This interview originally appeared in the DealStreetAsia DATA VANTAGE report SE Asia’s VC Funds: H2 2024 Review.
Amid the most severe funding downturn in its history, Southeast Asia’s venture capital ecosystem has been further shaken by a major financial fraud case involving eFishery, one of the region’s latest tech unicorns. The fallout from this scandal remains uncertain, but its repercussions could be profound.
In response, fund managers are uniting to formulate robust strategies to prevent such future governance failures.
A wave of new proposals, ranging from enhanced control mechanisms and independent internal audit functions reporting directly to the company board and the proper validation vendors, is currently being observed, said Shane Chesson, Founder & General Partner at Openspace, in an interview for the DealStreetAsia DATA VANTAGE report, SE Asia’s VC Funds: H2 2024 Review.
As Vice Chairman of the Singapore Venture & Private Capital Association (SVCA), Chesson said the organisation is working with its Indonesian counterpart Amvesindo to develop a governance framework designed to provide structured guidance for improving corporate governance across different stages of a company’s growth.
“I encourage everyone to review SVCA’s Maturation Map: A Path to Enhanced Corporate Governance when it is released shortly,” he added.
Openspace is managing approximately $800 million in committed capital across six funds. The firm invests in tech-native and tech-enabled companies at early and growth stages, with a strong regional presence.
In November 2024, Openspace closed its $163 million, fourth early-stage fund, reinforcing its commitment to high-growth startups. Its investment activity remains steady, including leading a $25 million Series A+ in Broom in October to modernise Indonesia’s used car market and co-leading a $27.3 million Series B in Ampd Energy in November to scale battery storage systems.
Edited excerpts of the interview with Chesson:
