# Monk's Hill Ventures
Monk's Hill Ventures is a Singapore-based early-stage venture capital firm founded in 2014 by entrepreneurs [Peng T. Ong](https://www.edgepedia.org/peng-t-ong) and Kuo-Yi Lim, investing primarily at pre-Series A and Series A in Southeast Asia.[1](https://www.monkshill.com/about-us) Since raising its first fund in 2014, the firm has invested in more than 50 startups across multiple business models and industry verticals.[1](https://www.monkshill.com/about-us) Its first fund closed at USD 80 million in 2016 with Temasek as anchor limited partner, followed by a USD 100 million second fund in 2020 and a USD 200 million third fund in 2023.[2](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/)
| Key facts | |
|---|---|
| Founded | 2014, Singapore, by Peng T. Ong and Kuo-Yi Lim[1](https://www.monkshill.com/about-us) |
| Stage and geography | Pre-Series A and Series A, Southeast Asia[1](https://www.monkshill.com/about-us) |
| Funds | Fund I USD 80m (2016); Fund II USD 100m (2020); Fund III USD 200m (2023)[2](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/) |
| Cheque size | USD 2-8 million core; seed strategy from USD 500,000[2](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/) |
| Portfolio | More than 50 companies; 12 exits, six via trade sale[1](https://www.monkshill.com/about-us) • [2](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/) |
| Offices | Singapore, Jakarta, Ho Chi Minh City[1](https://www.monkshill.com/about-us) |
| Partners | Kuo-Yi Lim, Peng T. Ong, Justin Nguyen[2](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/) |
| Target IRR | "In the north of the teens"[3](https://theedgemalaysia.com/article/venture-capital-founderled-tech-companies-are-creating-deep-value) |
## Founding and founders
The founding partnership comprised Peng T. Ong, Kuo-Yi Lim, and Stefan Jung, with Thomas Clayton as special advisor.[4](https://www.digitalnewsasia.com/sizzle-fizzle/entrepreneur-backed-monks-hill-ventures-debuts-with-us80mil-fund) Jung, a third partner present from the outset, left within 18 months.[2](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/) The firm is named after Ong's secondary school.[5](https://www.bangkokpost.com/life/social-and-lifestyle/1495990/funding-the-future)
At launch, Monk's Hill was one of six venture firms selected from 32 proposals for Singapore's National Research Foundation Early Stage Venture Fund (ESVF) scheme, under which the NRF invested S$10 million on a one-to-one matching basis with each selected firm.[4](https://www.digitalnewsasia.com/sizzle-fizzle/entrepreneur-backed-monks-hill-ventures-debuts-with-us80mil-fund)
## Peng T. Ong's career before Monk's Hill
Ong worked in engineering and management roles at Gensym (1988-90), Sybase (1990-93), and Illustra (1993-96) before co-founding Electric Classifieds, which launched [Match.com](https://www.edgepedia.org/match-com); his career timeline lists the Match.com co-founding as 1994-96.[5](https://www.bangkokpost.com/life/social-and-lifestyle/1495990/funding-the-future) He then founded [Interwoven](https://www.edgepedia.org/interwoven), a content management software firm that went public on the Nasdaq in 1999 and grew to $10 billion in market capitalization before being acquired by [Hewlett-Packard](https://www.edgepedia.org/hewlett-packard).[5](https://www.bangkokpost.com/life/social-and-lifestyle/1495990/funding-the-future) His next company, Encentuate, a developer of identity and access management software, was acquired by IBM in 2008.[6](https://grainger.illinois.edu/alumni/hall-of-fame/9651)
Ong's later roles included executive positions at IBM (2008-09), venture partner at GSR Ventures in China (2010-13), chairman of Infocomm Investments (2006-13), and a SingTel board seat (2009-13).[5](https://www.bangkokpost.com/life/social-and-lifestyle/1495990/funding-the-future) The firm's own profile states that Match.com, Interwoven, and Encentuate products collectively generate over $1 billion in annual revenue today, and that at GSR Ventures he was associated with investments such as Didi Chuxing, Eleme, and Qunar.[7](https://www.monkshill.com/team-members/peng-t-ong) His contributions to Singapore's tech ecosystem earned him the Public Service Medal (P.B.M.) in 2012.[7](https://www.monkshill.com/team-members/peng-t-ong)
Kuo-Yi Lim, the other co-founder, had been chief executive officer of the US$200-million Asian venture fund Infocomm Investments, with investments in Twilio, Reebonz, Dataxu, Gengo, DS3, Quid, JustCommodity, and Mobilewalla.[4](https://www.digitalnewsasia.com/sizzle-fizzle/entrepreneur-backed-monks-hill-ventures-debuts-with-us80mil-fund) Lim and Ong had worked together at Encentuate.[2](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/)
## Funds and investors
Monk's Hill closed its first Southeast Asia-focused fund above its target of USD 80 million, according to Managing Director Peng T. Ong; the fund launched in 2014 and closed in 2016.[8](https://www.avcj.com/avcj/news/98864/monks-hill-closes-southeast-asia-vc-fund) • [2](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/) PitchBook lists four limited partners for Fund I: Temasek Holdings (commitment dated 31 March 2016), Titanium Ventures (28 February 2016), Cisco Investments (10 September 2015) and YJ Capital.[9](https://pitchbook.com/profiles/fund/14561-20F) The Edge Malaysia described the first fund as roughly USD 85 million, a slightly different figure from the USD 80 million close reported by ION Analytics and AVCJ.[3](https://theedgemalaysia.com/article/venture-capital-founderled-tech-companies-are-creating-deep-value)
Funds II and III closed in 2020 and 2023 at USD 100 million and USD 200 million respectively, with Temasek returning for both vintages and a US-centric institutional investor base.[2](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/) Ong has said the firm's target IRR is "in the north of the teens".[3](https://theedgemalaysia.com/article/venture-capital-founderled-tech-companies-are-creating-deep-value)
## Investment strategy and portfolio
Each fund makes 15-20 core investments, writing checks of USD 2 million to USD 8 million at pre-Series A and Series A, alongside a seed strategy of USD 500,000 to several million dollars.[2](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/) The investment team is on the ground in Singapore, Indonesia, Vietnam, Thailand, and Malaysia, with offices in Singapore, Jakarta, and [Ho Chi Minh City](https://www.edgepedia.org/ho-chi-minh-city).[1](https://www.monkshill.com/about-us) Ong describes the firm's thesis in terms of what he calls the technification of services.[10](https://apac.entrepreneur.com/leadership/peng-t-ong-on-why-monks-hill-ventures-tells-entrepreneurs/339235)
The firm has exited 12 of its 50-plus portfolio companies, with six coming via trade sale.[2](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/) Notable positions include [Ninja Van](https://www.edgepedia.org/ninja-van), a Singapore-based e-commerce logistics provider for which Monk's Hill led a [Series A round](https://www.edgepedia.org/series-a-round) in 2015; Ninja Van went on to raise nearly USD 1 billion, including USD 578 million in equity in 2021, and later put IPO plans on hold to pursue profitability.[3](https://theedgemalaysia.com/article/venture-capital-founderled-tech-companies-are-creating-deep-value) • [2](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/) KKday, in the portfolio since 2016, claims 10 million monthly active users across 500 cities in more than 80 countries and has been preparing for an IPO.[2](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/)
## Recent developments
Fund III, the firm's largest at USD 200 million, was 50 percent deployed at the time of its Mergermarket profile.[2](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/) The firm typically backs about four companies per year, except in 2021 when eight deals were closed; AVCJ Research counts 15 investments in 2021 and nine in 2022 including re-ups.[2](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/) The firm expected several exits over the 12 to 18 months following that profile.[2](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/) The partner lineup comprises Kuo-Yi Lim, Peng T. Ong, and Justin Nguyen.[2](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/)
Lim has classified success as a 10x-20x return on individual investments, with such companies typically growing over 5-7 years, and says institutional limited partners want three to four good companies per fund reaching certain valuations.[2](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/)
## Registry and regulatory record
Monk's Hill Ventures Pte. Ltd. is listed in the [Monetary Authority of Singapore](https://www.edgepedia.org/monetary-authority-of-singapore)'s Financial Institutions Directory as incorporated in Singapore, with Ong Peng Tsin as Chief Executive Officer.[11](https://eservices.mas.gov.sg/fid/institution/detail/2681-MONK-S-HILL-VENTURES-PTE-LTD)
## References
1. [Monk's Hill Ventures - About Us](https://www.monkshill.com/about-us)
2. [GP profile: Southeast Asia's Monk's Hill Ventures calls for patience on exits - ION Analytics (Mergermarket)](https://ionanalytics.com/insights/mergermarket/gp-profile-southeast-asias-monks-hill-ventures-calls-for-patience-on-exits/)
3. [Venture Capital: Founder-led tech companies are creating deep value - The Edge Malaysia](https://theedgemalaysia.com/article/venture-capital-founderled-tech-companies-are-creating-deep-value)
4. [Entrepreneur-backed Monk's Hill Ventures debuts with US$80mil fund - Digital News Asia](https://www.digitalnewsasia.com/sizzle-fizzle/entrepreneur-backed-monks-hill-ventures-debuts-with-us80mil-fund)
5. [Bangkok Post - Funding the future](https://www.bangkokpost.com/life/social-and-lifestyle/1495990/funding-the-future)
6. [Peng T. Ong | The Grainger College of Engineering | Illinois](https://grainger.illinois.edu/alumni/hall-of-fame/9651)
7. [Peng T. Ong, Co-Founder and Managing Partner - Monk's Hill Ventures](https://www.monkshill.com/team-members/peng-t-ong)
8. [Monk's Hill closes Southeast Asia VC fund | AVCJ](https://www.avcj.com/avcj/news/98864/monks-hill-closes-southeast-asia-vc-fund)
9. [Monk's Hill Ventures Fund I: Performance | PitchBook](https://pitchbook.com/profiles/fund/14561-20F)
10. [Peng T Ong on Why Monk's Hill Ventures Tells Entrepreneurs to Chase Big Markets - Entrepreneur APAC](https://apac.entrepreneur.com/leadership/peng-t-ong-on-why-monks-hill-ventures-tells-entrepreneurs/339235)
11. [Financial Institutions Directory - Monk's Hill Ventures Pte. Ltd.](https://eservices.mas.gov.sg/fid/institution/detail/2681-MONK-S-HILL-VENTURES-PTE-LTD)
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*Topic: Encyclopedia › Society and history › Economics and business › Founders, operators, and investors › Venture and growth investors › India and Asia-Pacific venture › Southeast Asian venture investors and funds*
*Initially written Sep 19, 2026 · Reviewed: Sep 19, 2026 · Edited: Oct 15, 2026 · Last review: Sep 19, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license