Hong Kong-based venture capital firm Varcis Capital has launched an Asia-focused fund targeted at companies operating in “sport, fitness, health, medical, wellness, esports and human performance”.
Varcis said it will make seed and series A investments of between $500,000 and $5m, and provide expertise and funding to help fast-track companies looking to expand, create and monetise sports.
Varcis has hired a leadership team with experience in elite sports, investment management, brand licensing, venture growth research and transaction advice. The company will focus particularly on China, Australia, India, Japan, Hong Kong, Singapore, the Philippines and Korea. It is opening offices in Hong Kong, Beijing and Melbourne in 2020.
Philip King, the founder and managing partner of Varcis, said: “The first problem with the global landscape is the majority of venture capital for the sports technology industry is American-centric, which represents only 5 per cent of the world’s human population. Asia, on the other hand, has 62 per cent of the world’s population, 4.7 billion people, and is home to the fastest-growing markets in sports, fitness, health, wellness and technology.
“The second problem is that Asia’s best entrepreneurs need more local investment, capital markets expertise and integrated ecosystems to accelerate faster and work more closely with Asia sports clients. Varcis Capital and its partners aim to co-create an open, end-to-end ecosystem for sports technology that seamlessly connects, celebrates, supports and turbo-charges the best and brightest sports technology and human performance across 48 countries in the Asia region.”
Varcis said it would be leveraging its sources in its large network of sports teams, leagues, sports entrepreneurs and young companies in Asia and around the world.