NDN2

NDN2 does not source external startups in the traditional sense. The firm originates venture ideas internally based on market data and trend research, then builds founding teams around those concepts. This startup-studio approach means deal flow is generated in-house rather than through inbound pitch decks or broker networks.

NDN2 is a venture builder, not a limited partner fund. The firm uses its own balance sheet and internal operational resources — technical advisors, marketing teams, business-scope advisors — to incubate companies from ideation to exit. It does not raise external LP capital through traditional fund structures, based on its public disclosures.

NDN2 limits its annual cohort to a maximum of 5–8 startups. This deliberate constraint allows the firm's team to join daily operating meetings and tackle operational hurdles alongside founders, rather than managing a large portfolio of passive equity positions.

NDN2 is involved from the ground up — ideation and founder recruitment — through to late-stage and exit. Its program structure moves ventures through design thinking, prototyping, and final VC pitching, with the stated goal of guiding companies to IPO or M&A.

The firm lists three named principals on its website: Founders Andy Ann and Jack Lau, and Partner Kelvin Cheung. All have prior startup exit experience. Investment and venture-building decisions appear to be made collectively by this leadership group, though formal governance structures are not publicly detailed.