Antler is a global early-stage venture capital firm and startup accelerator founded in 2017 and headquartered in Singapore. The firm operates in over 30 cities and has made more than 1,500 investments in early-stage companies. In 2024, it topped the "Most Active Venture Capital Globally" category in PitchBook's annual rankings, with 443 deals completed.
Background
Antler was founded in 2017 by Magnus Grimeland and Fridtjof Berge. Grimeland, a Harvard College graduate, previously worked at McKinsey & Company and later co-founded Zalora Group while at Rocket Internet. Zalora Group eventually became part of Global Fashion Group, where Grimeland served as COO. During his tenure, he observed that many technology workers were employed in roles that did not fully utilize their talents, prompting him to create Antler to help such individuals launch their own ventures.
Operations and investment approach
Antler runs a combined incubator and accelerator program that lasts several months and consists of two phases. The first phase, called the Antler "Residency," helps entrepreneurs find co-founders and build teams to develop their business ideas. The firm then invests in the startups generated during this process. The first program launched in Singapore in 2018, attracting 1,400 applicants; 62 were accepted, and 13 companies were ultimately selected for investment. Antler has been described as a firm known for convincing founders to leave their jobs and enroll in an intensive residency program.
In 2019, Antler expanded to Australia, with its first Australian fund investing in over 100 early-stage companies. By October 2024, a second Australian fund was launched, raising more capital than initially targeted despite a challenging fundraising environment.
While Antler focuses primarily on early-stage investments, in 2021 it announced plans to extend into later stages, funding companies up to Series C. In 2023, Antler raised a $285 million fund dedicated to later-stage investments. At the start of 2024, the firm stated it would increase investments in more mature companies.
As of May 2022, Antler had invested in over 1,500 startups. Approximately one in eight of its investments have failed. The firm has backed two unicorns, Airalo and Lovable, and has achieved several notable exits, with some portfolio companies generating substantial returns.
Investors and global presence
Antler's investors include individuals such as Eduardo Saverin and Christen Sveaas, as well as institutions including Canica, Credit Saison, International Finance Corporation, Schroders, Vækstfonden, and Phoenix Group. The firm maintains offices across Asia-Pacific, Europe, and North America. It opened offices in Nairobi, Kenya, in 2019 and in São Paulo, Brazil, in 2022, with recent openings in 2025 including San Francisco and Lagos.
Impact on the startup ecosystem
Antler's model of combining a residency program with direct investment has influenced early-stage investing, particularly in regions like Southeast Asia and Africa. By providing structured support for founder matching and idea validation, the firm has enabled numerous startups to reach funding milestones. Its high volume of deals, as recognized by PitchBook, underscores its role as a major player in the global venture capital landscape.