Asia’s Food Channel Founder Starts A VC Firm Named Silicon Island
It seems like everyone wants a piece of this tech startup action. Asia’s Food Channel founder Hian Goh, recently announced that he will be creating a brand new VC firm to fund early stage startups. The Venture Capitalist firm will primary target seed round and series A round fundings. As of now, the VC firm’s goal is to be able to to fund 16-17 startups in the healthcare, finance, tech, enterprise and consumer good industry. The VC firm is looking to put around 2 million dollar into each round of funding. The VC firm will be named Silicon Island, much similar to Silicon Valley.
Before Hian Goh came up with this Silicon Island VC firm idea, he was the managing director and founder of Asia’s top food channel based in Singapore. The channel received an average of 8 million viewers and covered a variety of food related shows. The company sold last year for an undisclosed value and since then Hian Goh has been partnering up with people to get this venture capital firm up and running.
Prior to this Hian Goh also started Pivotal Asia Ventures with Shane Chesson and have closed funding deals with cloud computing startups. All the firms will join forces and become apart of Silicon Island.
Silicon Island will be among a handful of local venture capitalists, such as Vertex Venture Management, with the financial clout to offer this sort of funding. The main problem that Hian Goh and his partner saw in the startup scene is that most ventures do not seem to fund past seed round. They want to change that and be able to provide funding so the startups can get past seed round and receive more funding.
Mr Chesson, 39, an Australian, said that in the last two or three years, the quality and quantity of start-ups have risen and the firms provide a good pipeline for investment.
Northstar is a private equity company based in Singapore and they are also the parent company of Silicon Island. Northstar has a lot of connections with accredited investors and has a huge portfolio of over 1 billion dollars. Through NorthStar, Silicon Island will be able to manage a large amount of funds to fund their startups.
Mr Chesson and Hian Goh believes Northstar provides potential co-investors with an assurance that proper financial procedures are in place for each investment and that there are regular financial audits. They are looking for co-investors here and overseas.