Dave McClure, 500 Startups launch $10M SE Asia microfund
- Cromwell Schubarth
- Senior Technology Reporter- Silicon Valley Business Journal
- Email | Twitter | Google+
McClure filed a Form D with the Securities and Exchange Commission on Wednesday saying he is raising $10 million for a fund named 500 Durian LP, named after the famously stinky fruit popular in that part of the world.
McClure and 500 Startups have also similarly set up region-specific funds in Mexico called "500 Luchadores" and in India called "500 StartupWallah."
The filing came as McClure is in China, where 500 Startups recently established an office in Beijing with Rui Ma in charge. For more on the growing connections between China and Silicon Valley startups, including insight from Ma, check out the Silicon Valley Business Journal's cover story on Friday.
McClure has been reportedly dispensing his usual salty advice to startups and investors while over there, with a sampling showing up Wednesday in a much-retweeted, "There are Michael Jordans out there. You're probably not one of them. Learn how to f------ pass!"
TechCrunch reports that the new fund will be run by new 500 Startups venture partner Khailee Ng, an entrepreneur-in-residence with the incubator who is based in Malaysia. Ng previously co-founded group-buying site GroupsMore.com, which he sold to to Groupon, and he co-founded Southeast Asian social news company SAYS.com, which has merged with Catcha Media Berhad.
Click here to subscribe to TechFlash Silicon Valley, the free daily email newsletter about founders and funders in the region.
Cromwell Schubarth is the Senior Technology Reporter at the Business Journal. His phone number is 408.299.1823.
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