Ondine Capital (活水資本) is a Singapore-based venture capital firm investing in early-stage consumer technology and TMT companies across Southeast Asia and Greater China. The firm focuses on scalable consumer models in retail, education, logistics, and technology.
30% of their portfolio is in E-Commerce & Marketplace. Their most common stage is series-a (60% of deals). Average disclosed round size is $45.0M (across 9 rounds with reported amounts).
Portfolio
10
Fund Size
$100M
Top Stage
Series A
Last 12 Mo
0
Team
JH
Justin Hu
Venture Partner
CC
Charles Chang
Analyst
XL
Xinyi Long
Analyst
RH
Randolph Hsu
Co-Founder
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
10 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 iMotorbike | Series A | — | Jun 2023 |
 Love Bonito | Series C | $50M | Jan 2021 |
 Snapask | Unknown | $35M | Feb 2020 |
 Carsome | Series C | $50M | Dec 2019 |
 Crewdible | Series A | $3.2M | Jan 2019 |
 Haulio | Series A | $7M | — |
 Aboard | Series A | $13M | — |
 Swap Energi Indonesia | Series A | $7.3M | — |
| 零零一汽车 | Series A | $70M | — |
 Carsome | Unknown | $170M | — |
Top Co-Investors
Gobi Partners3 shared
500 Global2 shared
Endeavor2 shared
MUFG Innovation Partners2 shared
FuturePlay1 shared
XA Network1 shared
Iterative1 shared
Grab Ventures1 shared
Openspace1 shared
Openspace Capital1 shared
Primavera Capital Group1 shared
Startup Wise Guys1 shared
GGV Capital1 shared
InterVest1 shared
Vision Plus Capital1 shared
MediaTek1 shared
MediaTek Ventures1 shared
Goodwater Capital1 shared
Seedstars1 shared
Last updated: 27 September 2026