Gobi Partners

Gobi Partners Research Overview Gobi Partners is one of Asia's most established and geographically diverse venture capital firms, founded in 2002 in Shanghai by Thomas G. Tsao. Operating for over two decades, the firm has grown to manage US$2 billion in AUM across a network of 17 offices spanning East Asia, Southeast Asia, and South Asia. With 400+ portfolio companies, 75 exits/IPOs/acquisitions, and a deep commitment to ESG and sustainable investing, Gobi Partners has cemented its position as a pan-Asian institutional investor with local depth in nearly every major market in the region. Investment Thesis Gobi Partners describes its mandate as "Bespoke Capital for Enduring Impact," emphasizing that they invest where "capital alone is insufficient" — requiring informed judgement, deep local relationships, and sustained engagement. The firm positions Asia's structural complexity (17 distinct regulatory environments, fragmented consumer bases, diverse infrastructure maturity levels) not as a liability but as a competitive moat for deep local operators. Gobi invests in companies that harness technology to solve structural inefficiencies across Asia's emerging and underserved markets. They prioritize founders with strong local market knowledge, proven execution, and global ambitions. The firm is also notable for its ESG mandate — 58% of portfolio companies are women-led — and is a UN Global Compact signatory. Sector Focus Gobi covers a remarkably broad sector canvas across Asia: Fintech & Payments: Their largest sector by portfolio count. Includes digital banking (Bank Saqu), cross-border payments (Airwallex — now a major unicorn), insurance tech (PolicyStreet), wealthtech (Aqumon), and digital assets infrastructure (Transak). Health, Bio & Care: Healthcare AI (Valiance Health), biotech (Base Therapeutics, AilsynBio), medical devices (Aitrasound/scolioscan.com). Climate, Sustainability & Impact: EV services (Bateriku), e-waste recycling (ERTH), green energy deep tech (NanoSkunkWorkX), sustainable agriculture (BoomGrow). Deep Tech & Semiconductors: Chip design (SkyeChip, Atom Semi, Accseal), biological intelligence (Cortical Labs), graphene/hydrogen systems (NanoSkunkWorkX). Enterprise Software & SaaS: Community/CRM software (Amity Solutions), cybersecurity (ArmourZero), financial data platforms (Valiance Health). Mobility, Logistics & Travel: Ride-sharing (RushOwl, Beam), travel commerce (Jatri). Consumer & Media: Blockchain gaming (Animoca Brands — unicorn), VR experiences (Sandbox VR), Muslim media (Bitsmedia, Durioo), recommerce (CompAsia). AI & Data: Cross-sector AI investments with Apoidea (AI data), Valiance Health (healthcare AI), and Cortical Labs (biological intelligence). Stage Focus Gobi invests across the early-to-growth spectrum: Pre-Seed / Seed: First checks in validated founders (e.g., Valiance Health pre-seed, early Airwallex) Series A: Core deployment stage; RushOwl Series A $10M (led), Bitsmedia Series A $20M (co-led) Series B+: Follow-on and growth rounds; Bateriku Series B $7.4M, PolicyStreet Series C $21M Typical check size: US$1M–$50M, with an average of $6.2M across the portfolio. Lead Tendency Gobi frequently leads rounds, particularly in Southeast Asia and South Asia where they have the deepest local networks. Examples of lead investments: RushOwl Series A, NanoSkunkWorkX, Jatri (first Bangladesh investment), Transak. They also co-lead with regional partners and participate in larger rounds (Cortical Labs with Horizon Ventures, PolicyStreet with Cool Japan Fund). Geographic Focus Gobi operates 17 offices across Asia with active investment activity in: Southeast Asia: Malaysia (strongest presence), Singapore, Philippines, Thailand, Indonesia, Vietnam Greater China: Hong Kong, Mainland China (Shanghai, Beijing, Guangzhou, Shenzhen, Tianjin) South Asia: Pakistan (active — Ali Mukhtar and Naiel Ikram as Partners), Bangladesh (first investment: Jatri 2026) Northeast Asia: South Korea (Seoul office, Dan Chong Managing Partner), Japan (expanded 2025, partnership with Cross Capital) Emerging: UAE, Saudi Arabia, MENA (via portfolio like Jatri's MENA revenue) Recent Activity & Fund Status Gobi is actively deploying across multiple funds: Gobi-HKU Fund: University partnership fund Techxila Fund II: Announced December 2024, Pakistan-focused, MoU with Bank of Punjab Greater Bay Area Fund: US$256M, focused on HK-Mainland opportunities Gobi Dana Impak Ventures (GDIV): Impact fund in partnership with Khazanah Nasional Berhad (Malaysia sovereign wealth fund); deployed into NanoSkunkWorkX, Cortical Labs, DCAP SuperSeed II Fund: Early-stage fund; invested in Valiance Health (pre-seed, 2026) Recent investment pace (2025-2026): Transak, PolicyStreet Series C, Cortical Labs, Valiance Health, Jatri, RushOwl, NanoSkunkWorkX, ArmourZero, Funding Societies, SkyeChip — demonstrating active, broad-sector deployment. Portfolio Highlights Unicorns: Airwallex (payments infrastructure, now global), Animoca Brands (blockchain gaming), Carsome (used car marketplace), Amber Group (digital assets, NASDAQ AMBR) Notable exits: 75 IPOs/acquisitions. Synagistics (HKEX IPO 2562), Amber Group (NASDAQ AMBR). AppsFoundry (acquired). Largest portfolio sectors: Fintech (largest), Health/Bio, Enterprise Software, Consumer/Media. Team & Decision-Making Gobi operates as a multi-Managing-Partner firm, with partners leading specific geographies: Thomas G. Tsao: Co-founder, strategic direction Chibo Tang: Hong Kong & Greater China operations Dan Chong: Singapore & Southeast Asia, expanding to Korea Jamaludin Bujang: Malaysia, Islamic economy, compliance Jason Gaisano: Philippines Ali Mukhtar & Naiel Ikram: Pakistan Carlo Chen-Delantar: ESG/sustainability leadership Decisions are made through a partnership process with geographic specialization. The firm has 60+ professionals across all offices. ESG & Impact Gobi is a UN Global Compact signatory and publishes an annual Sustainability Report. They run ESGobi Month, maintain a TaqwaTech investment thesis (Muslim-market tech), and the Dana Impak Ventures fund specifically targets impact-oriented companies. 58% women-led portfolio is notable by VC standards. Founder Preferences Gobi gravitates toward founders with deep domain expertise in underserved Asian markets, strong execution track records (often cross-border), and technology-led solutions to structural problems. They back both local champions (PolicyStreet in Malaysia's insurance market) and regional/global platforms (Airwallex, Animoca Brands). First-generation founders in emerging markets (Pakistan, Bangladesh, Philippines) are a clear focus.