TechCrunch reported earlier today that San Francisco based investment company 500 Startups has announced ahead of its trip to Southeast Asia that it is setting up a Southeast Asian fund worth $10 million to be managed by Khailee Ng, currently Entrepreneur in Residence at 500 Startups and founder of Malaysia’s Says.com and Groupsmore. The fund, which will be called 500 Durians after the stinky fruit, is typical of 500 Startups which has set up similar funds in other regions.
Ng recently visited Indonesia as part of the id-byte roadshow to four cities across Java to seek startups and projects that have the best potential to be world class companies.
His recent insights into the Indonesian startup scene, combined with his previous regional experience positions him well to be 500 Startups’ venture partner for the region. Aside from founding daily deals site Groupsmore which he sold to Groupon after only five months and merging Says.com to Catcha Media, he is an investor and mentor to a number of Asian and American startups.
On his visit to Indonesia in April, Ng told DailySocial that Indonesian tech entrepreneurs are some of the most enthusiastic ones that he’s encountered. He said that they are more willing to try things out but often run into scaling and growth issues due to lack of support and resources.
He also sees a wall that separates these entrepreneurs from investors or potential investors, preventing them from being connected, which is something that he said needs to be dealt with. He wants to be able to link these two separate groups one way or another so innovative and problem solving products can not only be built but also developed and maintained continuously.
In June, Ng along with 500 Startups founder Dave McClure and his traveling band of Geeks on a Plane will spend a couple of weeks in Southeast Asia starting with Echelon Conference next week all through to the id-byte conference and Bubu awards in Jakarta.
DailySocial will be covering both Echelon as well as id-byte conference as media partner for the events.
