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Private Equity
credence-investment.com

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Investments

6

Portfolio Exits

1

Funds

3

About Credence Partners

Credence Partners is a South East Asia Private Equity Fund, providing growth stage capital and expertise to SMEs within the Advanced Manufacturing, Information Communication Technology, Services, Logistics and Consumer sectors.

Credence Partners Headquarter Location

Blk 71 Ayer Rajah Crescent #07-17

139 951,

Singapore

(65) 6661-6188

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Latest Credence Partners News

Altara Ventures launches $100m debut fund to focus on tech deals in SEA

Sep 24, 2020

September 24, 2020 Altara Ventures has launched its $100 million debut fund to focus on early-stage tech investments in Southeast Asia. The Singapore-based firm also unveiled its team of five general partners comprising Koh Boon Hwee , Tan Chow Boon, Seow Kiat Wang, Gavin Teo and Dave Ng, who collectively hold extensive investment experience from B Capital, Credence Partners and others across Silicon Valley and Asia. Teo and Ng were former colleagues at B Capital, where they invested in several dozen venture and growth-stage companies such as Atomwise, AImotive, Carro, Icertis and NinjaVan in Asia and the US. Both also played key roles in the setting up of B Capital’s international presence, with Teo founding its San Francisco office and Ng doing the same for its Singapore entity via which it launched into Asia. Koh Boon Hwee, Tan Chow Boon and Seow Kiat Wang were former partners at Credence Partners, and also former founders of Omni Industries, which eventually did an IPO and subsequently exited to Celestica for S$1.6 billion in 2001. The trio have also been active angel investors in the region, having invested in over 100 companies such as Alteon Networks, FreeCharge, Razer, and StashAway, among others. “We think of Benchmark capital as an example of the type of firm that we aspire to be. This is a firm that has six general partners and they’ve been at it for the last 35 years or so, and have never raised more than $500 million at any point in time. But they’ve consistently backed the top decile companies in every cycle,” explained Teo in an interview with DealStreetAsia. Altara Ventures has already secured about half of its $100 million target corpus so far, according to Teo. Its anchor limited partners (LPs) include a financial services institution, a publicly-listed tech company, and a prominent family office. All are from the Southeast Asian region. Altara will invest in early-stage tech companies and dole out cheques in the range of $3-5 million to startups across sectors such as fintech, e-commerce and marketplaces, logistics, healthtech, edtech and enterprise tech (B2B/SaaS) in Southeast Asia. It has already begun deploying capital, having invested in three companies – Filipino digital bank Tonik, Indian digital lender StashFin, and American computer vision firm Senseye. It plans to invest about three-quarters of the capital in Southeast Asia and the rest in other parts of the world. Altara Ventures derives its name from the English word Altitude and the Bahasa word Nusantara, which is the historical term for Maritime Southeast Asia. Sign up for our newsletter - The Daily Brief Opt out of receiving The Daily Brief in your inbox everyday REGISTER 1You have one free story left this month.You have 1 free stories left this month.This is your last free story of the month. Register to continue reading our free content. × We will never share your information with third parties. If you don’t already have an account click the button below to create your account. Join DealstreetAsia's premium subscription service Unlock your competitive advantage in a rapidly evolving landscape. Our packages come with exclusive access to archive content, data, discount on summit tickets & more. Be a part of our growing community now. Singapore Reporter/s In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must. Following vacancies can be applied for (only in Singapore). Following vacancies can be applied for (only in Singapore). A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion. A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia. Singapore Reporter/s In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must. Following vacancies can be applied for (only in Singapore). Following vacancies can be applied for (only in Singapore). A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion. A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Credence Partners Investments

6 Investments

Credence Partners has made 6 investments. Their latest investment was in Tonik Bank as part of their Series A on June 6, 2020.

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Credence Partners Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

6/15/2020

Series A

Tonik Bank

$21M

No

Insignia Ventures Partners, Point72 Ventures, and Sequoia Capital India

11

2/25/2020

Seed VC

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$99M

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10

4/17/2018

Series C

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$99M

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10

7/11/2017

Seed VC

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$99M

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10

2/8/2013

Private Equity

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$99M

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10

Date

6/15/2020

2/25/2020

4/17/2018

7/11/2017

2/8/2013

Round

Series A

Seed VC

Series C

Seed VC

Private Equity

Company

Tonik Bank

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Amount

$21M

$99M

$99M

$99M

$99M

New?

No

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Co-Investors

Insignia Ventures Partners, Point72 Ventures, and Sequoia Capital India

Sources

11

10

10

10

10

Credence Partners Portfolio Exits

1 Portfolio Exit

Credence Partners has 1 portfolio exit. Their latest portfolio exit was Zimplistic on October 01, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

10/1/2020

Acquired

2

Date

10/1/2020

Exit

Acquired

Companies

Valuation

Acquirer

Sources

2

Credence Partners Acquisitions

1 Acquisition

Credence Partners acquired 1 company. Their latest acquisition was Fassler Gourmet on November 14, 2014.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

11/14/2014

Leveraged Buyout

1

Date

11/14/2014

Investment Stage

Companies

Valuation

Total Funding

Note

Leveraged Buyout

Sources

1

Credence Partners Fund History

3 Fund Histories

Credence Partners has 3 funds, including Credence Partners I.

Closing Date

Fund

Fund Type

Status

Amount

Sources

3/11/2020

Credence Partners I

$100M

1

Credence Fund I

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$99M

10

Credence Fund II

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$99M

10

Closing Date

3/11/2020

Fund

Credence Partners I

Credence Fund I

Credence Fund II

Fund Type

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Status

Amount

$100M

$99M

$99M

Sources

1

10

10

Credence Partners Team

4 Team Members

Credence Partners has 4 team members, including current Managing Partner, Tan Chow Boon.

Name

Work History

Title

Status

Tan Chow Boon

Managing Partner

Current

Boon Hwee Koh

Managing Partner

Current

Kiat Wang Seow

Managing Partner

Current

Chow Boon Tan

Managing Partner

Current

Name

Tan Chow Boon

Boon Hwee Koh

Kiat Wang Seow

Chow Boon Tan

Work History

Title

Managing Partner

Managing Partner

Managing Partner

Managing Partner

Status

Current

Current

Current

Current

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