Hustle Fund, a US- and Singapore-based pre-seed VC investor, has hit the first close of its second fund at US$30 million, according to a filing with the US Securities and Exchange Commission (SEC).
The new fund, which started fundraising in May 2019, intends to make the final close at US$50 million.
Hustle Fund was started by Elizabeth Yin and Eric Bahn (former Partners at 500 Startups), and Shiyan Koh. The VC firm focuses on investing in pre-seed software startups in Southeast Asia, the US and Canada.
On average, Hustle Fund cuts a cheque of US$25,000 per startup in startups with a minimum viable product (MVP). After investment, the fund works closely with the team to assist in growing their business.
Hustle Fund makes nearly 50 investments annually, mostly in the B2B, fintech and consumer digital health sectors. Its investees include Vietnamese electric motorbike startup Datbike, Singapore-based logistics firm Moovaz, and Malaysian telehealth startup Ora Group.
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