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= Gobi Partners =

Gobi Partners is a prominent Pan-Asian venture capital firm that focuses on entrepreneurs and start-ups in the early and growth stages, with a particular emphasis on emerging and underserved markets. Since its founding in 2002, the firm has closed 17 funds, invested in over 380 companies, completed over 70 exits, and currently manages over $1.6 billion in assets. In addition to conventional venture capital pursuits, Gobi Partners has long been recognized for its dedication to environmental, social, and corporate governance (ESG) venture investing, and the firm actively seeks out ESG-conscious entrepreneurs.

Notable active and past holdings in its investment portfolio include Airwallex, Amber Group, Animoca Brands, AutoX, Carsome, GOGOX, Orami, Kumu, Prenetics, Tripfez, and WeLab. Gobi Partners is headquartered in Kuala Lumpur and Hong Kong and has 15 offices located throughout Asia.

2001–2005: Founding and first fund launch
Gobi Partners was founded in 2001 as a regional firm in Shanghai, China to make investments in startups seeking seed and early stage funding. The firm was co-founded by Thomas (Tom) G. Tsao, who had previously served as Director of Investment Banking for Dresden Kleinwort (China) and Co-Founder of the Beijing Technology Development Fund, and Wai Kit Lau, who is a qualified lawyer in multiple countries and possesses extensive experience with foreign investments in China.

The firm raised its first fund in 2005, Gobi Fund I, with $51.75 million of investor commitments.

Late 2000s: Second and third fund launches and first major exit
In 2007 and 2008, the firm raised two funds: Gobi Fund II, which closed with $151 million of commitments, and Gobi Hitech Fund, which closed with $19.95 million of commitments and was the first renminbi (RMB)-denominated fund raised by a VC firm.

Gobi made one of its first major exits in 2009, as Digital Media Group was acquired by VisionMedia China for $160 million.

2010–2014: More fund launches and prominent investments
In 2010, Gobi launched its first ASEAN (Association of Southeast Asian Nations) fund, Gobi ASEAN Fund I, with $22.14 million in commitments. Additionally, the firm invested in online game operator CIB Development, and the position was sold a year later to Thai technology holding and online game operator Asiasoft after achieving a 60% internal rate of return (IRR).

In 2012, the firm raised the Gobi Yingzhi Fund, another RMB-denominated fund which closed with $55.25 million in commitments and received investment from the National Development and Reform Commission (NDRC), a Chinese state agency. A significant investment in Dianwoda, a Chinese e-takeaway service, was also made. Dianwoda would later be acquired by Cainiao, the logistics arm of Alibaba Group, in 2018.

Gobi closed two funds in 2014: Gobi ASEAN Fund II with a target commitment of $100 million, and Gobi Lvzhou Angel RMB Fund with $9.88 million in commitments.

2015–2017: Partnership with MAVCAP, Alibaba Hong Kong Entrepreneurs Fund, entry to the Philippines and Islamic venture capital, and various unicorn investments
In 2015, Gobi launched Gobi Yingzhi II, another RMB-denominated fund that closed with $94.5 million in commitments. The firm also raised Gobi Fund III, which had a target commitment of $250 million and was anchored by a commitment by the Malaysian government venture capital fund MAVCAP. Also in 2015, the firm was appointed by Alibaba to manage its $130 million Hong Kong Entrepreneurs Fund, becoming the first VC firm chosen.

In 2016, Gobi partnered with MAVCAP for the second time and raised the ASEAN SuperSeed Fund with a total of $14.5 million in commitments. The fund targeted investments in Malaysian seed-stage companies, including online used car marketplace Carsome, which became a unicorn in 2021. The firm also made prominent investments in Hong Kong on-demand logistics company GOGOX, which became a unicorn in 2017, and Australian-Hong Kong fintech company Airwallex, which became a unicorn in 2019. Also in 2016, the firm began to carve out their niche in the Islamic venture space, with their first investment being Tripfez, a Malaysian Muslim-friendly holiday booking service company.

In 2017, Gobi again partnered with MAVCAP as well as Indonesia-based investment firm PT Mahanusa Capital and South Korea-based online shopping services company GS Shop to launch the Meranti ASEAN Growth (MAG) Fund, which closed with $200 million in commitments and targeted investments in Southeast Asian IT-related firms in growth stages. Also in 2017, the firm made significant investments in Hong Kong fintech startup WeLab, which became a unicorn the same year; British-Hong Kong biotech startup Prenetics, which became a unicorn in 2021; and Filipino logistics marketplace firm Deliveree—marking Gobi’s first venture in the Philippines.

2018–2019: Partnership with CORE Capital and Fatima Ventures and entry into the Middle East and Pakistan
In 2018, Gobi closed the Gobi-Agung Fund with $10 million in total commitments, which focused on investments in Indonesia-based startups. The firm also partnered with CORE Capital, a Manila-based venture capital firm, to launch the $10 million Gobi-Core Philippine Fund. Also in 2018, Gobi entered the Middle East through an investment in travel startup Holidayme, and became the first foreign VC firm to enter Pakistan with an investment in online travel agency Sastaticket.pk. Additionally, the firm joined the Billion Dollar Fund for Women with a $50 million commitment to women-founded startups.

Gobi launched several funds in 2019: the Gobi Qiling RMB fund, a $44 million RMB-denominated fund; the $10 million Gobi Malaysia SuperSeed Fund II in partnership with MAVCAP, Malaysian conglomerate company Sunway Group, and Allianz Malaysia; and the $20 million fund Texchila Fund I in collaboration with Pakistani VC firm Fatima Ventures, launching Fatima Gobi Ventures (FGV) and becoming the first Asian VC to launch a fund in Pakistan. Also in 2018, the firm invested in Hong Kong self-driving startup AutoX, which became a unicorn in 2021.

2020–Present: Sustained growth, community initiatives, and partnership with Ethis Group
In 2020, Gobi joined the Malaysian Sustainable Finance Initiative (MSFI) to invest in the sustainability sector and help build awareness and thought leadership on sustainable finance. The firm also hosted the SuperSeed II Championship, which was one of Malaysia’s largest startup competitions hosted by a VC and involved 212 participants.

In 2021, Gobi launched the Alibaba Entrepreneurs (AEF) Greater Bay Area Fund, which had $256 million in commitments as of August 2023. The fund will close at the end of 2023 and will invest in startups based in Guangdong–Hong Kong–Macao (Greater Bay Area). Also in 2021, another Gobi investment became a unicorn in Hong-Kong gaming company Animoca Brands.

In 2022, Gobi partnered with Ethis Group, an operator of crowd-investment platforms in Indonesia, Malaysia, and Oman, to launch the first-ever Shariah-compliant seed fund with a focus on the Middle East and North Africa (MENA) and ASEAN. The firm also partnered with Indonesian VC firm Ozora Yatrapaktaja to launch the Ratu Nusa Fund, a $10 million seed fund dedicated to early stage funding for women-led startups in Indonesia.

Key Personnel
Gobi Partners was co-founded by Thomas G. Tsao, who currently serves as chairman, and Wai Kit Lau, who currently serves as an advisor. The firm currently has four managing partners: Chibo Tang, who formerly served as Asia-Pacific senior manager of corporate strategy for German engineering and technology company Bosch, joined the firm 2009; Kay Mok Ku, who formerly co-founded Private Express, a cybersecurity startup based in Silicon Valley, joined in 2010; Dan Chong, who previously served as Vice President of Corporate Development at Singapore state-owned media conglomerate Mediacorp, joined in 2018; and Jamaludin Bujang, who previously served as CEO of Malaysia venture capital firm MAVCAP, joined in 2019.

Other notable personnel include Ali Mukhtar, General Partner at Fatima Gobi Ventures and Founder of Fatima Ventures, and Filippo Huang and Angel Chau, who serve as co-CFOs.

Notable Investments
Gobi Partners primarily invests in seed and early-stage funding rounds, but also occasionally participates in growth capital financing. The firm invests through its proprietary funds, joint funds with partners such as MAVCAP and Fatima Ventures, and funds it was appointed to manage, such as the Alibaba Hong Kong Entrepreneurs Fund.

The following table details some of Gobi Partners' prominent investments.