As the end of tumultuous 2020, Openspace is already getting nostalgic. We humbly recognize a strong year of development for the firm, we feel energized by what is to come, and we feel a responsibility to contribute to the way our industry and our society emerges into a different and healthy 2021.  

At our annual team strategy session a few weeks back, we noted some achievements on the 2020 ledger – a third of our portfolio companies raised this year for a total of US$1.7 billion in follow-on capital. We secured a number of exits including TradeGecko which became part of Intuit and Whispir which is listed on the ASX and performed and traded well during the year. 

We are now a team of 23 across 10 different nationalities which reflects the diversity of the ASEAN opportunity and need for hands-on investment management. We onboarded six new team members in 2020, including Jaclyn, Jessica and Aristo, to enhance our mid-stage skill set, operational value-add, ESG and impact capabilities and geographical coverage.

Openspace Ventures Fund 3 of $200mm has completed its fundraising milestones in record time and we welcome some great new global LPs onto the register and our existing LPs for their long-term support. We thank them for doing so much remote diligence this year and adding so many new perspectives to our strategy and operations. We now have over US$400 million in capital managed across more than 50 global institutional limited partners. Fund 3 is primed for the contours of 2021 but has already made three investments in Indonesia and Thailand – Freshket, Zenius and iSeller with more announcements soon. OSV+, our mid-stage technology opportunity fund has invested in healthtech up-and-comer, Biofourmis. 

Openspace enters 2021 with a stable of 34 portfolio companies run by passionate exceptional entrepreneurs. Our funds are running top quartile global performance and leading the way in ASEAN on key metrics. We are accelerating our data systems that can identify ASEAN sectoral trends and find the next wave of Open Spaces. It has been a most unusual year, and we’ve missed seeing each other in person, but we’ve emerged from it stronger for the experience. 

We also believe this year highlighted that inequality and troubling social outcomes persist in our region. People without adequate access to health, education, safe food and modern financial services are just another downturn away from trauma. Venture capital and technology companies can help transform these risks into opportunities through their belief in innovation and deliver societal outcomes to match. We are energized by this possibility and look forward to continuing to support and grow companies that transform lives and our ecosystems in Southeast Asia.

We wish you the happiest of holidays and to closer connectivity with all our partners in 2021.