Cocoon Capital: Backing Southeast Asia’s Quiet B2B Revolution

In a region obsessed with super apps, consumer wallets, and the next viral marketplace, Cocoon Capital has quietly built a very different kind of franchise. From its base in Singapore, the early-stage VC firm has spent the last decade backing the “unsexy” backbone of Southeast Asia’s digital economy: manufacturing software, robotics, logistics infrastructure, healthtech, climate and deep-tech plays that don’t always trend on Twitter, but power real industries.

With more than US$90 million in assets under management across three funds and a portfolio spanning over 30 companies, Cocoon is now one of the region’s most distinctive early-stage partners for B2B and deep-tech founders.

Deep-Tech & B2B First, Southeast Asia Always

Core Investment Focus

Cocoon Capital runs a B2B-only, deep-tech-friendly playbook. Instead of consumer apps, the firm concentrates on the infrastructure layers that keep economies running:

• Enterprise SaaS & B2B software

  • Vertical SaaS for SMEs and industry (e.g. construction, retail, manufacturing).

  • Mission-critical tools that help businesses sell, operate, or comply more efficiently.

• Advanced manufacturing & robotics

  • No-code robotics programming and automation software that make factories smarter and more flexible.

• Medtech, diagnostics & healthtech infrastructure

  • Clinical AI, hospital and lab software, pharma distribution platforms and novel biomaterials.

• Climate, sustainability & industrial efficiency

  • Energy optimisation, contamination monitoring and next-generation battery materials.

• Logistics & supply chain rails

  • Freight, fleet, B2B marketplaces, and tools that organise fragmented logistics markets across the region.

• Fintech & financial infrastructure (B2B or infra-led)

  • Loan marketplaces, financial wellness tools and embedded-finance infrastructure for SMEs and workers.

The consistent theme: no hype, lots of infrastructure. Cocoon is explicitly wary of buzzword-driven investing and hunts for products that make core workflows faster, safer, cheaper or more compliant.

Geographic Focus

Cocoon is headquartered in Singapore and invests primarily across Southeast Asia, with a portfolio footprint that includes:

• Singapore – the core hub, especially for deep-tech and enterprise SaaS.

• Vietnam – pharma distribution, B2B marketplaces and creator-economy infrastructure.

• Indonesia – fleet telematics, precision marketing and financial services infrastructure.

• Myanmar & Mekong region – logistics and freight platforms.

• Philippines, Malaysia, Thailand – as operational markets for regional portfolio companies.

Beyond Southeast Asia, Cocoon also selectively backs B2B and deep-tech founders in Bangladesh, India and Australia, especially when there is a clear regional or global scaling path.

Investment Strategy & Stage

Cocoon invests early and deliberately:

• Stage:

  • Pre-seed and seed as the entry point.

  • Reserves capital to follow through to Series A in its strongest companies.

• Cheques:

  • Typical initial cheques range from US$500,000 to US$1.5 million, often as the lead investor in the round.

• Pace & concentration:

  • Roughly 5–6 new investments per year, keeping the portfolio concentrated enough for hands-on support.

• Reserves:

  • Around 55% of Cocoon’s latest fund is earmarked for follow-on capital, allowing the firm to back winners through multiple rounds.

Cocoon almost always leads and takes a board seat, treating each investment as a long-term operating partnership rather than a passive financial bet.

Fund Snapshot: Building a Deep B2B Franchise

Cocoon’s story so far is defined by small, focused funds that outperform:

• Fund I (2016) – US$7 million

  • Early bets in B2B software, logistics and healthtech across Singapore and Vietnam.

• Fund II (2019) – US$21 million

  • Doubled down on enterprise tech, medtech and fintech.

  • Ranked among the top three Southeast Asian VC funds by IRR, with both Funds I and II already returning capital to LPs.

• Fund III (2025, in progress) – Target US$50 million

  • US$30 million first close announced in April 2025.

  • Mandate to back ~20 companies over 4–5 years, keeping the portfolio tight while reserving more than half the fund for follow-ons.

Across these vehicles, Cocoon reports over US$90 million in AUM and more than 30 portfolio companies, which together have attracted over US$160 million in follow-on capital from regional and global investors.

Portfolio Highlights: Deep Tech & B2B Champions to Watch

Cocoon’s portfolio is a cross-section of the rails powering Southeast Asia’s digital and industrial economy:

• See-Mode Technologies (Singapore → Global) – AI for stroke-risk prediction, an early Cocoon bet that raised a major Series A and exited to NASDAQ-listed RadNet, cementing the firm’s deep-tech credentials.

• Buymed / Thuocsi.vn (Vietnam) – B2B pharma marketplace modernising drug distribution across Vietnam and beyond, with Cocoon backing the seed and following on through multiple institutional rounds.

• Qashier (Singapore → Regional) – SME point-of-sale and payments OS used by thousands of merchants and processing over US$1 billion in annual transaction volume across Southeast Asia.

• Augmentus (Singapore) – No-code robot programming platform that brings advanced automation within reach of factories without large engineering teams.

• Aprisium (Singapore) – Contamination monitoring and analytics platform at the intersection of climate, public health and industrial quality control.

• Lendela (Singapore) – Loan marketplace simplifying borrowing for consumers, with Cocoon investing from seed through to its multi-million dollar Series A.

• Karzo (Myanmar / Mekong) – Asset-light freight platform that organises fragmented trucking networks across the Mekong region.

• SensorFlow (Singapore) – Energy management platform for hotels that cuts energy use while improving guest comfort, a flagship climate-tech play in Cocoon’s portfolio.

Why Founders Choose Cocoon Capital

For B2B and deep-tech founders, Cocoon is built to be an active partner rather than a passive cheque:

• Focused expertise – The fund’s entire mandate is early-stage B2B and deep tech, so founders get investors who understand complex products, sales cycles and global benchmarks.

• Lead and lean in – Cocoon typically leads rounds, takes a board seat and engages deeply on governance, hiring, GTM and fundraising.

• High-conviction portfolio – With only around five new deals a year, partners have the bandwidth to work closely with each founding team.

• Structured support – Through initiatives like Cocoon Academy, founders tap into playbooks on fundraising, financial discipline and leadership, not just ad-hoc advice.

• Follow-on and networks – Portfolio companies regularly attract top-tier Series A/B investors, benefiting from Cocoon’s relationships across the regional and global capital stack.

• Proven outcomes – Funds I and II are returning capital, and exits like See-Mode’s acquisition show Cocoon can help founders build to meaningful, real-world outcomes.

WOWS Global: Connecting You to Investors Like Cocoon Capital

At WOWS Global, we spend our time mapping which investors actually move the needle for specific types of founders across Southeast Asia. Cocoon Capital is a prime example: a concentrated, thesis-driven fund that is highly relevant for:

• B2B SaaS and enterprise software founders,

• Deep-tech and industrial innovators, and

• Healthtech, logistics, climate and infrastructure builders launching from or scaling into Southeast Asia.

If you’re building the kind of “behind-the-scenes” infrastructure that powers industries, not just consumer eyeballs, a partner like Cocoon can bring board-level support, deep operating insight and credible follow-on capital pathways.

Ready to position your B2B or deep-tech startup for institutional capital across Southeast Asia and beyond? Connect with WOWS Global and explore how we can help you refine your story, your numbers and your investor targeting so you’re ready for conversations with specialist funds like Cocoon Capital.