PRESS RELEASE

Openspace Ventures (previously NSI Ventures) is pleased to announce the final close of Fund 2 on August 10, 2018 with total subscriptions accepted up to US$135mm. Including Fund 1, Openspace now has in total US$225mm committed capital from its limited partners (excluding managed co-investments).

Investors in Fund 2 include a range of institutional investors from US, Australia, Europe, Japan, China, Korea and Singapore including pension funds, university endowments, insurance companies and family offices. Disclosed investors include Stepstone Group and Temasek.

“We are very grateful for the ongoing support of our long-term investors – many of whom have invested with us over multiple funds since 2014. We also welcome as part of this close, a group of new institutional investors to the Openspace family and look forward to a long-term partnership and dialogue” commented Shane Chesson, Founding Partner of Openspace.

In a report issued by Preqin in March 2018, Openspace Ventures’ inaugural fund was ranked as the 3rd best performing venture capital fund amongst 2003-2015 vintage funds. It has also consistently tracked top 5% performance amongst 2014 vintage venture capital funds according to Cambridge Associates global venture capital benchmarks.

The portfolio of 19 companies to date includes Go-Jek, in respect of which Openspace was the first institutional investor, Singapore fast fashion e-commerce player Love, Bonito, Vietnamese online education company Topica, Indonesian online credit provider, FinAccel and Bangladesh’s leading ride sharing and food delivery player, Pathao.

Openspace has helped raise over US$2.6 bn of follow-on capital for its portfolio companies thus far (including 13 Series B rounds) and has been embedded in the scene as the Southeast Asian opportunity has developed from promising to compelling. In Openspace’s view, the opportunities for technology-led innovation in Southeast Asia have broadened into major sectors of the regional economy and the longer-term opportunity for value creation is still nascent.

Openspace Ventures now comprises of a team of 16 including on-ground resources in Singapore, Indonesia, Thailand and Vietnam. As well as investment and business development expertise, Openspace has a full-time operating team helping portfolio companies with tech, marketing, HR, legal and finance issues.

“This close of our Fund 2 at its hard cap of US$135mm is a testament to the hard work of our entrepreneurs and their ability to address the wave of opportunities in our region. We have the resources now at Openspace to continue to be very hands-on in building value into our portfolio. We have seen immense opportunities from being able to work with our portfolio company to solve complex on-ground regional execution issues and we will intensify our efforts in these areas” added Hian Goh, Founding Partner of Openspace.