Carol Cheung
Principal
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- Full Name
- Carol Cheung
- Title
- Partner
- Firm
- Cocoon Capital
- Firm Type
- Venture capital
- Investment Stage
- Pre-seed, Seed, selectively through Series A follow-on
- Check Size
- USD 500K - 1.5M initial checks
- Target Company Profile
- Early-stage B2B enterprise and deep-tech startups; resilient, focused founding teams with deep industry knowledge, scalability, technical depth, and willingness to work closely with an active lead investor.
- Sector Focus
- Deep tech, enterprise tech, B2B software, advanced manufacturing, robotics, healthcare/medtech/diagnostics, logistics, climate tech, fintech infrastructure, industrial process optimization.
- Geographic Focus
- Southeast Asia; Cocoon also lists India, Australia, and Bangladesh, and says Fund III may selectively explore broader Asia and Australia.
- Location
- Singapore
Background
Carol Cheung is a Partner at Cocoon Capital, a Singapore-based early-stage venture capital firm focused on enterprise software and deep tech. Cocoon’s 2025 Fund III announcement named her as a Partner alongside Michael Blakey and Zongxi Sia, and the firm’s 2025 newsletter said she had been promoted from Venture Partner to Partner and would lead Fund III alongside Blakey.
Before Cocoon, Cheung was part of Cambridge Innovation Capital’s investment team in the UK. CIC announced her promotion to Principal on 8 April 2020, after she joined the firm as an Associate in 2016. At CIC, her work focused on technology investments, including managing CIC’s investments in Cytora and GeoSpock.
Her operating background includes Commercial Director at Speechmatics, a Cambridge speech-recognition startup, from 2015 to 2016; Vice President of Finance at Adbrain from 2014 to 2015; an adviser role at Strive London from 2013 to 2014; and a short consulting role at Google. Other bios cite earlier direct private-equity investing at Canada Pension Plan Investment Board, consulting for the UK Department of International Trade, co-founding technology startups, and co-founding/asset-managing at Spectrum Capital Management in Singapore.
Cheung holds an MBA from the University of Cambridge Judge Business School, a B.Comm from the University of Toronto, and is a CFA charterholder.
Investment Thesis & Focus
- Cocoon Capital targets pre-seed and seed-stage investments in B2B enterprise and deep-tech startups, with initial ticket sizes of USD 500K - 1.5M.
- The firm says it is “always the lead investor” in funding rounds it participates in, and its investment-thesis page says it prefers to be the first institutional check, invest in equity rounds, and secure at least one board seat.
- Cocoon invests in a small number of companies each year so it can provide hands-on support; its 2025 Fund III materials state a planned pace of up to five investments per year and about 20 investments over four to five years.
- Cheung’s stated Fund III focus: “backing founders using technology to modernise sectors long underserved by innovation,” including industrial processes, climate change, healthcare outcomes, and financial infrastructure.
- Cocoon’s thesis emphasizes strong teams with deep industry knowledge and execution ability, real commitment and collaboration, scalable markets with meaningful revenue-growth potential within five years, and deep-tech/enterprise-tech focus.
- Fund III reserves roughly 55% of capital for follow-on investments up to Series A.
Notable Investments
- TransTRACK.ID: Indonesia/Singapore fleet-operation optimizer and logistics technology company; Cocoon co-led its oversubscribed USD 12M Series A in 2024, and Cheung was named a newly appointed board director.
- Aprisium: Singapore contamination-detection and monitoring company spun out from A*STAR/Singapore Deep-Tech Alliance; Cocoon participated from seed and co-led its USD 7M Series A in 2024.
- See-Mode Technologies: AI-enabled ultrasound and stroke-risk medtech company with Singapore and Australia presence; Cocoon portfolio page lists Cheung as the team member associated with the 2018 investment, and Cheung later noted its acquisition by DeepHealth/RadNet.
- Cytora: Insurance-risk analytics company; CIC said Cheung managed its investment in Cytora while at Cambridge Innovation Capital.
- GeoSpock: University of Cambridge-founded big-data analytics platform; CIC and Global Venturing identify Cheung as managing/leading CIC’s investment work related to GeoSpock.
- Shomvob: Bangladesh HR and recruitment platform with embedded financial services; named by Cocoon as a Fund III-relevant portfolio example and reported by Cocoon to have passed 1M registered users after its pre-seed investment.
- Augmentus: Industrial no-code robotics programming platform; named by Cocoon as an example of deep-tech companies validating its thesis.
- BuyMed: Vietnam digital pharmaceutical distributor; listed in Cocoon’s Fund III announcement as a portfolio company.
- Volt14: Battery-materials / advanced materials company; listed in Cocoon’s Fund III announcement as a portfolio company.
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