Draper Startup House Ventures, a part of the Draper Venture Network, launched its first global fund for founders at the earliest stages of building their tech startups, the firm said on Tuesday. With its new fund, Draper Startup House Ventures expects to realize its vision to create 1 million entrepreneurs by 2030.
It made its first investment in Ferne Health, a telehealth startup based in Singapore that delivers at-home screening services for sexual health.
The fund is anchored in the United States. Its lead investor is Tim Draper, a prolific investor who made early investments in Baidu, Hotmail, Skype, Tesla, and SpaceX. Draper’s network of companies manage over USD 2 billion across 24 global funds.
“Thanks to the internet, and things like Bitcoin, entrepreneurs can build startups and create stored value from anywhere,” Draper said in a press statement. “Whether they are in Myanmar, Estonia, or Indonesia, Draper Startup House Ventures brings them the opportunity to get funding without having to find their way to Silicon Valley.”
Draper Startup House Ventures’ management is headquartered in California’s San Mateo and Singapore. Its general partners are Giulianna Crivello and Vikram Bharati, founder of Draper Startup House, who will co-manage the fund along with long-time advisor Nick Martin. Draper Startup House Ventures has made 215 investor introductions to startups since its formation in 2020. The new fund will focus on projects in the Asia Pacific. It has the potential to reach 60 countries and 30 industries already represented in its community.
The story of Draper Startup House started when Vikram Bharati, a former financier from California, moved to Singapore and in 2018 founded a startup called Tribe Theory, a chain of hostels and co-working spaces that serve as entrepreneurial hubs for digital nomads.
The startup raised USD 3.5 million from Tim Draper last year, which led Bharati to rebrand Tribe Theory as Draper Startup House. Today, Draper Startup House’s network has grown to include more than 1,000 individuals from 60 countries. These members tap into the network’s education, technology, investment, and community resources. Draper Startup House has physical locations in 16 countries.