Chinese venture capital firm Gobi Partners has teamed up with its Philippine-based counterpart Core Capital to set up a US$10 million early-stage fund, focused on investment opportunities in the Philippines.
The new-launched investment vehicle, named Gobi-Core Philippine FunCore Capitald, will be co-managed by Manila-based Core Capital, said Gobi Partners in the joint statement.
Core Capital was co-founded in earlier 2018 by Carlo Delantar, a 26-year-old Philippine entrepreneur listed on the Forbes 30 Under 30 Asia 2018.
The fund will prioritize business-to-business (B2B) e-commerce, platform-as-a-Service (PaaS), health technology and logistics companies, according to the statement.
In addition, the fund also eyes other sectors including travel, entertainment and retail technology, it said.
The fund will give Core Capital access to Gobi’s regional platforms, which will help the company scale across China and other Southeast Asian countries.
After 16 years of operations in Asia and beyond, the partnership will pave the way for Gobi Partner’s foray into the Philippines.
Gobi Partner attributed its association with Core Capital to the entrepreneurial talent in the Philippines.
"The same growth patterns that occurred in China and Indonesia are now happening in the Philippines," said Thomas G. Tsao, founding partner of Gobi Partners.
Founded in 2002 with over US$1.1 billion in assets under management (AUM), Shanghai-based Gobi Partners backs more than 200 companies through its various investment funds.
With a focus on early-stage information technology (IT) and digital media investments, Gobi Partners had participated in a strategic investment in Chinese investment banking service provider Lianxing Capital in early August.