Illuminate Financial, a global B2B fintech VC firm headquartered in London, has officially expanded into Asia. The firm, backed by the likes of JPMorgan and Barclays, has also appointed Luca Zorzino as partner and head of Asia.
Globally, Illuminate has invested in more than 30 companies across seed to series A rounds, with check sizes from US$2 million to US$8 million. The fund specializes in supporting early-stage companies operating in the fields of fintech and enterprise software.
The firm plans to build an investment team in Singapore over the next 18 to 24 months. In addition, it will also increase its focus on Hong Kong and Australia. Zorzino tells Tech in Asia that the firm has raised about US$150 million across two funds and is finalizing a third one, with US$200 million already committed. Some of Illuminate’s previous investees include Tookitaki and Osome in Singapore, Cloudwall in New York, and Emmi in Melbourne.
He says that Illuminate is eying companies that can be regional market leaders as potential acquisition targets for global firms. Illuminate has made five exits, according to Crunchbase data.
Zorzino believes that the downfall of Silicon Valley Bank will not fundamentally change the business models of most fintech firms, apart from lending businesses, which have to face a higher interest rate environment. “There will be more focus on treasury management even for very young firms going forward,” he says. As the drive for digitization at the enterprise and corporate level remains strong, “we remain bullish on the long-term prospects of B2B businesses in the sector.”