What Tin Men Capital does

Tin Men Capital is a Singapore-based venture capital firm founded in 2018 by Jeremy Tan and Murli Ravi, exclusively focused on Series A B2B technology startups targeting Southeast Asia as their operational base. The firm is licensed by the Monetary Authority of Singapore and operates as Tin Men Capital Private Limited, with a small team of 1-10 supported by advisors drawn from Temasek, Morgan Stanley, JAFCO Asia, INSEAD, and NUS Business School. It invests across B2B verticals digitizing traditional industries including construction tech, industrial AI, manufacturing, food supply chain, fintech infrastructure, logistics, CPG, and healthcare compliance. Notable portfolio companies include Ailytics (AI video analytics for construction), Groundup.ai (industrial cognitive maintenance), GlobalTix (Southeast Asia's largest ticketing aggregator), Ai Palette (multimodal AI for CPG), Manuva (Indonesian packaging marketplace), Graas (enterprise AI agents), HugoHub (Banking-as-a-Service), and tau (freight AI).

The firm's business model is standard VC fund management: it raises capital from limited partners, deploys it across a concentrated portfolio (approximately 9-14 active companies with check sizes ranging from a few hundred thousand to several million dollars), and earns revenue through management fees and carried interest on exits. Tin Men leads over 85% of its deals and reviews more than 600 startups annually, indicating concentrated ownership and high selectivity. The firm has publicly cited Fund II's first close in Q3 2022 as its most recent fund vintage. Distribution occurs through direct inbound via the firm's website pitch submission, co-investment partnerships with other VCs (SEEDS Capital, ORZON Ventures, Alter Global, NTUitive), and a unique EntrePass endorsement arrangement with EnterpriseSG that allows it to fast-track Singapore visa applications for foreign founders it backs. Beyond capital, Tin Men emphasizes operational contribution and a community ecosystem (B2B believers, Feature Fridays content series, events) as value-add for portfolio companies.

Revenue is generated through conventional fund management economics, with no public disclosure of AUM, fee structure, or carried interest realization. The firm's competitive positioning rests on its exclusive focus on an underserved B2B Series A segment in Southeast Asia (where only ~10% of regional VC funding historically flows), its MAS license and EntrePass endorsement authority providing regulatory differentiation, and the founders' institutional investment pedigrees. Two portfolio companies (Ailytics and GlobalTix) are marked as exited on the website, and Manuva reportedly received a second investment from Fund II, indicating active recycling within the fund.

Name

Tin Men Capital

Legal name

Tin Men Capital Private Limited

Website

https://tinmen.asia

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Tin Men Capital is a Singapore-based, MAS-licensed venture capital firm founded in 2018 that exclusively invests in Series A B2B technology startups across Southeast Asia, backing founders digitizing traditional industries with concentrated capital and operational support.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

All Other Financial Investment Activities (52399), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investors, Nec (6799)

akta.pro primary industry

Late-Stage Venture Capital (Series C+) (FSANAAAC)

Keywords

• Venture capital
• B2B tech investing
• Series A funding
• Private equity
• Southeast Asia startups

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Fund Management: VC fund management model generating returns through management fees and carried interest from portfolio company exits. They invest in B2B tech startups with positive unit economics and recurring cash flow characteristics.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

Tin Men Capital is a Singapore-based venture capital firm that invests capital in Series A B2B technology startups across Southeast Asia. The firm provides capital investment, strategic connections, and operational advisory to founders building B2B tech companies that digitize traditional industries. Investment tickets range from a few hundred thousand dollars at early stages to several million dollars at more advanced stages, and Tin Men Capital leads over 85% of its deals.

Product overview

Tin Men Capital is a Singapore-based venture capital firm licensed by the Monetary Authority of Singapore and exclusively focused on Series A B2B technology startups in South-East Asia. Rather than operating its own product platform, Tin Men Capital builds and manages a concentrated portfolio of B2B software companies that digitize traditional industries. The portfolio spans multiple verticals including smart cities, security, manufacturing, agriculture, transportation and supply chain, retail enablement, travel and tourism, and enterprise productivity. Key portfolio companies include Ailytics (AI video analytics for construction safety), Groundup.ai (AI cognitive maintenance for industrial assets), Glife (food supply chain technology), Graas (AI agents for operations automation), HugoHub (banking-as-a-service platform), Zipline (healthcare compliance software), Globaltix (B2B ticketing and tourism marketplace), Ai Palette (multimodal AI for CPG product development), and Manuva (B2B marketplace for packaging manufacturing). Tin Men Capital provides capital investment, strategic referrals, operational advisory, and founders support to its portfolio companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Series A B2B Tech Investment (Fund II)

Quantifiable outcome

• Backed 9 B2B tech companies
• +3 more outcomes

Named customers5 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor and core.

• K-Startup Grand ChallengeminorStrategic or Co-development Partner · 8 March 2026Groundup.ai participated in the K-Startup Grand Challenge program which helped them learn to enter the Korean market via strategic partnerships with local system integrators.
• EnterpriseSGcoreStrategic or Co-development Partner · 1 January 2024Tin Men Capital is an appointed EntrePass Partner with EnterpriseSG, able to endorse foreign founders establishing innovative tech or venture-backed startups in Singapore. Endorsed founders enjoy expedited processing of EntrePass applications (reduced from 8-10 weeks to 5-7 weeks).

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Wavemaker Partners: SEA-focused early-stage VC with a strong B2B/enterprise software mandate across Singapore, Indonesia, Thailand, Vietnam and the Philippines. Directly comparable to Tin Men Capital as a Series A B2B specialist in the same region.
• Monk's Hill Ventures: Singapore-headquartered VC investing across SEA in early-stage tech including B2B SaaS, fintech, and digital infrastructure. Highly comparable to Tin Men Capital given shared geography, stage focus, and B2B orientation.
• Openspace Ventures: One of SEA's largest active early-stage VCs, investing across B2B, fintech, and consumer with offices in Singapore, Jakarta, and Bangkok. Comparable to Tin Men Capital as a regional Series A investor targeting the same founder pool.
• East Ventures: Pan-SEA early-stage VC with one of the largest portfolios in the region. Comparable as a multi-vertical SEA investor, although broader (B2C and B2B) and earlier-stage than Tin Men Capital.
• AC Ventures: Indonesia-focused early-stage VC backing tech-enabled companies across B2B and B2C. Comparable to Tin Men Capital given its SEA B2B investment activity (e.g., co-invested in Manuva) and similar stage focus.
• Quest Ventures: Singapore-headquartered VC with a regional mandate across SEA, including B2B SaaS and enterprise tech. Comparable to Tin Men Capital as a Singapore-based Series A investor in the B2B space.
• BEENEXT: Early-stage VC with strong presence in SEA (Singapore, India, Japan, Indonesia) investing across B2B SaaS, fintech, and commerce. Comparable to Tin Men Capital given overlapping stage and B2B sector focus.
• Cento Ventures: SEA-focused VC backing B2B and B2C tech at Series A across the region. Highly comparable to Tin Men Capital given its similar regional mandate and stage focus on tech-enabled businesses.
• Golden Gate Ventures: Singapore-based early-stage VC investing in SEA tech startups with an active B2B SaaS portfolio. Comparable to Tin Men Capital as a regional Series A investor focused on enterprise and B2B opportunities.

Regional players

• Antler: Global early-stage VC with strong SEA presence (Singapore HQ) backing founders from inception through Series A. Adjacent peer because of geographic overlap and founder engagement, but earlier-stage and broader sector mandate than Tin Men Capital's B2B Series A focus.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/tinmencapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments21 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tin Men Capital