SAN FRANCISCO (Reuters) - Formation 8, the venture-capital firm known for backing virtual-reality company Oculus VR, said it was beefing up its Asian operations by adding a partner in Singapore, investor Joel Sng.
By hiring Sng, Formation 8 hopes to stand out from the pack of U.S.-based venture capital firms by bringing more deals in Asia to Formation 8 portfolio companies, most of which are in the United States, said partner Brian Koo.
Most U.S. venture firms do not hire partners overseas until a later stage in their development. Formation 8 was founded three years ago and has just raised its second fund of $500 million.
Sng has since made a name for himself through relatively early investments in companies such as social-media service Facebook; the Chinese smartphone company Xiaomi; data-analysis firm Palantir; and gaming-technology company Razer.
Sng already has ties to Formation 8, whose Singapore business development office is based at a business incubator Sng founded. He has co-invested with Formation 8 firm in businesses such as Grabit, a robotics-based logistics.
“Being a part of a team is always more fun than working in solitude,” Sng said in an email. He said he hopes to help Formation 8 invest in Asian companies at early stages.
Reporting by Sarah McBride; Editing by Grant McCool