Roads announced that it invested in Whill’s $45 million Series C funding round, alongside SBI Investment, Daiwa Securities Group and WHIZ Partners.

Specializing in personal mobility devices, the Japanese start-up will use the latest proceeds to develop new products for large venues, including airports and sidewalk transportation.

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