Jeremy Tan's Linkedin Analytics

Southeast Asia needs to eventually become self-reliant. Trump’s Liberation Day has shown us that clearly. SEA was hit hard: 🚨 Cambodia (49%), Laos (48%), Vietnam (46%), Malaysia (24%), Indonesia (32%), Philippines (17%), Singapore (10%) This will wreck supply chains and stress economies in one fell swoop. If tariffs are executed, everyone loses. Including the US. It saddens me greatly to see this especially as a Singaporean. It’s well-known that Singapore has had long-standing free-trade agreements with the US for a long time. Decades of trade negotiators have poured their lives to make these FTAs a reality. That is no longer honoured or valid in this regard. China, Japan and South Korea are already discussing ways to work together against US tariffs. I’ve long remarked that SEA should move toward that eventually too - to collaborate with neighbours to enhance our regional supply chain and ecosystem. We don’t have to play offence. It’ll lead to more fighting. → This could be a short-term measure under a more aggressive administration.  → The US has been a strong and valued trading partner to many countries for decades. It’s a wake up call that we should work to minimise the level of control and influence that superpowers have that will impact our future. The world’s dependence on US won’t wane anytime soon, but it’s become imperative we work toward regional self-reliance. Tin Men Capital intends to invest more time and deploy more cheques in SEA.  In our small ways, we are playing our part in building up our eco-system. We will get through this - though it will take some time and determination. We’ve gotten so far by being adaptable, and I believe we will continue to thrive by doing so again. This time, stronger, together. Hang in there friends.

Venture capital success not just about numbers. It's largely about the people behind the numbers. Receiving this recommendation from Somsubhra, a founder of a recently exited portfolio company, made me do some reflection. Going back to our roots and why we do what we do. The acquisition marked the end of our partnership and I'm grateful for the opportunity to play a part in the founders’ journey. Without founders putting it all on the line, Innovation and success would not happen. There are really not as many outstanding ones as we think. Certainly not enough to go around. So when we do find some - we make sure to do our best to stick by them in good times and in bad. Though it takes time and focus - Murli and I wouldn’t have it any other way. Wishing the Ai Palette folks greater things - and may we meet again. Thank you for the kind words. Tin Men Capital is looking to back 4-6 founders this year, and I look forward to being an active contributor to the next generation of founders in SEA.

Our region’s not ready for IPOs as a mainstay exit pathway for startups. There’s little liquidity. No real exit culture. The value of listing locally is a work in progress. To SGX’s credit, it is making some changes and moving in the right direction. But there’s still a lot of work to be done before we get there. The reality is, most Southeast Asian startups just aren’t built to be unicorns. They’re $50M–$200M companies solving real problems in fragmented, messy markets. At these sizes, they’re attractive acquisition targets, But not nearly large enough to list on NASDAQ. What most aren’t noticing is that these companies are quietly being acquired. Not in New York. Not in San Francisco. But in Osaka. In Seoul. In Tokyo. Along what I call the “Asian corridor.” Japanese and Korean corporates are diversifying out of their home markets. And SEA’s growth - neutral, young, digital - is exactly what they’re after. Japanese giants have quietly snapped up stake in: 🇯🇵 Malaysia’s GHL Systems Berhad (acquired majority stake by NTT DATA) 🇯🇵 Singapore’s BookandLink (acquired by Tripla) 🇯🇵 Singapore’s Workmate (acquired by Persol Asia Pacific) Either via partial or full acquisitions or investments. Some are likely acqui-hires but are indications of interest in the region. Many large companies have tried to build enterprise software solutions themselves. But now they’re buying. After an arduous journey and investment trying to do it on their own, buying just becomes the more practical decision given the challenges of building in a fragmented market and the importance of speed to market. It’s a pattern we expect to see more of. I strongly encourage B2B founders to have, at the back of their minds, a strategy to attract M&A suitors as a path to exit. (I'll be writing more about this topic in the coming weeks/months) In our region, w/ our current financial infrastructure, it’s still a win. And much more suited to how Southeast Asia really operates. Especially in light of the macro uncertainty. The buyers will come some day.

We got a lot of flak suggesting ‘’pathways to profitability” for startups for years. Now, it seems more founders agree too. According to January Capital’s report, 82% of early and growth-stage founders still 'track revenue closely'. But over half of Series A+ founders now prioritise EBITDA and profitability. That’s a big mindset shift. Signalling the end of ‘growth-at-all-costs’ We’ve watched it play out in our own portfolio: ✅ Sticky long-term contracts ✅ Lean teams with low burn ✅ Earlier paths to cash flow profitability With healthy margins and strong retention, these companies don’t need to obsess as much over runway. Because cash flow surpluses can be re-invested into growth. They’re able to grow without relying heavily on external capital. Less of burning millions on user acquisition to chase vanity growth. Founders are sprinting toward sustainable models that generate real cash flow, and still grow at a steady pace. We call them the ReSEAlients. They’ve lived through the capital whiplash. They’ve learned to build resiliently, no matter the funding climate. Even as capital returns, I believe (and hope) this mindset will become sticky. Some may even explore facilities or non-dilutive financing, without giving up equity too early. As financial infrastructure improves with government initiatives - it will become even more pronounced. (Cash flow) Profitability is back in style. What do you think? -- Credits to January Capital for this very insightful chart.

Never a pleasant thing to read startup exposés. This time it’s 11x, a startup backed by A16Z and Benchmark. Companies like ZoomInfo came out to say they were never a customer post-trial, but got listed as such. Airtable says it was never a customer either. Both had logos on 11x's website - which have since been taken down. The article shared more accusations from various sources: -Some employees weren’t getting paid on time. -Traction numbers were inflated. Churn high. Though it must be acknowledged that pieces like these are sensational to get more eyeballs, there's no smoke without fire especially for reputable publications like TC. AI’s clearly having a moment right now. Founders are feeling the need to follow suit, slapping ‘AI’ onto everything. All in a bid to get funded by VCs aggressively allocating to this space. But, for every Bolt .dev or Midjourney, there are those like these. Companies playing the perception game to stay relevant. The damage goes far beyond the company itself. It ultimately undermines trust in the ecosystem. Casting doubt on honest founders. In some cases, it gives investors a bad look for backing them without asking hard questions. As hype cycles hit Southeast Asia, we have to be careful too. We’ve seen it in previous cycles, where the focus shifts from solving real problems to fitting a popular narrative. We need more founders who stay focused, ignore the noise, and solve problems. Founders who choose sustainability over short-term hype. And we need to have ways to support them so they don’t fall into the hype trap and change just to fit the narrative Investors that avoid chasing headlines or trend decks. Ones that reward real business fundamentals. Who are willing to step away when something doesn’t add up. In the end, the hype cycle will fade. The resilient founders will remain. Not all that glitters is gold.

Folks who work in startups are a different breed altogether. Most people look at this list and want to join these companies. But startup founders are trying to build the next ones on the list. They walk away from: 🟩 Stability 🟩 Predictability 🟩 Career progression. Instead, they choose: 🔴 Limited resources to achieve outsized outcomes 🔴 Co-working/small offices versus swanky offices 🔴 Zero benefits to start + a very real chance of failure 🔴 Volatile ups and downs that come with building from zero Many walk away from great offers, big paychecks. It doesn’t make sense at first glance to those on the outside. But after years of investing in these types of founders, We’ve come to recognise the same mindset again and again: 👉 The belief they’re meant to build something greater than themselves. They’re willing to play the long game, Even when the odds are stacked against them. It’s how the Apples, the Amazons, and the ByteDances of the world got built. By those who chose the hard road and stayed the course. We’re lucky to back some of them right here in Southeast Asia. There aren’t that many of them. So if you get the chance to meet some, Offer light encouragement for taking the path less traveled. It’s a lonely, difficult road. But they rise to the occasion to join the list. Am I the only one that feels this way? Source of graphic: a recent published rankings report from the Business Times (with some creative editing)

We Named Our VC After Singapore’s Forgotten Workforce - here’s why. When we started Tin Men Capital, most of us came from large institutions. Where scale often required structure, and incentives were mostly financial. But we believed in building very differently. Where every person who joins the platform is aligned on values, Not just incentives. Where the name itself would carry our mission, long after the founders. Why Tin? It’s prevalent in Southeast Asia. Humble, everywhere. Tin might look dull at first, but polish it and you reveal its worth. It represents the quiet builders of this region. Resilient, capable, and often overlooked. Tin Men aren’t shiny – they’re the labourers who built SEA. The ‘men’ is not just gender-based - our team is 60% women and we’re very blessed to have them. The ‘men’ anchors our focus on people, the corner stone of our work. We back B2B founders who reflect these same traits: Undervalued, capital-efficient, built for the long game. We play the long game. The value we help create is shared among founders, teams, and investors. That’s the promise embedded in our name. And that’s the torch we expect Tin Men Capital to carry forward. Credits to the folks from The Generalists Podcast for this clip.

Hot take: A VC should feel like your co-pilot, Not just someone to call for money. But someone you can reliably depend on to further your vision. Many founders feel this way too. We built Tin Men Capital with the intention to offer support to our portfolio companies. No marathon board meetings. No treating founders like a lottery ticket. No growth-at-all-cost. We take high ownership in every investment. Small fund. Tight portfolio. High conviction. We maintain very close relationships with founders. We give our best and expect the same of them. It cannot work as a one-way relationship. Every month, we meet. Not just the partners, but associates and the broader team. We listen to founders, unpack what’s working, and clear roadblocks together. It does take a lot of time, but it’s worth it. Because we get a much better pulse on both the startup and its industry. We get to trade insights and reach better conclusions with shared ideas. Board materials? We’ve read them. Having existential doubts? We are here to listen, not judge. PMF in new markets? We shape the approach. Especially coming out of the great reset in the region, Founders today are much more selective. They seek more than just capital. Investors also need be partners, cheerleaders, and advisors. Not just names on a cap table.

I’m heading to Tokyo, Japan for SushiTech & TECHNIUM Global Conference in May! (and no, not specially to eat sushi although there’s a compelling invite to a sushi nigiri party) Looking to meet startup ecosystem folks with interest in SEA. Always lovely to visit Japan - and now I have a good excuse to 🤣 Tin Men Capital was invited to be proud official ambassador of SusHi Tech Tokyo 2025 on May 8-10. Arguably one of the most-talked-about and highly-anticipated events for tech and startups in JP. We are seeing much more developments and growth in the B2B startup ecosystem there. And I’m looking forward to learning a lot when I’m there. People I’m hoping to meet: 🔸 Institutional folks and LPs that want to trade notes on Southeast Asia 🔸 Startup ecosystem folks and select early-stage founders. As I’ll only be around for a couple days (7-8th), Regrettably, I can’t accept too many meetings. [the conference runs from 8-10] That said, very open to being introduced to interesting people. To my network: Is there someone I should meet/know? Do connect/tag. 🎟️ P.S. As official ambassadors, we have special discount codes for those interested to attend SushiTech. If you’d like one, like this post and leave a comment, so more can know about this great event and I’ll send it over.

Being a generalist is a literal superpower. Here’s how it's helped me as an investor. I started my career building spreadsheets and pitch decks. Deep in the details, trained as a specialist in corporate finance. But over time, the roles changed. From private equity to commodities, and eventually co-founding Tin Men Capital with Murli Ravi. Along the way, I learned to stop trying to plan every step. Sometimes, the best opportunities come when you just roll with it. Running a firm pulls you into everything: Investing, managing people, fundraising, and negotiating deals. Specialisation only gets you so far. You grow into a generalist because you have to. And in venture capital, surface-level breadth isn’t enough. You need to be broad but with enough depth in your domain where it matters. If I'm working through a term sheet, I need to know the legal structure well enough to compromise or explain the rationale on the spot. Not wait to call a lawyer. It builds trust. It signals confidence. And it shows founders they’re talking to a decision maker who can move with speed. That only happens when you’ve taken the time to go broad but are digging deep where it counts. Go broad, then deep. Credit to the folks from The Generalists Podcast for this clip.

VC fund sizes in SEA need to be leaner… At least for now. Because once you increase your fund size to $100M in SEA, It becomes exponentially harder to offer attractive returns to LPs. Fragmented markets, smaller exits, longer sales cycles, and the list goes on… There are limited Power Law–esque outcomes in Southeast Asia. That’s just the reality, even though not everyone accepts it. The region’s DPI and return profiles have been in clear decline. To the point that we’ve seen some funds quietly closing around us. And that’s why we say: 🔵 The fund size determines the strategy. Some basic math on fund economics: -To return 3x on a $100M fund… -$6B of exits are needed (assuming avg 5% shareholding) At the region’s current stage, It isn’t realistic to expect many exits of that size consistently. With a $50M–$60M fund, there’s less fees, And more incentive to return capital. It’s far more achievable to generate attractive returns. I believe we’ll see SEA eventually sprout more "appropriately sized funds" We call them Capital Mavericks. Moving bravely into an approach suited for this region and its dynamics. Targeting $50M–$200M outcomes, because they’re repeatable, and profitable. Following the West blindly has led to dismal results. The reset in the region has given us a chance we should not waste. Instead, we should use it wisely to build up our ecosystem. Working alongside capital-efficient startups, AKA ReSEAlients. Yes, it might mean mustering courage and a little bit of audacity. But nothing great was ever built without it.

I received an urgent message about a founder I HAD to meet. My colleague, YingYing had finally spoken to him after weeks scheduling. It was only after we met that I understood what she saw in Groundup.ai. Leon Lim🚀 was very clear about his value proposition and customer. He’s also very articulate in explaining complex concepts. Meeting Alex Wong, only increased our conviction. It was clear both were determined executors. Bringing a rare blend of technical and commercial acumen to solve a huge problem. We’ve seen AI write code and poetry. But this one fixes million-dollar machines before they break. Groundup.ai, solves a critical, often overlooked issue in industrial operations. When machines fail... Downtime gets expensive, fast. They’ve built an AI platform that helps engineers pinpoint root causes early, avoid unplanned outages, and extend the life of essential machinery. Not the flashiest use of AI, but easily one of the most impactful. Some of the biggest names in shipping, and manufacturing already using it. And they’re seeing measurable ROI. We worked hand in hand with the founders and sent them a term sheet in time for CNY so they could celebrate in peace 😃 Very proud to lead their Series A. Tin Men Capital is excited to be in their corner as they scale it across many new territories to come. The easy bit is done now with the help of my fellow co-investors (Joel Ang, Shannon Tan , Danny Chiam, Derek Neo, Brandon Bookyung KIM ). Look forward to fanning this small spark into a regional/ global champion.

The tariffs and retaliations are really getting out of hand. I’ve been thinking about how to prepare ourselves in SEA. Southeast Asia’s right in the middle of it. I’ve read and consulted many experts, Thinking about not just “how” but the "why" behind the policies. 🟦 How have global trade wars impacted SEA? Let’s zoom out for historical context: 🟦 1930: Smoot-Hawley Act - U.S. raised tariffs on 20K+ goods. Global trade collapsed by 65%. - Retaliatory measures worsened the Great Depression. - For SEA, then still in colonial hands, plummeting demand for exports like rubber and tin. 🟦 1980s: U.S.-Japan Auto Tariffs - Japanese automakers shifted production into SEA (notably Thailand) - Seeding what is now one of SEA’s strongest automotive hubs. 🟦 2018: U.S.-China Trade War - $360B tariffs disrupted supply chains + shaved 0.5% off global GDP growth. - Vietnam saw near-term gains from factory relocations, but investor -confidence dipped as U.S. scrutiny on transshipments triggered steep tariffs - This exposed cracks like labor shortages and power grid limits. Today’s not a carbon copy of the past. But it rhymes somewhat. Talk of new tariffs is already affecting where things get made, and who benefits. The ultimate conclusion is this: 🔴 No one really knows. The "why" doesn't matter. It’s futile to plan contingencies based on tariffs plans/ retaliation seesawing. Especially during these heightened times, volatility will be a constant. What we’re doing at Tin Men Capital and telling our founders: 1️⃣ Wean off dependency on capital; with Al, capital efficiency is more achievable than ever 2️⃣ Develop alternative sales market: Whilst US will remain the largest B2B market, we must seek out other markets: Australia, Japan, Middle East etc. You will win either way this trade war pans out. Focus on what you can control and ride the bounce back. ReSEAlients will thrive. More than ever, nations in SEA need to work together. Investing in our own independence has never been more important. If we play our cards right during this reset, We’ll see a much brighter future for the region.

Many investors quote the ‘Silicon Valley’ approach as a sure success. But in Southeast Asia, I’ve found that it doesn’t really work as well. The approach:  Investing in many (sometimes as much as 50) companies hoping a few companies will deliver a lion’s share of the return for the fund. Popularly called unicorns 🦄 Our region doesn’t have the same capital depth, exit infrastructure, Or the same homogeneous markets that the US has. This is something my co-founder, Murli Ravi and I have grappled with from day one at Tin Men Capital We took a different approach and built a fund around a core belief: For now, the region’s real economy is made up of $50M–$200M businesses. Not unicorns.  Just solid, cash-generating businesses with long-term value. Or as we like to call them - Zebras 🦓 Along this journey, we’ve drawn the ire and some confusion from observers. Some say we run our VC like a PE fund. Over time, we’ve come to embrace this deliberate approach. We look for companies that:  - Serve undigitised industries with mission-critical B2B tech  - May seem boring or undervalued at first glance  - Become something shiny when polished with the right capital and support Over time, the numbers have shown us we’re moving in the right direction. During the current funding winter, we are able to step up and invest more. Even during COVID and the funding winter, our portfolio companies continued to grow and drive outcomes. M&A activity is also starting to pick up in the region. In one case, a corporate partner tried to replicate what one of our portfolio companies built. After a year, they failed and reengaged discussion not just as customers but a GTM partner. If more corporates adopt that mindset, we’ll see wider tech adoption and exits via strategic M&A. And hopefully, more of that capital gets recycled into our ecosystem So even after all these years, I still feel strongly about this. I do expect we’ll see three key trends in Southeast Asia:  - Smaller, focused capital from emerging managers  - More resilient founders raise small rounds + bootstrap to grow  - And more M&A from adjacent markets like China, Japan and Korea, using SEA as a market entry point With these outcomes, our region gets stronger. More founders and investors reinvest after exits. And we’ll see a healthier ecosystem emerge.  One that reflects Southeast Asia’s reality, not Silicon Valley’s blueprint.

3AM toddler tantrums made me a better investor. Why parenthood’s a secret weapon for VCs: Early in my career, I thought hustle was everything. I worked non-stop. Delayed family. Was an absent father. Then my wife told me to wake up. Everything changed. Parenthood rewired how I show up for my family and for my founders. Try getting a 5-year-old to eat vegetables. That’s negotiation training. Patience, empathy, timing. Knowing when to push, and when to step back. It’s the same with founders. I’ve learned to plant the idea and let it grow. Bring the camel to the water, not shove it down their throats. I stopped sweating the small stuff. I listen more. I trust the process. It made me a better board member, a more grounded investor, and a longer-term thinker. And here’s the thing most people don’t say out loud: Taking 90 minutes off for dinner with your kid won’t kill your company. (There’s a reason why majority of Tin Men Capital events don’t happen in the evenings 😅) Some of the best decisions come when you’re not trying to control every outcome. That’s not a distraction from building. It’s what makes the building actually work. The best operators I know aren’t obsessed with control. They’re deeply human. For the parent founders in my network: How has parenthood changed the way you work/show up? 📸: One of my favourite shots with my son, trimming herbs

Many friends have reached out on news about me contesting in the General Election. I’d like to clarify this quickly since the season is almost upon us… That I’m NOT actually contesting or campaigning. Definitely not in politics at least. Sorry to burst bubbles. The only thing I’ve been avidly campaigning for years on is better support for our startup ecosystem 😅 Was quite tickled to get this sent to me a few times today. Many friends getting calls to ask if I’m running. Jokes aside, it’s important to get out there and vote when the day comes, folks. P.S. To be super clear again, I'm not contesting in the General Election. And this is an edited picture of me in a white polo tee. But good luck to the fellow actually running, he’s got a great name! 🤣