Tin Men Capital

Singapore-based venture capital firm licensed by the Monetary Authority of Singapore. Invest in enterprise technology startups that serve large untapped sectors including next-gen retail & commerce; supply chain, transport & maritime; energy, commodities & industrials; media & leisure; and IT infrastructure & productivity.

Need funding for your company? Please contact us here: https://bit.ly/tinmenpitch Would love to hear from you.

Tin Men portfolio companies:
1. Sixsense: https://sixsense.ai/ 
SixSense is a computer vision AI company that serves manufacturers by surfacing product quality issues by examining images from the production line automatically, in real-time and at scale.

2. GlobalTix: https://www.globaltix.com
Software and marketplace that allows tourism attraction operators and travel product distributors to optimise ticket throughput, improve on-site visitor management and efficiently manage business rules and processes

3. Hubble: https://www.hubble.sg
Resource management platform for parties in the construction value chain to track and optimise manpower, safety, quality, money flow and other processes

4. Overdrive: https://www.overdriveiot.com
Autonomous tracking and optimisation of machinery, assets and people while meeting the challenging operating constraints posed by industrial applications

5. Zipline: https://zipline.app/
Australia's #1 workplace management platform for the aged care & health sectors that manages the complex interactions between residents, visitors and employees, all while staying compliant with government regulations

6. Glife https://glifefoods.com
Glife is a technology-enabled food distribution and restaurant operations software company

7. iVS: https://ivs.tv/
iVS turns a cost-centre for video publishers into a profit centre, while helping advertisers reach a network that already spans over 1.2 billion page views per month

Co-Founder

Govt working group on intangible assets & intellectual property

Serving as a bridge between the public and private sectors. Working in collaboration with and facilitated by the dedicated efforts of IPOS, ACRA, SGX and MAS.

Nominee Member

The WDKY podcast

What Doesn't Kill You (And What Just Might!) on Spotify: https://lnkd.in/gHzYaU3

On WDKY, we're serious about startup success but we don't take ourselves too seriously. We bring you the people that have made it all happen and ask them to tell us about the many ways they could have failed – and often DID fail. 

We also make beer recommendations ;-)

Listen here:
iOS: https://lnkd.in/g6me6ys
Google: https://lnkd.in/gxAuGWQ
Spotify: https://lnkd.in/gHzYaU3

Creator and Host

INSEAD

Providing on-campus one-on-one 'entrepreneur clinics' to MBA students, guest lecturing and judging business plan pitches. Professors Phil Anderson, Bala Vissa and Xu Hongwei

Entrepreneur in Residence

NUS Business School

Bachelors and Masters level courses taught by Professors Sampsa Samila and Erin Scott.

Guest lecturer and entrepreneur-in-residence

Various start-ups

I occasionally act as an independent board director or advisor to start-ups.

Entrepreneur Advisor

JAFCO Investment (Asia Pacific)

Early-stage technology venture capital across India and SE Asia focusing on deal sizes of ~US$1-5M. Achieved the most profitable exits in the region's history.

Head, South and SE Asian investments

Temasek Holdings

Coverage of the global natural resources sector including mining, agriculture, alternative energy, commodities trading, etc. Also worked on transactions in other sectors including beverages, infrastructure, technology and manufacturing.

Senior Associate

RedPill Solutions

Clients included HP, Nokia, Starhub, Singtel, O2 Mobile, etc

Consultant

Primarily under the charge of Professor Patrick Turner

Research Assistant -- Finance, Entrepreneurship/Venture Capital and Economics

Founded an enterprise tech co, found your first few customers and looking to accelerate?
We might be the right fit: 👇


Running a startup is no cakewalk.

→ Obscenely high failure rates
→ Great products don’t automatically = success
→ Super steep learning curve
→ Heavy commitment of time, headspace, and resources

Yet, here we are. You’re running your own startup now.
Quietly excited, but also anxious and unsure.
Concerns like limited runway, hiring, expansion, legalese flood your waking thoughts.

That's why I co-founded Tin Men Capital.

To support and accelerate the ambitions of brilliant B2B SaaS founders in South-East Asia at Series A and beyond. Those that have made great sacrifices to bring their best to the world – especially those focused on legacy industries that are now digitising.

Our approach to venture investing differs slightly from most firms:

→ We believe B2B Startups are a team sport. Founders, advisors and investors must all bring something to the table
→ We only invest in a handful of companies each year. We care deeply about each company we back
→ >80% of time spent advising and opening doors for founders
→ We are complementary to other VCs who have a different approach and collaborate to share insights
→ Full-stack team of venture builders with board and corporate experience - that includes some of our LPs!

If that sounds like the type of investor and partner you’d like on your cap table, I’d love to hear from you.

➡️ My background:
I've sat on the boards of more than 25 venture-backed enterprise tech firms since 2008 in various countries (Singapore, India, Australia, and the US), and stages (from pre-revenue startups to 2000+ employee firms)

I've seen the worst side of the economy during the depths of the financial crisis at 28 which was when my career in venture began. My worldview and opinions are also fuelled by previous roles in consulting, research and large-cap investments.

I have lived in and experienced different cultures across Singapore, India, Taiwan, Malaysia, and the US over the years.

Fun fact: I'm also a competitive cyclist 🚴‍♀️ (Singapore gold medal winner at the 2018 Asian Cycling Championships)

➡️ Best way to get in touch:
Email me.

➡️ Need funding for your company?
Apply here: https://www.tinmen.asia/contact/founders

Murli Ravi

After more than two decades of investing...
I believe we’ve found the next big hidden opportunity:


Most LPs exploring venture capital funds as an investment vehicle are concerned with media sentiment.

"Capital at risk"
"Growth at all costs"
"Long-term"

The numbers don't lie. If well managed, venture investing reaps very attractive ROI versus most other alternatives.

And, you won't even need to find the next unicorn to do that.

Today, sustainable, sticky growth is the holy grail for any investment office looking for longevity with attractive returns.

Some years ago my partner, Murli, and I started Tin Men Capital in pursuit of that.

Our fund's unique focus:
- B2B and Enterprise Tech Startups
- With a strong focus in Southeast Asia
- Who are in Series A stage and beyond

Our thesis:
SouthEast Asia's legacy industries are still largely undigitised.
B2B tech in large TAM > High-gross margins > Sticky recurring revenue > Quicker pathway to profitability

We've already proven that these ideas our sound with measured results from our inaugural fund.

Family offices and institutions that work with us appreciate our ethos in running the fund:

⚙️ DISCIPLINED DEAL-SOURCING : 
Carefully scrutinising every deal for the right valuations, founder mix, and expertise. No exceptions.

⚙️ HIGH-CONVICTION: 
We only invest in a handful of teams that apply. Sounds counterintuitive, but It's seeing above-market returns with below-average failure rates.

⚙️ EXPERIENCED B2B OPERATORS AT THE HELM: 
Murli and I bring collectively more than 40 years of experience in investing and management, having sat on boards and brokered large M&As. Our thoughts have also been featured on TechInAsia, Peak Magazine, and more.

Some of our portfolio companies:

🔵 Hubble (Series B)
Resource management platform for parties in the construction value chain to track and optimise processes

🔵  Zipline (Series A)
Australia's #1 workplace management platform for the aged care and health sectors

🔵  GlobalTix (Series A)
Software and marketplace software for tourism attraction operators and travel product distributors 

We’re always on the lookout for new partners and startups to join us.

If keen to chat, shoot me a DM/email or head over to our website to drop us a line.

Jeremy Tan

I told myself “just one more push.” For weeks.

And that’s when my tank ran empty.

I started scrolling aimlessly through social media, more and more often.
That is a sign I’ve begun to recognise. Burnout is creeping in quietly.

Still, I kept pushing. Harder. Longer. 
Telling myself I just needed to “finish this one thing.”

Truth is, that finish line just kept moving.
And I could feel the exhaustion starting to take over.

And then I saw this photo.
Though the original context is about CoVid.
My takeaway from it is about how burnout ignites.

It was a powerful reminder to 𝘀𝘁𝗲𝗽 𝗯𝗮𝗰𝗸.

Building Tin Men Capital has been one of my greatest joys.
It gives me purpose and joy.

But recently, I’ve been running on fumes.
And clearly not operating at my best anymore.
If I don’t step back and rest, I won’t be much use to anyone. Not even myself.

Equally important: I needed to step back and let my team step up.
Tin Men Capital is where it is today because of the team we’ve built.

Yes, it’s tempting (and often faster) to do things myself.
But I’ve learned we go much further, with more clarity and longevity, 𝗮𝘀 𝗮 𝘁𝗲𝗮𝗺.

This year has been long. With great progress.
Not everything went the way I’d like but I’m content.
Because I know I gave it everything I had.

Now, it's time for some rest.

Wishing everyone in my network the same:
Some well-deserved time to pause, reflect, and recharge.

It’s not a sprint or marathon but a series of sprints, much like interval training.

Backing brilliant B2B founders 🦓 in Southeast Asia | Co-founder at Tin Men Capital | Linkedin Top Voice

I’m quite surprised that firms are still so bold to be misusing our name.

As the Tin Men Capital brand grew over the years, cases of fraudulent use has increased.

One of the weirdest incident recently, a person showed up at our office with this handwritten letter at the office last week. 

“URGENT VERIFICATION REQUEST”
Written on a page torn out from an exercise book.

It claims a firm and it’s representative claims to be affiliated with Tin Men Capital - more than likely using that to garner business.

This is 100% false and I’ve never even heard of them either. It might be a scam.

But if it's legitimate, it’s not the first time that a company has fraudulently claimed to be associated to or invested in by us. 

We had other incidences where founders claimed to possess a term sheet by us, and we’re fortunate to have collaborative partners in other firms who cross check investment claims with us.

In some cases, there was no term sheet from us. 
Naturally the reputation damage followed after, and no news of a successful raise eventually.

I’m disappointed that there are still bad actors out there misusing our brand.

To the ones doing so, we will find out eventually. Please stop. 
Dishonest acts will always catch up eventually, and it’ll be harder to recover.
It’s not worth it and it hurts others too.

For founders seeking funding or for anyone seeking collaboration - please reach out to us directly via official channels like our website.

And we welcome folks to verify claims with us. Our team is on LinkedIn and you can easily reach us. 

Always verify claims before committing.

JSESSIONID

li_at

LinkedIn

Talks about #startup, #investing, #fundraising, #familyoffice, and #venturecapital

Valuation is not validation. 
It never was.

Years ago, I found myself increasingly irritated by one thing:
SEA’s obsession with unicorns.

At the height of the last VC boom, we started treating valuation as validation.
If you weren’t a unicorn, you weren’t “winning.”

That mindset did real damage.

It really pressured founders to grow at all cost.
Pushing investors to raise too much capital and overpay.

Worse, the ecosystem began to equate success with size.
And apply a playbook unsuitable for this region.

A billion-dollar label does NOT make a company valuable.

The irony is, some of those “unicorns” weren’t built on the strongest foundations.
They grew fast, often without the fundamentals to sustain it.
Burning through capital and momentum along the way.

Then the layoffs and contagion ensues.

What’s worth celebrating are quieter, steadier outcomes.

Founders who build sustainable businesses.
Teams that get acquired / exited for the right reasons.
Companies that scale responsibly and stay alive through cycles.

Those outcomes compound.
Exits brings about DPI and capital recycling.
They build the foundation of a resilient ecosystem.

Years later, that obsession has started to fade.
And that’s a good thing.

I’m much more optimistic now.
With our region setting up better benchmarks,
And founders embracing audacity and confidence to build for this region.

It’s a healthier kind of ambition.
That’s what will define this next cycle.

—
P.S. This is a snippet from our Unfair Advantage podcast. 

🎧 Now streaming on all major podcast platforms:
🟢 Spotify: https://lnkd.in/gEig_89f
⚪️ Apple Podcasts: https://lnkd.in/gECJhtSS
🔴 YouTube: https://lnkd.in/g8bfShYA

Last week, I had the privilege of meeting several KL-based founders over drinks.
I came away genuinely excited.

They possessed this maturity, grit, and quiet confidence.
A quiet confidence powered by their conviction: 
“I’ll focus on what works, instead of chasing valuations or unicorn labels.”

I’ve always felt that the lack of a “safety net” is a crucible that forges strong founder mentality.

And you see this in many of Malaysia’s homegrown companies.
Sunway, Dialog Group, OSK.

I can’t wait to see the next crop of founders rising from Malaysia.
From what I’ve seen, the ones I met are already setting the pace for their tech ecosystem.

Several years ago, I attended a course that asked us to “be unreasonable.”
That didn’t sit well with me at first.

In my upbringing, being “unreasonable” meant being difficult.
But that was NOT what they meant.

Starting a company is not for the faint-hearted.
It is REASONABLE for most people to not try, or to give up.

If you want to be a constructive disruptor and a changemaker, you have to be UNREASONABLE.

If we want different results, we have to take unreasonable actions.

Becoming an entrepreneur helped me understand this fully.
And embrace it.

I know many of us are going through a tough time right now.
For the trailblazers out there, you know who you are, keep going:

🧲 Make that cold call you’ve been dreading
🧲 Open your mouth and ask for the funding you need
🧲 Quit that job (the safety blanket) that’s holding you back

What’s one UNREASONBLE action you can take today?

Startups are told to move fast.
(But they shouldn’t be doing so blindly.) 

In our region, we’ve seen this happen too many times.

A company raises a big round.
Expands into three countries at once.
Hires 40 people in six months.

And for a while, it looks like progress.
But when you zoom in:

🚩 Unit economics were never validated
🚩 GTM wasn’t repeatable
🚩 Cash burn scaled faster than revenue
🚩 Leadership was running on “hope loops” 

In isolation, each decision looked reasonable.
Together, they formed a straight line to trouble.

And the ending is familiar.

Teams downsized. 
Markets exited. 
“Strategic reviews.”

None of them failed because they were slow.
They failed because they were accelerating in the wrong direction.

Speed magnifies whatever foundation you have.
If your model works, it’s momentum.
If it doesn’t, it creates destruction.

🟢 Validate before hiring
🟢 Prove one wedge before expanding
🟢 Treat cash with intention
🟢 Earn scale, don’t announce it

Founders who work this way still move fast.
They just don’t confuse it for progress.

In a region where capital can tighten quickly and markets change fast, 
Discipline is an advantage.

Know what’s actually working before you pour fuel on it.

As this year draws to a close, I am reflecting on my 2025 including my LinkedIn journey.

In 2025, I’ve shared 144 posts that reached 1.3M impressions.

These are my Top 10 ones on investing, startups and life:

1/ How to know you’re fundraise-ready?
https://lnkd.in/gzEqzQjX

2/ Startups - legacy players are coming for your lunch
https://lnkd.in/gPzmk9av

3/ Smaller VC funds could be the future of VC
https://lnkd.in/gGg-fnfp

4/ A new exit lane for Southeast Asia’s startups
https://lnkd.in/gEfUezpa

5/ One of the toughest markets I’ve seen for raising venture capital
https://lnkd.in/gSW_ftFv

6/ A founder faked receiving a term sheet from us
https://lnkd.in/g_xyHH7D

7/ The sweet spot valuation for SEA exits
https://lnkd.in/g-HRXUcp

8/ I keep hearing founders say they'll NEVER raise from a VC again
https://lnkd.in/gyUdNCq5

9/ How to spot and avoid ‘Zombie VCs’ when fundraising
https://lnkd.in/g_sHx4z2

10/ Most call for startups to do the impossible
https://lnkd.in/g4pkykYB

I’ve had a great time meeting founders, investors, and other like-minded people through these conversations.

If you’ve been following along, thank you. 
I hope the posts helped you in some way.

Which one was your favourite?

Before you break for the year, if I can make one request.
If there’s a topic you want me to unpack next, drop it in the comments. I’m always looking for good questions to dig into.

I’ve found one of the best ways to make consistent progress while staying sane.

And it’s something I’ve learned from running.

Running had kept me sane through CoVid and now my entrepreneurial journey.

On the latter, it is still hard for me to come to terms that some things are just out of one's control.

You could say I seek refuge in running.
It’s something I can control and I don't have to think too much about.
In part is because I’ve built physical accountability into it.

My app sets the training program without me fussing.
My job is just to show up and run.
Even though it is hard to show up for one of those long >10km runs.
I know if I keep to it I will improve.

No matter how uncomfortable or tired I feel, I commit to following it.

So for the last 22 weeks I have been showing up.
⁠420km and > 40 runs

To be honest, I did not hit my 5km target.
(I was aiming for below 24 mins for my 5km.)

But that’s something I can live with.
Because though I’ve fallen short, progress has been made.

Running itself has helped me cope with the trials and trepidations of building Tin Men Capital.

I’ve found other ways to apply this logic into my work:

Setting goals and plans that guide every work week and month.
Having accountability buddies to ensure I stay the course.
Booking appointments for key events in advance.

End of day, we can’t always control the outcomes, but we can control the inputs.
Wishing you all a 2026 with consistent progress and better run times.

Ok now I deserve a beer =)

It is the time of the year where I sit my kids down to write to Santa.

It is a practice to acknowledge where they have fallen short and celebrate wins, however small.

They’ll have to make their case to Santa. This ignited the inner child in me. 
This year I’m writing a letter to Santa.

My 2026 wishlist for Santa re:SEA:

“Dear Santa,
It has been a while… (decades to be exact)

This year I am writing regarding my hopes for Southeast Asia, not just myself. Hope that’s alright.

If this gets too long, you can ask ChatGPT to summarise. I heard even the elves use it.

Quick update from our side…

SEA’s ecosystem has grown up a lot.
More zebras are showing up. (The sustainable kind, don’t send us any plushies)
We also learned from our missteps. Growth at all costs, unicorn fever, a few fraud headlines, and exits that took their own sweet time.

But something shifted this year.

Founders got scrappier.
Teams built with less and with intention.
Armed with conviction and audacity to not blindly follow Silicon Valley.
Capital became more selective, in a good way.

So here’s my 2026 wishlist…

- More local managers with strategies that actually fit SEA
- SEA’s government backing such managers
- Institutional LPs who do not demand fund sizes bigger than your gift bag
- Healthy startup consolidation so unit economics and exits finally make sense
- Local corporates a little more open to saying yes to M&A
- A functioning tech IPO market in SEA
- Better GTM paths into Japan, the US and Europe
- SEA governments collaborating in their eco-system building efforts.

I know… it is a long list. 
But we have been good this year. Mostly. 😆
Big thanks - I’ll leave extra soya milk and you tiao out for you.

No Bitcoins or Nvidia shares, please. 
They have gone up enough.

Merry Christmas to you and the whole North Pole crew."

Wonder if Santa accepts email?

taplio

The Battle

Murli Ravi

Jeremy Tan

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The Battle

Murli Ravi

Jeremy Tan

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Engagements

Likes

Performance Score.css-goub6s{font-size:var(--chakra-fontSizes-md);font-weight:500;color:var(--chakra-colors-gray-600);display:block;margin-top:var(--chakra-space-1);}Jeremy Tan's LinkedIn Performance

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