Singapore-based fintech venture capital firm Life.SREDA VC is raising its third fund.
Based-on-Blockchain Fund (or BB Fund) is targeting a minimum of $50m for the first closure in H1 2018 from a limited number of accredited investors with a hard cap of $200m. First commitments have been made from financial institutions, HNWIs, tech companies and family offices from Europe & Asia.
Led by Igor Pesin and Slava Solodkiy (based in Singapore) and Thomas Labenbacher and Chris Skinner (European partners), the BB Fund will invest in 10-12 blockchain-backed fintech companies by acquiring and holding equity and/or crypto tokens, with main focus on Asian region and emerging countries.
The vehicle’s investment focus includes blockchain infrastructure builders, big data, deep analytics and regtech startups (KYC, identity, scoring on blockchain), decentralized startups with traditional value proposition in banking, payments, lending, wealth management, insurance sectors; accomplished fintech leaders that are moving into blockchain and crypto space.
Founded in 2012, Life.SREDA invested in fintech startups in US, UK, Europe and SE Asia with notable investments including Simple Bank, SumUp, Anthemis, Fidor, Moven, Rocketbank, Lenddo, Ayannah, Allset, Mobikon, MPOS.VN and others. In total, the firm has two funds under management with 25 executed deals and 7 exits through M&As and secondary deals.
BB Fund is structured as a limited partnership for traditional equity investors with a separate fund-tokenizer for crypto investors, created in order to provide investors with flexible funding options. Its structure provides an auditable and regulatory compliant way to invest in a growing tokenized decentralized economy. The fund has also developed own distributed ledger platform to provide security, transparency and accountability to its investors through BB Fund Platform, built on blockchain: all Fund’s operations are to be recorded in distributed ledger and will be
available to LPs’ review in a real-time.
The BB Fund, which targets to reach an IRR of at least 30-40% annually, is still open for commitments from strategic investors till 1st of March, 2018.