A $10 million micro-fund has been launched to promote innovation in South East Asia.
500 Startups, ran by Dave McClure, recently added Malaysia-based entrepreneur Khailee Ng as a recent venture partner and is trying to expand its international portfolio to include more innovative firms from SE Asia.
The fund, purely for the worthies in Asia, is worth $10 million and is called "500 Durians," according to a SEC filing. The fund's launch follows a number of similar projects in India and Mexico, where seed investments are offered ranging from $25,000 to $250,000.
Since 2010, the Silicon Valley-based group has amassed more than 800 founders, 300 mentors and 450 companies in 50 markets.
By adding Ng to the board, 500 Startups hopes to expand its presence in other areas. The company is already present in the United States, China, Japan, India, South America and Mexico. George Kellerman and Bedy Yang were hired last year to stand at the forefront of expansion into Japan and South America.
Read More: TechCrunch
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