Forge Ventures

Forge Ventures is a Singapore-based early-stage venture capital firm founded in 2021 by Tiang Lim Foo and Kaspar Hidayat, in partnership with Alto Partners, an Asia-focused multi-family office. The firm closed its oversubscribed debut fund at US$21.88 million in September 2021, targeting startups across Southeast Asia with a primary concentration in Singapore and Indonesia. Forge leads pre-seed and seed rounds, writing average checks of approximately $750,000 and planning to invest in around 15 companies per fund. The firm describes itself as sector-agnostic but pays close attention to fintech startups in the region. Its 25-investment portfolio spans healthtech, food, education, energy, and AI. Named portfolio companies include Mito Health, a preventive health platform that raised a $1.3 million pre-seed round; Marathon Education, a Vietnamese edtech platform that raised $1.5 million; Vouch, a Singapore-based digital insurance platform; Prefer, a sustainable coffee brand backed in an $4.2 million round in August 2025; and Nexmedis, an Indonesian AI-powered medical diagnostics company co-led by Forge and East Ventures in February 2025. Forge takes a hands-on approach to early-stage company building in Southeast Asia. Both co-founders bring operational and financial backgrounds suited to working closely with founders navigating the region's fragmented markets, regulatory environments, and distribution challenges. The firm's partnership with Alto Partners provides portfolio companies with additional access to the family office networks and relationships that underpin much of Southeast Asia's private capital ecosystem.