First institutional close of Sturgeon Emerging Opportunities II (SEO II) fund.

Mar 22, 2024

Sturgeon Capital announces the first institutional close of its second flagship VC fund, Sturgeon Emerging Opportunities II (SEO II). The firm’s latest fund continues Sturgeon’s proven strategy of investing in the best early-stage technology companies across Central Asia, the Caucasus, Bangladesh, and Pakistan.

In addition to the close announcement, Sturgeon has entered a broader strategic partnership with SEO II anchor LP, SBI Ventures Asset Pte. Ltd. (a subsidiary of SBI Holdings, Inc.) to jointly develop business interests in the Central Asian region, with a focus on FinTech and Uzbekistan.

  • Sturgeon’s track record and strong reputation as a ‘value-added’ investor have led to strong demand for the firm’s pioneering second flagship VC fund despite fundraising headwinds in the macro-environment. SEO II’s first close was anchored by the International Financial Corporation (IFC) and SBI Ventures Asset Pte. Ltd., alongside a global mix of family offices, high-net-worth individuals, corporations, and IFIs. Plans are in place to complete a second close imminently with several other IFIs, sovereign wealth funds, endowments and fund of funds in active due diligence. The QIC recently signed terms to join SEO II’s upcoming second institutional close (link).
  • SEO II is building on the success of SEO I, a 2020 vintage fund that has made 18 investments focused on Seed up till Series A. SEO II will continue to invest primarily in FinTech, B2B Software and Marketplace business models in rapidly growing, nascent digital ecosystems. Sturgeon identifies and cultivates category leaders with established economic models, exceptional founding teams, and paths to durable value.
  • Sturgeon’s core markets of Central Asia, the Caucasus, Bangladesh, and Pakistan represent some of the least developed in terms of consumer and SME lending. As a result, FinTech remains a core focus for the team, and SEO II continues the team’s reputation of developing a portfolio of the most advanced lending businesses in the region.
  • Sturgeon is a for-profit and for-impact investor. The team has consistently gone beyond providing capital to exceptional entrepreneurs, collaborating with portfolio companies to identify, measure, and optimise their impact. The team believes their active engagement enhances the probability of success for portfolio companies in terms of both impact and financial performance, ultimately fostering sustainable businesses that drive economic development in their regions and generate returns for their investors.
  • Sturgeon has partnered with the United States Agency for International Development (USAID) under the Digital Invest program to accelerate SEO II’s launch and maximise its potential market impact.

About Sturgeon Capital

Sturgeon Capital’s experienced team came together in 2016. The firm is headquartered in London, with a majority of its team based in its core markets. Sturgeon specialises in investing in technology companies in untapped emerging digital geographies. LPs include the Mirath family office, the International Finance Corporation (IFC), Montrose Advisors, and SBI Ventures Asset Pte. Ltd.

It has approximately $300 million in assets across venture capital and private equity mandates. The Generalist recently released a long-form piece on the company, and the firm publishes regular research and insights on their Substack blog: Terra Incognita.