Launched in March 2018, Tin Men Capital is a Singapore-based venture capital firm licensed by the Monetary Authority of Singapore. It was founded by Murli Ravi (formerly at Temasek and Head of South Asia Investments at JAFCO Asia Pacific), Jeremy Tan (formerly at Morgan Stanley, Puma Energy, Trafigura, and Thomas H. Lee Partners), and Benjamin Tan (a serial entrepreneur and angel investor). The co-founders are Singapore citizens, and the firm is led day-to-day by Ravi and Jeremy Tan.
Thesis and investment focus
Tin Men Capital invests in B2B software companies enabling traditional industries to digitise — a corner of Southeast Asia it believes is maturing fast yet underserved by venture capital. Its focus areas include industrial technology and automation across smart cities, security, manufacturing, agriculture, transportation and supply chain, retail enablement, travel and tourism, and enterprise productivity. The firm targets pre-Series A and Series A B2B tech and marketplace startups addressing opportunities in large, traditional industries such as manufacturing, logistics, construction, maritime, agriculture, and real estate. Its signature differentiator is a regional revenue-generation alliance network: the partners conduct sales calls with customers, channel partners, and government agencies on behalf of founders — often before taking a shareholding — then help companies build their own channel partnerships, sales teams, and performance systems.
Funds and track record
Tin Men Fund I was a US$100 million fund targeting B2B startups in Southeast Asia, which announced its first close in August 2018 with early investments in Overdrive IOT and Globaltix. The fund was designed to back 14–18 companies with cheques from a few hundred thousand dollars to US$2 million, and to lead all follow-on financing rounds through to exit. The firm's second fund first closed in Q3 2022. Portfolio highlights include Globaltix (whose S$6.5 million Series B the firm led), Indonesian manufacturing platform Manuva (an US$8 million round in which Tin Men invested US$3 million), Atlas Consolidated (an US$18.1 million Series B led by Tin Men in 2025 to scale its HugoHub banking platform), Glife, Hubble, Ailytics, and AiPalette. The firm also hosts the Unfair Advantage podcast, hosted by Murli Ravi, exploring enterprise technology in Southeast Asia.
What founders get
Few VCs literally sell for you. Tin Men Capital does — its partners have run sales processes for portfolio companies and maintain an alliance network spanning customers, channel partners, and government agencies across the region. For B2B founders selling into conservative, relationship-driven industries, that is a material unfair advantage beyond capital.
Why it matters for founders
If you are building B2B software for manufacturing, logistics, construction, or other traditional industries in Southeast Asia, Tin Men Capital is built exactly for you. It writes pre-Series A and Series A cheques, leads through exit, and — unusually — helps you close revenue, not just rounds.