TNB Aura Tracks Patterns Overseas for Hints on Southeast Asia’s Future Start-up Stars

China, India, the US, and Europe are frequent starting points, said Charles Wong, a co-founder and managing partner at the Singapore-based venture capital (VC) firm. Analysis moves from sectors to specific segments and case studies, looking for similar growth patterns and characteristics suited to the nuances of Southeast Asia.

TNB Aura has spent recent months explaining this proprietary research-driven methodology to LPs as it raises its third flagship VC fund. Wong declined to reveal the target size, merely saying that a final close is “expected soon”.

LPs participating in Fund III include Norfund, a development finance institution (DFI) backed by the Norwegian government, Mavcap, a Malaysian VC programme now under sovereign wealth fund Khazanah Nasional, and the Development Bank of Japan, according to Wong. There is also a co-investment partnership with Enterprise Singapore.

Europe and Asia Pacific are well-represented in the LP base. Wong highlighted Australia in particular, describing it as “an important market for LPs as well as for expansion, exports, and potential exits for our portfolio companies.”

Fund III has already made four investments. The portfolio is expected to feature 15-18 companies in total across Singapore, Indonesia, Vietnam, the Philippines, and Malaysia. The focal points are fintech, B2B commerce, edtech, healthtech, agritech, and digital infrastructure.

Wong contrasted this relatively concentrated portfolio with the typical early-stage “spray and pray” approach. TNB Aura looks to join Series A and B rounds, making initial investments of USD 3m-USD 5m. Commitments can reach USD 10m, including follow-ons.

It prefers to be the lead investor in rounds, taking stakes of at least 10%, and to have board representation to ensure meaningful influence and alignment. Wong added that TNB Aura welcomes engagement with advisors and bankers as it continues building Fund III.

The four investments from Fund III to date include Charge+, a Singapore-based EV charging start-up that raised a USD 8m round last September, and Techcoop, a Vietnamese agritech platform that closed a USD 70m Series A in February. TNB Aura co-led the Techcoop round, having first backed the company in 2024.

According to Wong, Techcoop is already demonstrating the kind of breakout growth that defines next category leaders. Founded in 2022, the company has achieved profitability while delivering 20x revenue growth over the past two years. In addition to transforming market access for Vietnamese agricultural companies, its business model is now being taken into other regions in Asia, he said.

TNB Aura claims to work closely with portfolio companies, putting together structured 100-day plans. Its dedicated value creation team helps institutionalise best practices in financial reporting, governance, and ESG implementation. There is also an exit team that starts mapping out potential paths to liquidity from the outset of each investment.

“In this period of heightened uncertainty, the role of venture capital is more critical than ever. With our experience, networks, and resources, we are uniquely positioned to help companies weather the storm, adjust and even pivot effectively, and scale sustainably,” Wong said.

TNB Aura was founded in 2017 by Wong and Vicknesh Pillay. It has backed more than 30 companies across the three funds. Funds I and II are both fully invested. The firm has not disclosed the size of these vehicles. According to AVCJ Research, Fund I closed on SGD 31.1m (USD 24.2m) and Fund II had a target of USD 100m.

by Louise Weihart in Sydney