//

Photo credit: celebrityabc.

Young Malaysia-based venture capital firm RHL Ventures is looking westward with its second investment. The VC announced today it led a strategic funding round in Sidestep, a US-based startup that allows fans to pre-purchase live event merchandise and pick up their orders at the show without having to wait in line. The amount of the funding is undisclosed.

The startup was founded by Eric Jones and Matt Gardner in 2014. Eric, a former musician and music manager, wanted to give fans an easier way of buying goodies from their favorite artists and provide artists with some much-needed additional income.

RHL hopes to replicate the live event merchandise model’s success in Asia.

Raja Hamzah, partner at RHL, says the potential of the live event merchandise business was what attracted the VC. Since the industry is still in its nascent stages in Asia, the VC hopes to replicate the model’s success here and even extend it to areas like sports.

RHL’s main focus remains Southeast Asia, where the VC looks to build on the contacts and relationships its partners have in sectors like property, construction, and healthcare. It wants to focus on building sustainable businesses rather than rapid-growth startups. It prefers to adopt a hands-on approach with its portfolio startups, which is why the VC also joined Sidestep’s board of directors.

The startup has worked with stars like Beyonce, Adele, Guns ‘n’ Roses, and Sia. Beyonce is also an investor in the startup, having poured in US$150,000 through her company, Parkwood Entertainment, last September.

Suicide Squad actor Jared Leto has also backed the startup. Other investors include Beyonce’s music manager Troy Carter, former Los Angeles Dodgers CEO Jamie McCourt, and Chris Cornell of Manhead Merchandise.

RHL’s first investment was in Singapore-based customer engagement and loyalty startup Perx last November, fueling the company’s expansion to Malaysia.

This post Southeast Asia VC leads investment into Beyonce-backed merchandise startup appeared first on Tech in Asia.

from Startups – Tech in Asia http://ift.tt/2jFC5qX