VELOCITY Ventures, a hospitality & journey-concentrated enterprise funds organization based in Singapore, announces the original closing of the initially-at any time undertaking cash fund dedicated to hospitality and travel startups.
The fund has a Covid-19 themed financial commitment mandate, focusing on supporting distressed and disrupting seed and early progress phase hospitality and vacation startups in South-east Asia.
The original closing brings the fund shut to 40% of the targeted US$20 million motivation. Investors in the new fund involve strategic particular person traders, family members workplaces, and other institutional funds.
The 1st closing of this one particular-of-a-variety financial commitment fund
validates investor perception in a extended expression, strong recovery for the hospitality
and journey market.
“We are delighted to announce the 1st close for the Velocity
Hospitality and Journey Fund I. In this kind of unparalleled moments, we feel the
pandemic will deliver a interval of unparalleled innovation and prospect in
the Hospitality and Vacation room as the industry transforms and adapts post
Covid-19. This, coupled with the adjustment to valuations driven by the severe
distress in the sector, supplies an unparalleled opportunity to spend, assist
the marketplace and get paid outsized returns. The good results of this fundraising is a
robust validation of our system,” explained Nicholas Cocks, founder and taking care of
associate of Velocity Ventures.
Together with the first closing, the fund demonstrates its
vested curiosity in the burgeoning F&B and Hospitality tech alternative room
with two important investments: Hong Kong-based mostly F&B SaaS platform Aigens, and Singapore-based resort
revenue and distribution management system Zuzu Hospitality.
“In purchase to get well from the Covid pandemics as promptly as achievable, collaboration in the world wide journey industry is far more essential than ever,” says Christine Wang, controlling director of the Lufthansa Innovation Hub, Lufthansa Group’s digitisation unit. “We are psyched to assist Velocity Ventures with our details-driven expertise of the global travel and mobility tech ecosystem, although also broadening our very own viewpoint and network as a result of this partnership.”
The fund is continuing to supply further more capital commitments
and is slated to last close at the close of 2021.
Showcased graphic credit history: Getty Photos