Why would someone stake his and his family's money to set up a seed venture fund in Singapore, a place supposedly barren of entrepreneurial spirit at the turn of the century? Carmelo Pistorio thought otherwise; instead he saw a land filled with many potentially good early-stage start-ups with perfectly capable individuals, competitive technology, and decent — often great - opportunities. After successfully investing as an angel in several Singapore-based ventures, the exciting experience whetted his entrepreneurial fire that was somewhat dimmed after a failed exercise in Europe during the dot.com crash. In early 2003, he set up Upstream Ventures in Singapore with the vision to transform his angel investment activities into a professional venture capital (VC) firm.
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