Chinese IT Billionaire Founder of Leading Portal 2345.com, Pang Shengdong, Partners Singapore’s Tembusu ICT Fund I For SE Asian Expansion
Singapore, 24 November 2016 – One of China’s most successful venture capitalists (VC), Mr. Pang Shengdong, who founded the highly successful web directory www.2345.com, has partnered with Singapore’s Tembusu ICT Fund I (“ICT Fund I”) to forge collaborations between Chinese and Southeast Asian software startups.
Pang, aged 38 with a published net worth of US$1.2 billion, is best known for founding www.2345.com, which was acquired by Shenzhen-listed 2345 Network Holding Group. He is also the founder of www.51.com, a popular social networking site that boasts nearly 400 million page views a day.
This is the first time that Pang is partnering with a VC or private equity group in Southeast Asia. As part of their collaboration he will invest a seven-figure amount in ICT Fund I, as well as provide ICT Fund I and its portfolio companies with strategic expertise and networking opportunities to access the mainland Chinese market.
Mr. Pang Shengdong, Founder of 2345.com said: “It is encouraging to see a number of companies in Southeast Asia, especially Singapore, developing core software (deep tech) in areas like security, analytics and cloud computing. Given Singapore’s close relationship with the Greater China region, I see a tremendous opportunity to utilize my experience and network to unlock synergies and partnerships for ICT Fund I’s portfolio companies.”
“I have not seen any other platform in Southeast Asia with the same level of expertise and focus on deep tech investments, making ICT Fund I a very good fit with my investment strategy,” he added.
Mr. Brijesh Pande, Founder and Managing Partner of Tembusu ICT Fund I, said: “Pang Shengdong has achieved remarkable success in the startup scene in China and his capital commitment is testament to our investment strategy and platform. We are equally excited to leverage his tech expertise and market reach into Greater China to further augment our investment platform.”
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About Tembusu ICT Fund I
Tembusu ICT Fund I is a venture capital fund established in 2015 which focuses on promising early-stage software companies. It is the only software-focused fund in Singapore and one of six funds selected by the National Research Foundation (NRF) as part of the Early Stage Venture Fund (ESVF) II scheme, which promotes co-investment in local startups alongside capital invested by NRF.
The General Partners of Tembusu ICT Fund I are Tembusu Partners and Pepri Ventures (the investment vehicle of Mr. Brijesh Pande, Managing Partner of Tembusu ICT Fund I). Tembusu ICT Fund I portfolio companies include Deskera, Vi Dimensions, Latize and Sixscape.
For more information, please visit: http://www.tembusupartners.com/en/index.php/funds/tembusu-ict-fund-i/
About Tembusu Partners
Tembusu Partners is a private equity investment firm investing in promising early and growth-stage companies, with a view to generate optimal returns for both investee companies and investors. Headquartered in Singapore, its primary geographical markets are within Emerging Asia – comprising China, India and Southeast Asia.
For more information, please visit: http://www.tembusupartners.com/
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