SINGAPORE (Sept 24): Eight Roads, the venture capital arm of asset manager Fidelity International, is making its debut in Southeast Asia with an office in Singapore headed by veteran venture capitalist Raj Dugar, who cut his teeth during the dotcom boom in India and the US. Dugar, as Eight Roads’ managing partner responsible for Asia, says the regional team will be investing through their US$400 million ($548 million) fund earmarked for India and Southeast Asia.

“Southeast Asia is the one gap we [have not filled],” Dugar tells The Edge Singapore at the firm’s new office in the central business district. [Eight Roads] is present in India, Europe and Japan, and has a sister fund in the US. “If you take a [long-term] view, Southeast Asia is going to be one of the most attractive markets [globally].”

Eight Roads mostly focuses on Series B and Series C investments. The firm’s average investment size is between US$10 million and US$30 million. Globally, it has made investments of over US$6 billion in healthcare and technology companies. It has tens of investments in every major region except Southeast Asia. It has 31 investments in India and 63 in China, but just three in Southeast Asia — a virtual credit card start-up in Indonesia, and a generic drug maker as well as a financial technology platform firm, Silot, in Singapore. 

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