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

When VCs apply 'theories' to running a startup:


Happy Thursday!

#startup #founders #venturecapital

Murli Ravi

Co-Founder at Tin Men Capital | Ex-Temasek | INSEAD

Too many founders struggle with this problem:

The shiny object syndrome.

Every new exciting idea, goal, narrative that comes along…

Steals away their attention and focus, driving them away from success.

Here are 9 things founders obsess over that add little to no value:

✨1/ The competition

Dig up that old Michael Phelps meme. The winners tend to focus on their own game. This doesn’t mean be oblivious to competitive forces, it just means don’t over-copy or react to a toxic extent.
Keep an eye on competitors, but don’t let it consume you.

✨2/ Raising capital too often

Repeat after me: Raising millions does not = having made millions in profit.
Focus on efficient growth and lean operations. More fundraises means more obligations and more people to answer to.

✨3/ Fancy office

Rental can be a killer especially in countries like Singapore.
Don’t over-commit to long-term contracts. Consider the proximity of your location tied with your priorities. Don’t posture to look good and bleed cash in the background.

✨4/ Scaling too fast before finding Product-Market-Fit

No market feedback? Slow down. There is no meaningful scaling otherwise.
Get aggressive only after you know that customers want what you sell.
Trying to scale products and sales forces too early can be quite risky.
Build something people want.

✨5/ Overfocus on visibility

Chasing the limelight can boost your company, but don’t let it eat up your time.
More press interviews and conference speeches might feel good, but a well-built business machine will perform better.
Be strategic with publicity, not excessive.

✨6/ Chasing advisors

Seek advisors for their value, not just their status.
Ask yourself what doors they can open for you.
Consider if they can provide useful, actionable advice.

✨7/ Avoiding failure

The simple answer is you can’t. You have to take risks.
Failure is to be expected in entrepreneurship by definition.
Accept that you can’t win every time and adapt quickly.

✨8/ Vanity Metrics

Don’t orientate your company around social followers, impressions etc. If they aren’t leading indicators for growth.
Consider numbers that relate to acquiring paid customers that will stay. (e.g. Slack tracks # messages sent on its app)

✨9/ Too many partnerships

Quality over quantity. Or else, they become a distraction.
Choose partners wisely and make sure they don’t compete with your product,
Whilst providing visibility to the customers you want to be in front of.

Work hard, but work smart too.

Obsessive focus is the hallmark of successful founders.

What matters to you?

Too many small investors on your cap table hurts more than it helps.

Let me explain:

A diverse pool of investors looks great on paper (and on your website).
Most founders want that credibility boost and base of support.

What really happens after, most founders don't expect.

1. Who do you listen to?
Simply, too many voices that sometimes conflict with each other.
If cap tables are not sized right, you have too many veto rights available to each individual too.

2. Reporting becomes a chore
Instead of a comfortable cadence of updates and communications,
You end up having to juggle the expectations of multiple groups/people.
Less admin, more startup scaling is idea.

3. Lack of alignment
Each investor has different expectations, risk appetites, and typically investment horizons too.
The constant struggle to get aligned is real and can get very distracting.

Some ways to streamline:

✅ Limiting the Number of Investors
Choose fewer, quality ones that are aligned with your vision and goals.
Investors that are either passive or active as per your preference of communications.
Get feedback from other founders and do your research before committing.

✅ Pooling Smaller Investors
For smaller investors, consider pooling them into single checks via entities such as investment funds or SPVs.
This simplifies decision-making and ensures a united front in investor dealings.
It also means you'll have a much cleaner cap table

Be strategic about your investor base.
Less is more.

Being a VC isn’t so hard...

🟢When markets are great: 
”Our investment thesis is playing out. Told you we were geniuses!”

🔴When markets are bad: 
”Founders, you all need to be much more disciplined and focused”

You just can't lose 😆
~

This is precisely the wrong way to operate.
A venture investment is a long bet on the founders.

Investors can weigh in with support, resources and advice.

But ultimately founders are the ones behind the wheel.
The ones putting it all at stake.

The hard part about being a VC?
-Sitting on your hands when things go south
-Being there during crisis to offer support
-Believing in your founders during tough periods

Look for the ones that choose 'hard'.


Was asked recently by the The Peak Singapore on my view of ESG and impact investing.

ESG investing, has been around for a while. 
But lately, it's been associated with climate issues. 🌍

While climate is crucial, I believe the “S” and “G” stand for something equally important.

They may not not sound exciting.
But they’re the backbone of integrity for founders.

Especially for the tech startups I invest in.

At Tin Men Capital, I often find myself focusing on Social and Governance policies when evaluating companies.

Surprised? Let's break it down:

🟢Social.

-Long-term profitability goes hand in hand with fair treatment of all stakeholders.
-If founders and investors genuinely care, they’ll focus on more than just making a quick buck.
-Johnson & Johnson is a prime example of this where they aim to be responsible to customers, stakeholders and the public at large.

🟢Governance.

-Setting rules and enforcing them is crucial, but it's not enough. Human behavior plays a significant role in any system.
-Things can and will go wrong when no one’s at the wheel and proper controls.
-E.g. THE cryptocurrency sector — despite having solid rules, it has seen its share of failures due to human error.

So, how do we assess startups on these fronts?
By having ongoing conversations with founders.

1.Understanding their motivations and moral obligations.
2.Ensuring standards are maintained post-investment.
3.Setting controls and incentives, crucial for upholding standards.

We work with our portfolio companies closely and set clear expectations from the start.

✅Cultivating a culture of high standards encourages excellence.
✅Positive reinforcement and respect are strong motivators.
✅Periodic check-ins make sure that everyone remains aligned.

Even with our best efforts, issues can still crop up.

The difference is that by upholding key principles, the risks are greatly reduced.

It’s not the most ‘sexy’ thing to look at in investing,
But it’s key to ensuring founders are always on the right side of the conversation.

Where do you stand on this?

P.S. Will leave the link to the full article in the comments

I’m often asked if starting alone or with multiple founders makes a difference.

The debate is a moot point and I don't buy into this notion.

⬅️Some say having co-founders makes it easier to attract investments.
➡️Others argue that solo founders can maintain laser-like focus.

From how I see it, there's no one-size-fits-all answer here.

Investing in single founders or related co-founders isn't off the table.
It all boils down to the team itself.
✳️Are they resilient?
✳️What type of customer-centric approach do they have?

That's what truly matters.

Some years ago, I invested in a travel-tech startup.
When the pandemic hit - their revenues went to zero.
While the rest of their industry was in shambles,
They made some swift, hard decisions and cut back.
Navigating the pandemic by staying ahead of market shifts and keeping their finances solid.

The result? They ended up on top and riding the recovery, growing multiples.
That's the kind of team you want.

In the early stages, it's more about the team's dynamics and the market they're targeting than the product itself.

A founder who can adapt their offerings to meet market needs—that's the key difference.

There are many successful solo founders as well as teams.
Less the mental health aspects and sharing the struggle,
A lot of solo founders do well too.

Don’t let anyone tell you that it will impact your success.

Are there notable solo founders or teams that you look up to?

Many new founders make this mistake (that’s sometimes irreversible)

Giving up too much shares upfront.

2 scenarios that often happen:

🔴1.Early investors hold a bulk

-Overly diluted at pre-seed or seed stages with investors owning almost 50% or more.
-This limits fundraising options in the future and investors can brick you.
-Instead, consider convertible notes and written agreements that enable stake reduction.

🔴2.Institutions own too much

-Founders that spin out technology with resources provided by corporates, universities or institutions run into this issue.
-Most of their business is owned by institutions even before they begin.
-It’s a recipe for over-dilution. Negotiate to give up less, in the neighbourhood of ~10%. Most corporate backed spinoffs cannot work with this, which is why VC may not be the best financing partner.

Plenty of founders start full of passion but sadly end up caught in between when their cap table gets a bit too crowded.

Some end up losing control of their company they’ve sacrificed so much to build in the end.

The best things you can do is to consider structures to protect your future potential.

Don’t get too excited, too early.

Guard your shares…
So that they count for something at the right time.

I recently went on a hike to Africa’s highest peak: Mt. Kilimanjaro.

It was freezing, at least -13°C. ❄️ Taught me a lot about startups.

There were no lodges or anything.

Despite having the strength to climb, I still felt caught off guard.
Thankfully, we over-prepared and I am alive to tell the tale.

We brought enough gear for us to withstand the cold.
We stayed in tents, persevered, and eventually reached the summit.

This made me realise:
Building a startup is like scaling a mountain 🏔️
You may feel ready until you confront the unexpected.

Founders (and hikers) need:
✅Tons of stamina
✅Meticulous preparation
✅Readiness for unforeseen obstacles

Success hinges not only on what you know.
It also depends on your ability to navigate what you don’t know.

No matter the height of the peak, we all have our own mountains to scale.

What's yours?

Many startups get this wrong the first time:

Hiring talent when growing.

It’s not just about expanding. If only it were that simple.

It’s focusing on getting the right people who can answer the questions crucial for the company's growth.

There are three key stages in a startup's journey.

⛳️15 employees or fewer.
The ideal team for this stage has committed and versatile generalists.
This is where everyone pitches in and wears multiple hats.

⛳️15 to 50 employees.
Specialisation in specific functions begins to emerge.
Growth aligns with revenue and operational complexity, allowing for adaptation over time.

⛳️50 to 150 employees.
Clear specialization and defined processes become noticeable.
However, this stage also brings the risk of potential silos and office politics.
As bureaucracy increases, Early generalists may feel sidelined.

On the surface, it might sound simple and obvious.
But in practice, it’s harder to do than most think.

Managers become important as you grow bigger, but early on you need more people to roll up their sleeves.

In B2B tech, even leaders who no longer fit can transition out like any other employee.

The key is to find the right people tailored to each stage of the journey.

What’s your experience?

When investors say that they'll 'add value':



Some fun to kickstart the week ahead 🤭

Have a great one!
#startups #founders #venturecapital

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