Formation Group raised US$357 million for debut fund to invest in early and growth stage companies - Reuters

 

Formation Group raised US$357 million for debut fund to invest in early and growth stage companies

Formation Group raised US$357 million for debut fund to invest in early and growth stage companies

Tue Feb 28, 2017 - 08:05am UTC

Formation Group has launched its debut fund worth US$357 million of commitments in partnership with former Facebook chief financial officer and San Francisco 49ers co-owner Gideon Yu serving on the investment team, according to filings with the SEC.

The maiden fund is set up to bridge innovation between Silicon Valley and Asia, whereby it will focus its investments on a number of early and growth stage companies.

In addition to providing capital, Formation Group will also provide operational support and relationships to bring these opportunities to fruition.

“Our investment in Bowers & Wilkins is a prime example of this strategy, in which we enabled a small Silicon Valley startup (EVA Automation) to execute an unprecedented acquisition of an established, profitable, 50-year old iconic brands in Bowers & Wilkins,” according to a spokesperson from Formation Group.

Besides, the firm’s founding managing partner Brian Koo was a former founding partner of Formation 8 and a founder of InnovationHub. He currently serves on several boards including NextVR, Memebox, and YelloMobile.

While Gideon Yu is the chairman and chief executive officer of Bowers & Wilkins. Previously, he was also a General Partner at Khosla Ventures and Treasurer and SVP of Finance at Yahoo.

The company’s offices are located in Palo Alto, Korea, and Singapore. The portfolio also includes on-demand delivery Honestbee, and ride-hailing service Go-Jek and South Korea’s Dayli Financial Group.

By Vivian Foo, Unicorn Media

For content enquiry, please reach us at

Latest News >

Del Monte Philippines US$333 million IPO gets approval from SEC

Formation Group has launched its debut fund worth US$357 million of commitments in partnership with former Facebook chief financial officer and San Francisco 49ers co-owner Gideon Yu serving on the investment team, according to filings with the SEC. The maiden fund is set up to bridge innovation between Silicon Valley and Asia, whereby it will […]

07:38am UTC

OCB to list shares on Ho Chi Minh City Stock Exchange, expects US$1 billion market value post-listing

OCB is planning to list 750 million shares in Ho Chi Minh city this year, while offering up to 25 percent stakes to foreign investors.

09:28am UTC

Validus Capital partners Lighthouse Canton Group to set up US$15 million SME fund

Validus Capital also aims to raise its Series B in the near future to expand regionally and build a machine and AI technology to identify and underwrite small businesses.

04:50am UTC

Singapore car marketplace Carro secures US$60 million in Series B funding

Southeast Asia’s Carro to raise US$60 million for its automotive classifieds and car financing service.

02:21am UTC

iPrice Group to raise new funding led by LINE Ventures

This fresh funding round is led by LINE Ventures, the corporate venture arm of Japan’s LINE Corporation.

04:54am UTC