After more than two decades of investing...
I believe we’ve found the next big hidden opportunity:


Most LPs exploring venture capital funds as an investment vehicle are concerned with media sentiment.

"Capital at risk"
"Growth at all costs"
"Long-term"

The numbers don't lie. If well managed, venture investing reaps very attractive ROI versus most other alternatives.

And, you won't even need to find the next unicorn to do that.

Today, sustainable, sticky growth is the holy grail for any investment office looking for longevity with attractive returns.

Some years ago my partner, Murli, and I started Tin Men Capital in pursuit of that.

Our fund's unique focus:
- B2B and Enterprise Tech Startups
- With a strong focus in Southeast Asia
- Who are in Series A stage and beyond

Our thesis:
SouthEast Asia's legacy industries are still largely undigitised.
B2B tech in large TAM > High-gross margins > Sticky recurring revenue > Quicker pathway to profitability

We've already proven that these ideas our sound with measured results from our inaugural fund.

Family offices and institutions that work with us appreciate our ethos in running the fund:

⚙️ DISCIPLINED DEAL-SOURCING : 
Carefully scrutinising every deal for the right valuations, founder mix, and expertise. No exceptions.

⚙️ HIGH-CONVICTION: 
We only invest in a handful of teams that apply. Sounds counterintuitive, but It's seeing above-market returns with below-average failure rates.

⚙️ EXPERIENCED B2B OPERATORS AT THE HELM: 
Murli and I bring collectively more than 40 years of experience in investing and management, having sat on boards and brokered large M&As. Our thoughts have also been featured on TechInAsia, Peak Magazine, and more.

Some of our portfolio companies:

🔵 Hubble (Series B)
Resource management platform for parties in the construction value chain to track and optimise processes

🔵  Zipline (Series A)
Australia's #1 workplace management platform for the aged care and health sectors

🔵  GlobalTix (Series A)
Software and marketplace software for tourism attraction operators and travel product distributors 

We’re always on the lookout for new partners and startups to join us.

If keen to chat, shoot me a DM/email or head over to our website to drop us a line.

Jeremy Tan

Hepmil’s exit has been in the headlines for weeks.

They just minted a 20x win in SEA.
Yet, many people are asking the wrong questions.

A homegrown SEA company acquired by Publicis Groupe.
Its earliest angels reportedly walked away with 20x+ returns.
That doesn’t happen often in our region.

Interestingly, in offline circles, many were quick to focus on “how much.”

I think the first instinct should be simpler:
🔸Celebrate the success.

A win for a homegrown company is a win for the ecosystem.
And this one carries an important signal.

It shows younger, aspiring founders:
You don’t need to build a unicorn to build something meaningful.

Too many give up because they feel they can’t match the glamorous stories they see online.

Hepmil built a business that achieved a very respectable exit.
It also nudges the ecosystem toward something we need more of.

Confidence in M&A as a viable exit pathway.

Selfishly as a VC, I hope this encourages more people to take the leap.
To build, to create jobs, and to bring new growth back to the region.

Will every company be VC-backable?
Probably not.

And that’s perfectly fine.

Every solid company created, VC-funded or not, adds resilience to SEA’s economy .

We should celebrate that.
And we should still encourage them to try.

A win is still a win.
And the ecosystem needs many more of them.

Backing brilliant B2B founders 🦓 in Southeast Asia | Co-founder at Tin Men Capital | Linkedin Top Voice

I just got into KL.

The last time we were here together was five years ago,
Right after we led Hubble’s Series A at Tin Men Capital

We flew in to meet a co-investor and closed the round on that trip.

When we headed back to Singapore in Feb 2020,
We didn’t know it would be our last time travelling for a while.

Today, I got to travel with SJ Lin again.
We chose to drive in this time.

It’s cathartic to spend some quality, uninterrupted catching up and dreaming up the future of Hubble.Build.
Five years felt like a lifetime.

A pandemic.
A funding winter.
More ups and downs than we expected.

And I’m thankful for the friendship and partnership we’ve built through all of it.

I’ve learnt a lot from founders like SJ.
I admire the way they stay steady under pressure, even when the environment is tough.

This time, we’re meeting investors and customers.
Wish us luck.

Hello KL, looking forward to building with you!

Valuation is not validation. 
It never was.

Years ago, I found myself increasingly irritated by one thing:
SEA’s obsession with unicorns.

At the height of the last VC boom, we started treating valuation as validation.
If you weren’t a unicorn, you weren’t “winning.”

That mindset did real damage.

It really pressured founders to grow at all cost.
Pushing investors to raise too much capital and overpay.

Worse, the ecosystem began to equate success with size.
And apply a playbook unsuitable for this region.

A billion-dollar label does NOT make a company valuable.

The irony is, some of those “unicorns” weren’t built on the strongest foundations.
They grew fast, often without the fundamentals to sustain it.
Burning through capital and momentum along the way.

Then the layoffs and contagion ensues.

What’s worth celebrating are quieter, steadier outcomes.

Founders who build sustainable businesses.
Teams that get acquired / exited for the right reasons.
Companies that scale responsibly and stay alive through cycles.

Those outcomes compound.
Exits brings about DPI and capital recycling.
They build the foundation of a resilient ecosystem.

Years later, that obsession has started to fade.
And that’s a good thing.

I’m much more optimistic now.
With our region setting up better benchmarks,
And founders embracing audacity and confidence to build for this region.

It’s a healthier kind of ambition.
That’s what will define this next cycle.

—
P.S. This is a snippet from our Unfair Advantage podcast. 

🎧 Now streaming on all major podcast platforms:
🟢 Spotify: https://lnkd.in/gEig_89f
⚪️ Apple Podcasts: https://lnkd.in/gECJhtSS
🔴 YouTube: https://lnkd.in/g8bfShYA

I’ll be in KL, Malaysia this week - looking to connect with founders/ investors.

Tin Men Capital will host a casual networking drinks session on Wednesday evening. (19th November)

I’ll be sharing some thoughts about the evolving Southeast Asia startup ecosystem with a focus on the big part Malaysia plays in it.

It’ll be a great opportunity to trade insights and stories with other folks in the space to learn and unwind. 

You’ll get to hear from both founders on the ground and investors to get a pulse of where things are heading.

Possibly get inspired on new directions before the year’s out to set 2026 strong.

I expect some really great conversations and a fun evening.

Will be joined by a friend: First Move’s GP - Audra Pakalnyte.

There are limited slots - so I’d recommend applying early.
(Will attach the link in the comments.)

Looking forward to seeing you there!

Last week, I had the privilege of meeting several KL-based founders over drinks.
I came away genuinely excited.

They possessed this maturity, grit, and quiet confidence.
A quiet confidence powered by their conviction: 
“I’ll focus on what works, instead of chasing valuations or unicorn labels.”

I’ve always felt that the lack of a “safety net” is a crucible that forges strong founder mentality.

And you see this in many of Malaysia’s homegrown companies.
Sunway, Dialog Group, OSK.

I can’t wait to see the next crop of founders rising from Malaysia.
From what I’ve seen, the ones I met are already setting the pace for their tech ecosystem.

Singapore was built to avoid failure.
But our progress - our very survival depends on it.

Yet, we still treat failure like a scar.
Here, it’s partly culturally ingrained.

We were raised on the idea that we’re a small island,
With no resources and can’t afford to fail.

That mindset made sense when survival was top priority.

But over time, it manifested into something else.
A quiet fear of getting things wrong.

Across the region, failure is viewed very different.

In Malaysia, for instance.
Many built their businesses without the safety nets we have.

No government backing.
No currency stability.
No guaranteed support.

For them, the only path was forward.
Failure wasn’t shameful.

It was part of the process.

I’ve seen the same pattern with founders too.
The resilient ones study their missteps.
Every failed pilot, missed forecast, or wrong hire becomes data for the next decision.

That rhythm of trial and error builds staying power over time.

We should see it that way.
Failure can be a stepping stone to greater things.

It's proof of learning.
It's a showcase of progress in motion.

Don't shy from failure. Accept it as a part of the journey.

---
🎧 From Unfair Advantage with myco-founder Murli Ravi
(a Tin Men Capital Podcast)

We bring voices from across the ecosystem to understand what drives the region’s B2B growth.

Now streaming on all major podcast platforms: 
🟢 Spotify: https://lnkd.in/gEig_89f 
⚪️ Apple Podcasts: https://lnkd.in/gECJhtSS
🔴 YouTube: https://lnkd.in/g8bfShYA

Talks about #startup, #investing, #fundraising, #familyoffice, and #venturecapital

Ingrained in Tin Men Capital's mission is to play a key role in building a thriving eco-system.

For SEA and for many generations to come.

It is that north star that fuel's Murli and my conviction and provides light at the darkest moment.

Earlier this week, I had the great pleasure of being invited to a small VC roundtable led by MOS Dinesh Vasu Dash,
together with other Singapore-based VCs.

We were invited to share views on the recommendations being shaped for the Economic Strategy Review.

I hope the candid views of all the VCs attending is useful for the policymakers in attendance.

Stoked that we can play a part in shaping vital policies.

What I appreciated most was how seriously the government is taking this role.
And I hope we’ll see more of these discussions happening even after the recommendations are announced and rolled out.

If we want founders to feel confident building here,
The right policies and financial infrastructure need to be in place, with frequent calibrations.

Whilst we are going through a reset now, we are starting at a higher base and that should be celebrated.

And I’m optimistic.

I believe we’ll get there at a much faster pace, with Singapore well-positioned to lead.

Big thanks to MOS Dinesh, Cindy Khoo, Heng-Tong CHOO, Emily Liew, Alvin Cai for the kind invitation.

And great catching up with friendly faces too:
Jixun Foo, Edgar Hardless, Arrif Ziaudeen, Jeremy Loh PhD Shailendra J Singh, B. Paul Santos and Dickson Loo.

Onwards!

Founders, don’t trade “nice” for “formidable.”

You can be both.

Mean founders might win once.
Nice founders win every round after.

I’ve been around this ecosystem long enough to see both.

Some founders think you need to squeeze every deal, underpay talent, or push for harsh terms to get ahead.
Some are unnecessarily antagonistic.

And yes, they might capture a little value in the moment.

But over time, it backfires.

In startups, the game is compounding.
🔸Company value ≈ Initial value × (1 + growth rate)^t

Shave a little off your growth rate every time you mistreat a hire, frustrate a partner, or shortchange a customer.
And those “wins” quickly turn into losses.

On the flip side, I’ve seen founders who:
✅ Pay fairly and on time
✅ Fix customer problems without excuses
✅ Treat partners like long-term allies

They build reputations that compound.

Hiring gets easier.
Deals close faster.
Investors lean in.

And in Southeast Asia, backchannels travel faster than revenue.
Your reputation is often the first due diligence that gets done.

The point isn’t to be “soft.”
Or to just to protect your growth rate.
It’s more basic than that.

Really, just don’t be a jerk.

Being decent should be the default.
Being formidable makes it  even more powerful.

That combination wins almost every time.
That’s how you compound.

What goes around comes around. 
Costs nothing to be nice.

They say Cash is the lifeblood of any startup. There's a good reason why.

As the ecosystem matures, founders have become much more financially aware.

They’re reading their numbers better.
Tracking recurring revenue, churn, ACV, margins.
That progress matters.

But I still meet teams who aren't as aware of cashflow management.

Take this example:

🔸A company doing $10M ARR, growing 100% YoY, with 80% gross margins.
Everything looked solid.

🔸Then the finance lead pulled up their collections report.
Only $2M had been collected at the gross profit level.

🔸Most customers paid every six months, with 90-day terms.
Several invoices were still overdue.

✅The books said healthy growth.
❌The bank account told another story.

This is probably an extreme example, but the point still stands.

Cashflow management may seem as a afterthought as we prioritise booking revenue,
Yet it often decides survival.

-Trading off contract size for faster payments
-Appointing someone accountable for collections
-Negotiating better terms with suppliers

Each move compounds over time.

More predictability.
More breathing room.
More control.

Good cash discipline rarely makes headlines. 
That is… until you run out of money.

But it keeps companies alive long enough to earn them.

Cash is king.
Founders should treat it that way.

Several years ago, I attended a course that asked us to “be unreasonable.”
That didn’t sit well with me at first.

In my upbringing, being “unreasonable” meant being difficult.
But that was NOT what they meant.

Starting a company is not for the faint-hearted.
It is REASONABLE for most people to not try, or to give up.

If you want to be a constructive disruptor and a changemaker, you have to be UNREASONABLE.

If we want different results, we have to take unreasonable actions.

Becoming an entrepreneur helped me understand this fully.
And embrace it.

I know many of us are going through a tough time right now.
For the trailblazers out there, you know who you are, keep going:

🧲 Make that cold call you’ve been dreading
🧲 Open your mouth and ask for the funding you need
🧲 Quit that job (the safety blanket) that’s holding you back

What’s one UNREASONBLE action you can take today?

For years, we’ve glorified one outcome for startups of any size.

Going public. Listing on a major stock exchange.

I get why this was the case.
It’s what most of us grew up reading about.

The glorious bell-ringing and confetti.
Those splashy headlines.
It felt like the mark of success.

But Southeast Asia doesn’t quite work that way.

Public liquidity lives offshore.
Markets are much more fragmented.
It takes longer to build scale needed for IPO.

Trouble is, when everything revolves around IPOs as the only option,
Other good outcomes get overlooked.

Founders keep building for windows that don’t open.
Funds hold on for longer than they should.
And solid M&A paths get ignored, even when they make perfect sense.

The truth is, M&A has driven a significant part of returns .

Done right, it rewards founders, recycles talent and capital,
And keeps momentum in the ecosystem.

We don’t talk about it enough, because it’s less flashy.
But we’re seeing it start to take off.

What would help now are doable fixes.

Building bridges with acquirers' corp dev team.
Cleaner cap tables.
Shift in local corporate mindset of "I will build it myself"

None of that’s out of reach.

We don’t need to chase Silicon Valley’s version of success.
We can design our own.

With the founders and investors already here,
Building outcomes that actually fit this region.

How do you define a good outcome in SEA today?

Startups are told to move fast.
(But they shouldn’t be doing so blindly.) 

In our region, we’ve seen this happen too many times.

A company raises a big round.
Expands into three countries at once.
Hires 40 people in six months.

And for a while, it looks like progress.
But when you zoom in:

🚩 Unit economics were never validated
🚩 GTM wasn’t repeatable
🚩 Cash burn scaled faster than revenue
🚩 Leadership was running on “hope loops” 

In isolation, each decision looked reasonable.
Together, they formed a straight line to trouble.

And the ending is familiar.

Teams downsized. 
Markets exited. 
“Strategic reviews.”

None of them failed because they were slow.
They failed because they were accelerating in the wrong direction.

Speed magnifies whatever foundation you have.
If your model works, it’s momentum.
If it doesn’t, it creates destruction.

🟢 Validate before hiring
🟢 Prove one wedge before expanding
🟢 Treat cash with intention
🟢 Earn scale, don’t announce it

Founders who work this way still move fast.
They just don’t confuse it for progress.

In a region where capital can tighten quickly and markets change fast, 
Discipline is an advantage.

Know what’s actually working before you pour fuel on it.

As this year draws to a close, I am reflecting on my 2025 including my LinkedIn journey.

In 2025, I’ve shared 144 posts that reached 1.3M impressions.

These are my Top 10 ones on investing, startups and life:

1/ How to know you’re fundraise-ready?
https://lnkd.in/gzEqzQjX

2/ Startups - legacy players are coming for your lunch
https://lnkd.in/gPzmk9av

3/ Smaller VC funds could be the future of VC
https://lnkd.in/gGg-fnfp

4/ A new exit lane for Southeast Asia’s startups
https://lnkd.in/gEfUezpa

5/ One of the toughest markets I’ve seen for raising venture capital
https://lnkd.in/gSW_ftFv

6/ A founder faked receiving a term sheet from us
https://lnkd.in/g_xyHH7D

7/ The sweet spot valuation for SEA exits
https://lnkd.in/g-HRXUcp

8/ I keep hearing founders say they'll NEVER raise from a VC again
https://lnkd.in/gyUdNCq5

9/ How to spot and avoid ‘Zombie VCs’ when fundraising
https://lnkd.in/g_sHx4z2

10/ Most call for startups to do the impossible
https://lnkd.in/g4pkykYB

I’ve had a great time meeting founders, investors, and other like-minded people through these conversations.

If you’ve been following along, thank you. 
I hope the posts helped you in some way.

Which one was your favourite?

Before you break for the year, if I can make one request.
If there’s a topic you want me to unpack next, drop it in the comments. I’m always looking for good questions to dig into.

I told myself “just one more push.” For weeks.

And that’s when my tank ran empty.

I started scrolling aimlessly through social media, more and more often.
That is a sign I’ve begun to recognise. Burnout is creeping in quietly.

Still, I kept pushing. Harder. Longer. 
Telling myself I just needed to “finish this one thing.”

Truth is, that finish line just kept moving.
And I could feel the exhaustion starting to take over.

And then I saw this photo.
Though the original context is about CoVid.
My takeaway from it is about how burnout ignites.

It was a powerful reminder to 𝘀𝘁𝗲𝗽 𝗯𝗮𝗰𝗸.

Building Tin Men Capital has been one of my greatest joys.
It gives me purpose and joy.

But recently, I’ve been running on fumes.
And clearly not operating at my best anymore.
If I don’t step back and rest, I won’t be much use to anyone. Not even myself.

Equally important: I needed to step back and let my team step up.
Tin Men Capital is where it is today because of the team we’ve built.

Yes, it’s tempting (and often faster) to do things myself.
But I’ve learned we go much further, with more clarity and longevity, 𝗮𝘀 𝗮 𝘁𝗲𝗮𝗺.

This year has been long. With great progress.
Not everything went the way I’d like but I’m content.
Because I know I gave it everything I had.

Now, it's time for some rest.

Wishing everyone in my network the same:
Some well-deserved time to pause, reflect, and recharge.

It’s not a sprint or marathon but a series of sprints, much like interval training.

AniTelligence

Founder

Butcher's Pet Care

Nutrition Consultant & Food Development Consultant

Petcore

Director

Director @ AniTelligence ➡️ Artificial Intelligence ➡️ Machine Learning ➡️ Revolutionising Pet and Animal Welfare

More than 20 years in the Pet and Animal Care Industry, now pioneering how Artificial Intelligence and Machine Learning can be adopted in that vertical

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Jeremy Tan

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The Battle

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Performance Score.css-goub6s{font-size:var(--chakra-fontSizes-md);font-weight:500;color:var(--chakra-colors-gray-600);display:block;margin-top:var(--chakra-space-1);}Jeremy Tan's LinkedIn Performance

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