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PRESS RELEASE

Superbank and Genesis Alternative Ventures Launch IDR 600 Billion Financing Solution for Innovative Indonesian Startups

The collaboration marks a significant milestone as Superbank expands support to local entrepreneurs and MSMEs
Targeting VC-backed, high-growth technology startups in Indonesia

Jakarta, 31 August 2023 – PT Super Bank Indonesia (Superbank) and Genesis Alternative Ventures (Genesis), Southeast Asia’s prominent venture lender, have launched a financing solution, with both entities committing up to IDR 600 billion to back innovative Indonesian startups.

The financing solution combines the principles of conventional bank credit and venture capital investing to target Indonesian technology startups while extending working capital to technology startups with minimum dilution of shareholder equity.

This collaboration between Superbank and Genesis underscores the determination of both entities to empower startups in Indonesia, particularly those at the Series B or C stage, to realize their full potential.

Tigor M. Siahaan, President Director of Superbank, said, “As the largest digital economy in Southeast Asia, which is expected to grow eight times from IDR 632 trillion in 2020 to IDR 4,531 trillion in 2030, Indonesia has the potential and opportunity to further develop local startups and their ecosystem¹. We are thrilled to partner with Genesis to provide a powerful financing avenue for innovative Indonesian startups. In today’s dynamic business environment, access to funding is crucial for these innovative ventures to thrive. This partnership exemplifies Superbank’s unwavering commitment to supporting local entrepreneurs and MSMEs and driving sustainable growth.”

Jeremy Loh, Co-founder & Managing Partner Genesis Alternative Ventures, said, “Indonesia is brimming with opportunities in terms of local startups and tech talents. Genesis and Superbank share the same commitment in tapping the huge potential of this sector and supporting more startups in Indonesia given the notable 60% year-on-year² decline in venture capital funding for startups the Asian region has witnessed.”

This collaboration marks a significant milestone in Superbank’s transformation into a digitally-focused bank that just started 6 months ago.

For further information, please contact:

Andre Sebastian
Public Relations Lead Superbank
public.relations@superbank.id

Keshie Hernitaningtyas
Brightminds for Superbank
superbank@brightminds.co.id

About Superbank
PT Super Bank Indonesia (Superbank) is a bank that’s currently transforming into a digital-based services bank. Superbank is the new brand that replaces PT Bank Fama International, a commercial bank that was founded in Bandung, 1993 which was taken over by the EMTEK Group, Grab and Singtel in 2021. Superbank has received various awards, such as “The Most Efficient Bank in the Group of Banks Based on Core Capital (KBMI) 1 Category” from Bisnis Indonesia Financial Award (BIFA) 2022. As a newcomer in the Indonesian digital banking sphere, Superbank has a mission to expand access to credit for MSME customers in managing their businesses, provide innovative solutions for retail customers, and foster collaboration through one of the industry’s most extensive ecosystems.

For further information on Superbank, please visit www.superbank.id.

About Genesis Alternative Ventures
Genesis Alternative Ventures is Southeast Asia’s leading private lender to venture and growth stage companies funded by tier-one VCs. Genesis is founded by a team of venture lending pioneers who have backed some of Southeast Asia’s best loved companies. Armed with a strong reputation among entrepreneurs and investors, Genesis is a trusted partner in empowering corporate growth while minimising shareholders’ equity dilution. Genesis was founded by Ben J Benjamin, Dr Jeremy Loh and Martin Tang in 2019.

For further information on Genesis Alternative Ventures, please visit www.genesisventures.co.

¹ Communications and Information Ministry press release (26 September 2022)

² Communications and Information Ministry press release (12 December 2022)

Once again, we were delighted to meet our investors, partners, and portfolio companies at our annual LP Day.

Held on 31 May 2023 at the magnificent Asian Civilisations Museum, we are grateful to guests who travelled from Hong Kong, Indonesia, Israel, Korea, Japan, Malaysia, Thailand, and USA to join us.

In addition to sharing the progress of our Fund, our guests were treated to an insightful programme:

Southeast Asia Investment Landscape by Mr Mike Imam, CEO, Silverhorn Group
INSEAD x GENESIS Venture Debt Report 2022/23 by Ms Alexandra von Stauffenberg, Associate Director, INSEAD
PANEL | Private Credit In A Post Silicon Valley Bank Era
- Mr Or Alon, Vice-President, OurCrowd
- Mr Tony Huang, Co-Founder & Managing Partner, K2 Venture Finance
- Mr Andrew Tan, Chief Executive Officer, Asia Pacific, Muzinich&Co
- Facilitated by: Dr Jeremy Loh, Managing Partner, Genesis Alternative Ventures
FIRESIDE CHAT | Leadership Lessons From Storms to Success with Mr Philip Yeo, Chairman, Economic Development Innovations Singapore
Facilitated by: Dean Collins, Managing Partner, Dechert LLP
PANEL | Growth in Challenging Times
- Mr Dalton Fouts, Co-Founder, ReturnKey
- Mr Jaideep L, CFO, Trusting Social
- Mr Rohit Jha, Co-Founder & CEO, Transcelestial Technologies
- Mr Tom Kim, Co-Founder & CEO, Deliveree
- Facilitated by: Mr Eddy Ng, Partner, Genesis Alternative Ventures

The afternoon ended with cocktails and canapes between investors and founders, followed by a specially curated tour of the Asia Civilisations Museum’s world-class collection.

A special thanks to our LPs who shared their time expertise with our Founders so generously at our Founders’ Forum that same morning.

Relive the afternoon’s highlights with our Recap Reel:

Or browse the Event photos here.

SATURDAYS Expands Across Indonesia, Establishing Its Position as the Leading Eyewear Brand

New product lines, AI frame recommendation, and capital further accelerate growth

Jakarta, 10 April 2023 – Indonesian eyewear brand, SATURDAYS, continues to execute on its mission to provide access to affordable eyewear across Indonesia through tech-enabled omnichannel experiences. SATURDAYS has expanded sustainably its physical presence and will have more than 45 stores in 11 cities, including Jabodebatek, Bandung, Surabaya, Yogyakarta, Medan, Palembang, Makassar, Banjarmasin, Pontianak, Samarinda and Batam by the end of Q2 2023. The company has deepened its product offering by launching a kids’ collection and its more affordable VIBE series, starting at Rp395k (US$26). SATURDAYS also continues to provide fresh collaborations with well-regarded brands such as MARVEL, Indomie and key opinion leaders.

“Since we started SATURDAYS in 2016, our desire has always been to deliver exceptional value and customer experience to create an enduring brand. While the journey has been a roller coaster through the unprecedented COVID period, our focus remains the same; to build a sustainable business with strong fundamentals and healthy unit economics,” said SATURDAYS Co-founder Andrew Kandolha.

SATURDAYS recently opened its latest lifestyle store at one of the premier shopping destinations at Central Park Mall, Jakarta. The new store blends eyewear in a modern café that serves specialty Arabica coffee, teas and fresh baked artisan cookies from Naked Dough. Currently, SATURDAYS offer free drink for every eyewear purchase, and promo buy-1-free-1 drink for every returning customers by wearing SATURDAYS’ glasses to our stores.

“Naked Dough offers guilt-free and inclusive cookies, with less sweet options as well as gluten-free and vegan varieties. We are committed to providing a positive impact on our customers’ lives, without compromising on taste or quality,” said Naked Dough’s founder Jennifer Hermawan.

As part of its strategy to provide a seamless omnichannel experience, SATURDAYS continues to invest in technology providing convenience for customers to shop through website (www.saturdays.com), mobile app (Saturdays Lifestyle), chat, home and corporate try-on, or stores. The latest tech feature is SATURDAYS Artificial Intelligence (AI) technology, in which customers can scan their face and get customized recommendations on which frames are suitable for them, then try the frames on virtually instantly on their smartphone and finally order the pair(s) they love. SATURDAYS also provides wellness & employee benefits program for companies through cashless transaction or insurance providers. It has developed partnerships with 14 Third Party Administrator (TPA) and 23 insurances providers.

SATURDAYS recently secured venture debt funding from Genesis Alternative Ventures for an undisclosed amount to further fuel its expansion plan and solve the vision impairment problem in Indonesia. Previously, SATURDAYS received funding from local and regional venture capital firms Altara Ventures, DSG Consumer Partners, Alpha JWC, Kinesys Group and Alto Partners.

“We are excited to be partnering with SATURDAYS in their journey to digitize and democratize the eyewear industry. Under the stewardship of co-founders Andrew Kandolha and Rama Suparta, we believe SATURDAYS can become a disruptive eyewear brand who can deliver exceptional customer experience,” said Genesis’ Managing Partner, Dr Jeremy Loh.

About SATURDAYS

SATURDAYS is a tech enabled brand that offers designer quality yet affordable eyewear designed in house to fit and look great for Indonesian consumers. We provide omnichannel lifestyle shopping experiences through our app, website, home try-on and stores. We have grown to 45 stores in 11 cities across Indonesia as of April 2023.

https://saturdays.com/

About Naked Dough

At Naked Dough, we take great pride in creating the most delicious and high-quality cookies for our customers. Our commitment to using only the finest ingredients and refusing to take shortcuts is unwavering, ensuring that every batch of cookies is made with the utmost care and attention to detail. Our passion for creating the perfect cookie is reflected in every bite, making Naked Dough a go-to for cookie lovers everywhere.

About Genesis Alternative Ventures

Genesis Alternative Ventures is Southeast Asia’s leading private lender to venture and growth-stage companies funded by tier-one VCs. Genesis is founded by a team of venture lending pioneers who have backed some of Southeast Asia’s best loved companies. Armed with a strong reputation among entrepreneurs and investors, Genesis is a trusted partner in empowering corporate growth while minimising shareholders’ equity dilution. Genesis was founded by Ben J Benjamin, Dr Jeremy Loh, and Martin Tang in 2019.

For more information:

Mawar Kusumadewi – PR

E: mawar@ideas-strategic.com

T: +6285715193769

Get ready to celebrate International Women’s Day 2023 with Genesis!

This year, we’re recognizing and embracing equity. What’s the difference between equality and equity, you ask?

Equality means everyone gets the same resources and opportunities. However, equity goes one step further by acknowledging that each person has unique circumstances and allocates the exact resources and opportunities needed to achieve an equal outcome.

It’s time to ensure that everyone has access to the tools and support necessary to succeed. Join us on March 8th to champion equity for women everywhere!

Today we turn a spotlight on the remarkable women in our portfolio companies who are making a big difference to the business and community:

Giselle Makarachvili, CEO, Hmlet

What does “embracing equity” means to you?

At Hmlet, we’re all about providing fair and equal opportunities for everyone. That means recognizing and valuing each and every talent, and creating a flexible and attractive work environment where everyone can learn, grow, and thrive. We’re on a mission to build a diverse community of people from all walks of life, who can live and work together in harmony. With a team of over 15 nationalities, we’re breaking down borders and collaborating across continents. At Hmlet, we don’t just talk the talk – we walk the walk. “A Home for All” isn’t just a catchy phrase – it’s one of our core values, and we’re committed to living it daily.

What will you do personally to embrace equity this year?

Picture this: a workplace where leaders lead by example, cultivating an inclusive and affirming mindset where everyone’s thoughts are valued and decision-making is judgment-free. That’s the kind of environment I’m committed to creating – where excellence is the norm and people are free to work in the way that brings out their best, while also encouraging teamwork and positive change.

Zhiying Chua, Head of Investments & Projects, Neuron Mobility

What does “embracing equity” means to you?

Embracing equity means investing time to develop empathy and awareness of the biases and circumstances that impact the people around us.

Helen Laura Samantha, HR Manager, Soul Parking

Tell us about the woman whom you admire the most?

Without a doubt, my mom. She’s not just strong, she’s a force of nature. Growing up, she instilled in us the importance of traditional values like respect, good manners, and education, and also encouraged us to be independent, chase our dreams and embrace change. Her unwavering support and guidance have been the backbone of my success, and I am forever grateful to her.

As a practicing Christian, my mom also taught me about faith, empathy, and kindness. She showed me that life doesn’t always go according to plan, but with hard work and determination, I can overcome any obstacle. Plus, she’s always been there to pick me up when I fall, never judging, always guiding. While I am very much my own person, I cannot deny that she has a big influence over my values and principles.

Please share what “embracing equity” means to you in your professional and personal lives?

In my HR role as HR manager for a tech startup solving Indonesia’s traffic challenges, I believe in taking a personalized approach to working with my team. By understanding their strengths and weaknesses, I can provide the specific tools they need to thrive. It’s not about treating everyone the same, it’s about providing individualized support that helps each person reach their full potential.

The same goes for my personal life. By understanding my own needs and priorities, I can focus on achieving my goals and living a fulfilling life.

What will you do to “embrace equity” this year?

Embracing equity means creating a fair and inclusive work environment that supports and values diversity. As an HR professional, it’s my responsibility to educate stakeholders about the importance of equity and provide tangible support like hybrid work arrangements, training programs, and mentorship opportunities.

By doing so, we can create a psychologically safe workplace that fosters high performance and empowers our team to achieve their full potential. In today’s rapidly changing landscape, embracing equity is not just a moral imperative, it’s a strategic advantage that can help us compete and thrive.

More Southeast Asian startup founders to tap venture debt, according to INSEAD and Genesis Alternative Ventures survey

More than 60% of founders would consider using venture debt to raise up to US$5 million each for Series A and B funding
Venture capital firms support venture debt and would recommend portfolio companies to use venture debt

Singapore, 28 December 2022 – More than 60% of Southeast Asian startup founders would consider using venture debt to raise up to US$5 million each, according to a survey by the INSEAD Global Private Equity Initiative (GPEI) and Genesis Alternative Ventures.

Founders would tap venture debt for Series A and Series B funding and would also prefer to raise from specialised venture debt lenders in order to access their networks and future rounds of funding, as well as for their help in building a credit track record.

The latest INSEAD GPEI and Genesis survey found that almost all startup founders polled had heard of venture debt, but only 27% have used it. Most of the venture capital (VC) firms surveyed, however, have recommended venture debt to their portfolio companies in the past two years and will continue to do so. About 82% of VC firms’ portfolios have used venture debt, and going forward most of the VC firms surveyed would recommend venture debt to their portfolio companies.

On the investor side, the study found that in the current environment of rising interest rates, investors prefer the yield and risk profile of venture debt.

The respondents were mainly from enterprisetech, healthtech and fintech companies in Southeast Asia.

The survey covered a total of 94 VC firms, startup founders and investors, and was carried out between 8 July to 1 August 2022.

The findings come as more startups in Southeast Asia have turned to debt financing given declining valuations. They have closed at least 15 financing deals totalling US$819 million in the third quarter of 2022, or just over half of the debt raised since the start of 2022.

Vikas Aggarwal, Academic Director of the INSEAD Global Private Equity Initiative and Associate Professor of Entrepreneurship and Family Enterprise at INSEAD, said: “Venture debt plays a critical role in the ecosystem of entrepreneurial finance, and has become increasingly important to startups in Southeast Asia in recent years.”

Dr Jeremy Loh, Co-Founder and Managing Partner of Genesis Alternative Ventures, said: “Our latest survey with INSEAD offers hope that startup founders will continue to view venture debt as a useful and necessary source of funding, complimentary to venture equity.

Genesis was founded by Mr Ben J Benjamin, Dr Jeremy Loh and Mr Martin Tang in 2019, to support early-stage growth companies in scaling up while minimising dilution in founders’ shareholdings.

The report of the survey can be downloaded here.

About INSEAD, The Business School for the World

As one of the world’s leading and largest graduate business schools, INSEAD brings together people, cultures and ideas to develop responsible leaders who transform business and society. Our research, teaching and partnerships reflect this global perspective and cultural diversity.

With locations in Europe (France), Asia (Singapore), the Middle East (Abu Dhabi) and now North America (San Francisco), INSEAD’s business education and research spans four regions. Our 165 renowned Faculty members from 42 countries inspire more than 1,500 degree participants annually in our Master in Management, MBA, Global Executive MBA, Specialised Master’s degrees (Executive Master in Finance and Executive Master in Change) and PhD programmes. In addition, more than 11,000 executives participate in INSEAD Executive Education programmes each year.

For more information, visit www.insead.edu.

About INSEAD Global Private Equity Initiative (GPEI)

The Global Private Equity Initiative (GPEI) is INSEADʼs private capital think tank which works hand-in-hand with private equity and venture capital firms, institutional investors and governments around the world to foster entrepreneurial ecosystems. It connects companies and entrepreneurs with the right sources of capital for their stage of development. GPEI covers research topics ranging from early-stage venture capital to growth equity to buyouts of mature businesses. For more information, visit www.insead.edu/gpei.

About Genesis Alternative Ventures

Genesis Alternative Ventures is Southeast Asia’s leading private lender to venture and growth stage companies funded by tier-one VCs. Genesis is a trusted partner in empowering corporate growth while minimising shareholders’ equity dilution. Genesis is founded by a team of venture lending pioneers who have backed some of Southeast Asia’s best-loved companies. Genesis was founded by Ben J Benjamin, Dr Jeremy Loh and Martin Tang in 2019.

For more information, visit www.genesisventures.co.

For media queries, please contact:

Catherine Ong Associates

Catherine Ong

Mobile: (65) 9697 0007

Email: cath@catherineong.com

Joel Ng

Mobile: (65) 9873 5728

Email: joel@catherineong.com

Strong investor support with almost half the Fund committed at first close.
80% of first close commitments from existing investors such as Sassoon Investment Corp, Aozora Bank, Korea Development Bank, Mizuho Leasing, Silverhorn; notable new investment from Israel’s OurCrowd.
Genesis’ US$90m Fund I launched in 2019 financed 25 companies across Southeast Asia including unicorns Matterport & Akulaku.

Singapore, 25 August 2022 – Following the success of its debut US$90 million fund in 2019, Genesis Alternative Ventures has launched its second venture debt fund to raise US$150 million to finance start-ups across Southeast Asia. Almost half the fund was raised at first close earlier this month.

In a strong show of support, 80% of Fund II’s first close commitments came from existing Genesis’ Limited Partners (LPs) such as Sassoon Investment Corp, Aozora Bank, Korea Development Bank, Mizuho Leasing, Silverhorn, family offices, charitable trusts, fund of funds and corporate investors. Among new investors is OurCrowd, the Israel-based online global venture investing platform.

Dr Jeremy Loh, Genesis’ Co-Founder and Managing Partner, said: “We are grateful to our investors for their continued support.

Genesis Fund II further strengthens our ability to provide financing for promising start-ups that are catalysts for economic growth in the region.”

Genesis extends debt to revenue-generating, high-growth companies that are backed by venture capital funds. These start-ups typically do not qualify for regular bank loans because they lack collateral, or have not yet reached profitability, and/or their founders are wary of taking on too much venture capital for fear of diluting their ownership.

The venture debt firm founded by Ben J Benjamin, Dr Jeremy Loh and Martin Tang in 2019, will continue to focus on Southeast Asia’s early and mid-stage high growth technology start-ups (Series B to pre-IPO). Dr Loh said Fund II already has a US$60 million deal pipeline in place.

He added: “Southeast Asia remains a magnet for investors attracted by the region’s growth potential, talent availability, high population and reasonable labour costs. In particular, Singapore has strengthened its position as a hub for innovative start-ups in the region.

“While the pace of investing may have slowed due to economic headwinds, interest in Southeast Asia technology companies remains strong. Given the record amount raised by venture capital funds in the last year, there’s a lot of dry powder for start-ups with strong fundamentals.

“Genesis will continue to finance first-class entrepreneurs who are building high-growth companies built on sustainable business models.”

Impact & ESG forms backbone of Fund I portfolio

Genesis Fund I raised an oversubscribed US$90 million and has financed 25 companies from Series A to pre-IPO in sectors such as logistics-tech, fintech, agritech, cybersecurity, and food-tech operating in Southeast Asia. It counts two unicorns among its portfolio companies namely Matterport, a leading global spatial data platform company, and Akulaku, a banking and digital finance platform in Southeast Asia.

Genesis selectively finances companies with meaningful impact objectives and works closely with entrepreneurs to identify and introduce important ESG principles within portfolio companies. Genesis has channelled nearly half of its capital from its debut fund into start-ups with meaningful impact objectives that are aligned with the United Nation’s Sustainable Development Goals. Close to 80% of its portfolio companies have in place formal ESG policies and procedures.

In a joint report last year, Genesis and PwC Singapore noted that venture debt is fast emerging in Southeast Asia as an alternative and complementary source of financing for high-growth tech companies that traditionally only raised equity as a source of capital. The report was presented at last year’s Genesis Forum featuring Tan Sri Mohamed Nazir bin Abdul Razak, past Chairman, CIMB Group, who delivered the keynote address “Profit with purpose, my personal journey to here.”

Victor Sassoon, Chairman, Sassoon Investment Corporation: “We are delighted to continue backing the Genesis team in their mission to provide less-dilutive funding to entrepreneurs across Southeast Asia. We are firm believers that venture debt will play an important role for start-up founders who are confident of their business growth and recognise the long-term value in complementary financing for working capital and other needs.”

Shin Kato, Head of Asia Investment Group, Aozora Bank: “The Southeast Asian and the Japanese venture ecosystems have long been underserved by credit providers. Genesis and Aozora Bank are both tackling this issue in their respective markets, and we are happy to continue our strategic partnership with Genesis to provide non-dilutive capital to innovative and impactful companies through their second fund while exchanging know-how and market insights on Japan and Southeast Asia.”

Jon Medved, CEO, OurCrowd: “We are delighted to be investors in Genesis Fund II. This fund has a tremendous management team whom we have known for years, leading co-investors, superb performance to date, and a brilliant future in bringing the important asset class of venture debt to the fast-growing Southeast Asia market. When we add the power of our global OurCrowd community to Genesis’ already great story, we are confident that this is about to get only better.”

About Genesis Alternative Ventures

Genesis Alternative Ventures is Southeast Asia’s leading private lender to venture and growth stage companies funded by tier-one VCs. Genesis is founded by a team of venture lending pioneers who have backed some of Southeast Asia’s best loved companies. Armed with a strong reputation among entrepreneurs and investors, Genesis is a trusted partner in empowering corporate growth while minimising shareholders’ equity dilution. Genesis was founded by Ben J Benjamin, Dr Jeremy Loh and Martin Tang in 2019.

For media queries, please contact:

Catherine Ong Associates

Catherine Ong

Mobile: (65) 9697 0007

Email: cath@catherineong.com

Joel Ng

Mobile: (65) 9873 5728

Email: joel@catherineong.com

Words cannot express how delighted we were to meet our investors, partners, and portfolio companies at Genesis’ first-ever, physical event.

Held on 12 May 2022 in the charming Grace Hall of the Jacob Ballas Centre, we welcomed our guests, some of whom have travelled from Korea, Japan, and USA to join us. We are also grateful to those who joined us via Zoom from Indonesia, Israel, Malaysia, UK and USA.

In addition to sharing the progress of our Fund, our guests were treated to a packed agenda full of insights:

AI driven consumer research and analytics by Stephen Tracey, COO, Milieu Insight (portfolio company)
Advanced 3D technology for the fashion e-commerce industry by Harindar Keer, Flixstock (portfolio company)
South-east Asia investment landscape by Jeff Benjamin, CEO, Bank J Safra Sarasin
Panel: Due South – Why SEA Continues To Be A Magnet For Investments
- Tony Huang, Managing Partner, KISO Capital (moderator)
- Yasuhiko Hashimoto, Managing Executive Officer, Mizuho Leasing
- Chang Ha Park, Deputy General Manager, Korean Development Bank
- Kayo Sengoku, Deputy General Manager, Aozora Bank
Perspectives of Asia and US Venture Debt by Tony Huang, Managing Partner, KISO Capital, K2 Venture Finance

The afternoon ended a guided wine and cheese tasting session led by master wine-maker, Eddie Gandler and a tour of the Jews of Singapore museum.

We would not have made it this far in our venture debt journey without the support, encouragement, and belief of our stakeholders. Thank you and see you in 2023!

Special thanks also to Teabox for their exclusive selection of Darjeeling teas for all our guests to enjoy.

Relive the afternoon’s highlights with the recap video

Aozora-Bank-invests-in-Genesis-Alternative-Ventures-fund-signs-MOU....webp

Aozora Bank invests in Genesis Alternative Ventures fund, signs MOU to
support Japanese start-ups’ expansion into Southeast Asia

Singapore, 4 June 2021 – Genesis Alternative Ventures said today that Aozora Bank has invested in its US$80 million venture debt fund and the two parties have also agreed to support the expansion of Japanese start-ups into Southeast Asia. Genesis and Aozora’s wholly-owned subsidiary, Aozora Corporate Investment, signed a Memorandum of Understanding (MOU) today for a business partnership that will, among others, provide “a more comprehensive support framework to Japanese venture-backed companies looking to expand into Southeast Asia.” The MOU will also see the two parties share information and expertise on venture debt and venture capital in Asia, execute joint marketing strategies targeting customers, introduce investment and financing opportunities for venture capital-backed companies in the region, and co-host events related to the venture capital
industry.

For Aozora, the partnership with Genesis follows a recent arrangement with SVB Capital, the investment arm of the US high-tech commercial bank Silicon Valley Bank. Dr Jeremy Loh, Co-Founder and Partner of Genesis Alternative Ventures, said: “We look forward to partnering Aozora to introduce venture debt to start-ups in Southeast Asia and Japan. “We believe that venture debt is ideal for young companies with strong growth trajectory as it will allow them to expand without diluting founders’ equity.” Aozora Bank is a full-service Tokyo-based bank with assets of more than ¥5 trillion and backed by some of the largest investment firms in the world. It launched a Japan venture debt fund in November 2020 for Japanese technology companies

Venture debt, generally deployed by way of senior, secured non-convertible debenture accompanied by equity options, is appropriate for emerging, high-growth businesses that need to extend their cash runway to get to the next stage of growth. These companies may lack the track record to meet traditional criteria for bank loans or their founders may wish to minimize equity dilution

Genesis was founded by Ben J Benjamin, Dr Jeremy Loh and Mr Martin Tang in 2019

About Genesis Alternative Ventures Genesis Alternative Ventures is Southeast Asia’s leading private lender to venture and growth-stage companies funded by tier-one VCs. Genesis is founded by a team of venture lending pioneers who have backed some of Southeast Asia’s best-loved companies. Armed with a strong reputation among entrepreneurs and investors, Genesis is a trusted partner in empowering corporate growth while minimizing shareholders’ equity dilution. Genesis was founded by Ben J Benjamin, Dr Jeremy Loh and Martin Tang in 2019.

For media queries, please contact:
Catherine Ong Associates | Catherine Ong Romesh Navaratnarajah
Mobile: (65) 9697 0007 | Mobile: (65) 9016 0920
cath@catherineong.com | Email: romesh@catherineong.co

Global-Investor-Capria-Fund-invests-in-Singapore’s-Genesis-Alternative-Ventures.jpg

The PDF version of this media release can be downloaded here

—–

AI Fintech Trusting Social raises venture debt from Genesis Alternative Ventures

SINGAPORE, 29 April 2021 – Headquartered in Singapore and operating across Vietnam, Indonesia, India and the Philippines, AI Fintech Trusting Social announced an undisclosed venture debt financing with debt investor, Genesis Alternative Ventures. Trusting Social is backed by Sequoia Capital, Beenext, Tanglin Ventures and 500 Startups.

Trusting Social delivers AI-led products to leading banks and finance companies, enabling them to provide credit to under-served consumers at scale.

Today, Trusting Social’s credit insights cover more than a billion consumers and are used by more than 130 financial institutions across Vietnam, Indonesia, India and the Philippines. Trusting Social is now focused on bringing its broader suite of AI-driven products and services (a full stack of lead generation, credit insights, eKYC, digital onboarding and portfolio management) to market, and to enable 100 million credit lines.

The company has two business models – an Enterprise business that allows financial institutions to access its capabilities on a pay-per-use basis, and a Partnerships business, where it jointly creates and manages consumer credit portfolios with an FI partner, and shares in the net profits.

“We are tapping on venture debt to strengthen our balance sheet, diversify funding sources, and accelerate the company’s growth, especially in our Partnerships business,” said Founder and CEO Nguyen Nguyen, PhD. “Our ambition is to enable financial inclusion on an unprecedented scale, and Genesis will be helping us frame our reporting for this purpose.”

Singapore based Genesis Alternative Ventures recently announced the final close of its US$80 million fund. “The flow of credit is a key driver of economic growth,” said Eddy Ng, Head of Investments and Portfolio at Genesis. “We are excited to be supporting Trusting Social’s growth as they increase their breadth of product offering, helping banks and financial institutions to increase their reach to the under-served consumers.”

The PDF version of this media release can be downloaded here

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Genesis Alternative Ventures closes Southeast Asia’s first venture debt fund at US$80 million

Total commitments from investors exceed target range
Institutional commitments include Aozora Bank, Korea Development Bank, PT Bank CIMB Niaga
Genesis deploys US$30 million to tech companies, seeks those with profit-for-purpose mission

Singapore, 15 April 2021 – Singapore-based Genesis Alternative Ventures has closed Southeast Asia’s first venture debt fund at US $80million, exceeding the top end of its target range.

Investors in Genesis Alternative Ventures Fund I, anchored by Singapore’s Sassoon family, include Japan’s Aozora Bank, Korea Development Bank (KDB) and Hong Kong multi-asset investment firm Silverhorn Group. Earlier commitments include Indonesia’s PT Bank CIMB Niaga and Seattle-based global investment impact fund Capria Fund.

Tokyo-based Aozora Bank is a publicly-listed financial institution that operates through 21 domestic and five overseas offices. As at 31 December 2020, it has total assets of about 5.6 trillion yen (US$51 billion). In November 2019, Aozora Bank established a two billion yen (US$18 million) fund to provide venture financing to domestic venture firms.

State-owned KDB is a policy development bank in South Korea with total assets exceeding US$230 billion. By collaborating with Genesis, KDB hopes to facilitate the expansion of Korean technology firms into Southeast Asia.

Overall, financial institutions, fund-of-funds and family offices accounted for about 75% of total commitments from investors across Asia, Europe, the Middle East and the United States.

Dr Jeremy Loh, Co-Founder and Managing Partner at Genesis Alternative Ventures, said: “Venture debt in Southeast Asia has been thrust into the limelight during the Covid period with entrepreneurs seeking more efficient capital and putting in place additional capital buffers.

“We are thankful for the strong support of our investors who have embraced the venture debt model in Southeast Asia. We are equally delighted with the robust quality of our portfolio companies. A growing number of them are making a positive impact to society and the environment, underscoring Genesis’ profit-for-purpose commitment.”

More than US$30 million of venture debt deployed to SE Asia tech companies

To date, Genesis has deployed over US$30 million to a growing portfolio of 12 venture-backed companies across Southeast Asia. They include Horangi Cyber Security, Indonesia’s flexible space provider GoWork, Lynk Global – an on-demand expert network platform as well as Believe, a B2B FMCG startup.

Another portfolio company, Matterport Inc, an expert in transforming buildings into digital spatial data, has announced in February 2021 that it has entered into a definitive agreement that will result in Matterport becoming a Nasdaq listed company via a SPAC.

Investing in for-profit companies that deliver impact at scale

Genesis is committed to investing in companies with the potential to generate sizeable financial returns while delivering sustainable positive impact.

Genesis counts Flow, Deliveree, Tanihub and Trusting Social among its impactful portfolio investments. The latter leverages AI and big data to enable financial inclusion for the underbanked, while Flow focuses on ethical, digital consumer debt collection in various Southeast Asian countries. Indonesia’s Tanihub gives fairer rates to Indonesian farmers, provides microloans for their crop and grows their businesses. Through its Driver Partner Benefits Program, Deliveree aims to generate better income through lowering the costs of maintaining their vehicles.

Growing importance of venture debt in Southeast Asia

Venture debt, generally deployed by way of senior, secured non-convertible debenture accompanied by equity options, is appropriate for emerging, high growth businesses that need to extend their cash runway to get to the next stage of growth. These companies may lack the track record to meet traditional criteria for bank loans or their founders may wish to minimise equity dilution.

Global data suggests there is significant headroom for venture debt to grow in the region. A recent study by Pitchbook notes that in the US, venture debt has grown at a faster pace than the broader venture capital market and that 2019 and 2020 were record years for tech companies raising debt. By comparison, venture debt makes up an estimated 2% to 4% of overall venture funding in Southeast Asia last year. While trailing US venture debt deployment, venture debt in Southeast Asia continues to gain traction as qualified deal flow continues to grow 31% quarter on quarter on an annualised basis since January 2020.*

*Internal Genesis statistics (2020 – 2021)

Genesis to host forum on venture debt and impact investing in May 2021

Genesis will host an online forum for industry leaders and thought leaders to share their experiences and exchange ideas on the venture ecosystem, specifically as it relates to capital raising, venture debt and impact investing.

The Genesis Forum, (http://www.genesisventures.co/forum2021), organised in collaboration with Institute of Innovation and Entrepreneurship at Singapore Management University (SMU) and PricewaterhouseCoopers Singapore (PwC Singapore), will take place on 6 May 2021. Dato’ Sri Nazir Razak, who is the Founding Partner and Chairman of Ikhlas Capital and former Chairman of CIMB Group, will deliver the keynote address. Genesis and PwC Singapore are also expected to release a first-ever industry-wide paper on venture debt in Southeast Asia at the forum.

Genesis was founded by Ben J Benjamin, Dr Jeremy Loh and Martin Tang in 2019.

– The End –

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