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Heang Chhor
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Heang Chhor

Founder and Managing Partner

Angel InvestorsSeed Round
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At a glance

Full Name
Heang Chhor
Title
Founder and Managing Partner
Firm
Qualgro (Qualgro Partners / Qualgro VC)
Firm Type
Venture Capital (early-growth); also invests personally as an angel
Investment Stage
Seed through Series B (firm historically anchors Series A/B)
Check Size
Not publicly disclosed at the individual level; Qualgro invests from institutional funds ($50M maiden fund in 2015; ~$100M second fund from 2018)
Target Company Profile
Talented founding teams building companies that can scale regionally and potentially become global players; predominantly B2B
Sector Focus
Data/AI, SaaS and enterprise software, fintech/banking, consumer & retail/e-commerce
Geographic Focus
Southeast Asia (primary), Australia/New Zealand; opportunistic in Europe and Japan
Location
Singapore

Background

Heang Chhor is the Founder and Managing Partner of Qualgro, a Singapore-based venture capital firm he established in 2015 to back technology companies across Southeast Asia and Australia/New Zealand. Cambodian-born and raised in France, he built a career that spans entrepreneurship, global consulting and, most recently, venture investing.

Before founding Qualgro, Chhor spent 26 years at McKinsey & Company, where he rose to Senior Partner and served on the McKinsey Global Board — the firm's top governance body. Over that tenure he worked extensively across Europe and Asia, including leading McKinsey's Japan operations, advising major corporations on strategy, growth and transformation. He is also described as a serial entrepreneur, having founded and built several businesses before and during his consulting career.

At Qualgro, Chhor has led investments concentrated in data/AI, SaaS and enterprise software, typically from Seed to Series B, and has worked closely with portfolio companies on regional and global expansion, fundraising and exits. The firm's track record under his leadership includes investments in three unicorns and several full exits, among them one IPO and multiple acquisitions by international strategic buyers.

He is a recurring voice on the regional startup and investment circuit, appearing at forums such as the Women's Forum Asia, the World Economic Forum community, the CNBC Summit and the Asian Development Bank's annual-meeting programming on AI-powered investing.

Investment Thesis & Focus

  • Invests primarily in B2B businesses with strong data, AI, enterprise and SaaS characteristics, spanning Seed to Series B.
  • Backs companies capable of scaling beyond their home market — "We invest in talented people able to grow their company regionally and potentially become a real global player."
  • Sector interests extend to fintech/banking, consumer and retail/e-commerce alongside the core software/data thesis.
  • Emphasizes founder quality — his stated view: *"Courage and imagination are defining traits of founders."*
  • Applies a disciplined, decision-quality lens to investing — he has publicly discussed "Biases and Noise in Investment Decisions" (with McKinsey alum and *Noise* co-author Olivier Sibony), reflecting a structured approach to evaluating deals.

Notable Investments

  • PatSnap — Global R&D and IP innovation-analytics platform; one of Qualgro's unicorns.
  • ShopBack — Pan–Asia-Pacific rewards, cashback and shopping-discovery platform operating across ~12 markets.
  • Funding Societies (Modalku) — Southeast Asia's leading SME digital-financing / P2P lending platform.
  • Appier — Taiwan-based AI/marketing-tech company that IPO'd on the Tokyo Stock Exchange (2021), representing one of the firm's exits.
  • Sirion — Enterprise contract-lifecycle-management software; cited among the firm's exit/acquisition outcomes.
  • Supermom — Southeast Asian parenting community and data platform (investment announced 2023).
  • Chhor has also invested (including in a personal capacity) in early-stage Southeast Asian startups such as a Malaysia-based lending startup.

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