VELOCITY Ventures, a hospitality & travel-targeted undertaking cash firm based in Singapore, announces the preliminary closing of the very first-at any time undertaking money fund committed to hospitality and travel startups.
The fund has a COVID-19 themed investment mandate, focusing on supporting distressed and disrupting seed and early expansion stage hospitality and journey startups in South-east Asia.
The preliminary closing brings the fund close to 40% of the focused US$20 million dedication. Investors in the new fund include things like strategic unique buyers, spouse and children workplaces, and other institutional cash.
The 1st closing of this a single-of-a-sort expenditure fund validates trader perception in a lengthy expression, strong recovery for the hospitality and vacation business.
“We are happy to announce the very first shut for the Velocity Hospitality and Travel Fund I. In these kinds of unparalleled moments, we imagine the pandemic will supply a period of unparalleled innovation and opportunity in the Hospitality and Journey room as the business transforms and adapts article Covid-19. This, coupled with the adjustment to valuations pushed by the severe distress in the sector, offers an unparalleled opportunity to make investments, guidance the business and get paid outsized returns. The success of this fundraising is a powerful validation of our strategy,” reported Nicholas Cocks, Founder and Handling Husband or wife of Velocity Ventures.
Alongside with the very first closing, the fund demonstrates its vested desire in the burgeoning F&B and Hospitality tech answer space with two key investments: Hong Kong-primarily based F&B SaaS platform Aigens, and Singapore-centered resort income and distribution management platform Zuzu Hospitality.
“In order to recover from the COVID pandemics as immediately as feasible, collaboration in the world journey marketplace is far more crucial than ever,” states Christine Wang, Taking care of Director of the Lufthansa Innovation Hub, Lufthansa Group’s digitization device. “We are energized to help Velocity Ventures with our facts-pushed skills of the world wide journey and mobility tech ecosystem, when also broadening our have point of view and community through this partnership.”
The fund is continuing to resource even more capital commitments and is slated to closing near at the close of 2021.
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