Provenance Capital

I have spent eighteen months arguing with myself about whether to start an investment vehicle. The argument is now over.

The thesis, briefly

There is no early-stage capital in Cambodia structured to take Cambodian founders to international markets. There is local angel money, which is generous but small. There is regional VC, which is competent but allergic to anything below Series A.

The gap in the middle — call it the international-readiness gap — is where Provenance is being designed to operate.

We will write small cheques, slowly, with founders we already know.

— First-close memo, draft

What we will not do

We will not, for the avoidance of doubt, invest in: extractive resource ventures, micro-finance products that compound at consumer-credit rates, copycat plays of regional incumbents, or any business whose pitch deck spends more pages on the team than on the customer.

The thesis is narrow and the cheques will be deliberately small.

Where we are

Three lead partners signed. First close anticipated in Q3 2026. The fund will write between twelve and twenty cheques over a four-year deployment period. I would much rather miss a great deal than write a cheque we regret. This is the slowest fund we know how to start, and we hope it stays that way.