May 26, 2019 News Magazine

Vertex Ventures hits $230M first close on new fund for Southeast Asia and India

Tis the season to be raising in India and Southeast Asia. Hot on the heels of new funds from Strive and Jungle Ventures, so Singapore’s Vertex Ventures, a VC backed by sovereign wealth fund Temasek, today announced a first close of $230 million for its newest fund, the firm’s fourth to date.

Vertex raised $210 million for its previous fund two years ago, and this new vehicle is expected to make a final close over the coming few months with more capital expected to roll in. If you care about numbers, this fund may be the largest dedicated to Southeast Asia although pedants would point out that the Vertex allocation also includes a focus on India, echoing the trend of funds bridging the two regions. There are also Singapore-based global funds that have raised more, for example, B Capital from Facebook co-founder Eduardo Saverin.

Back to Vertex, it’s worth recalling that the firm’s third fund was its first to raise from outside investors — having previously taken capital from parent Temasek. Managing partner Chua Kee Lock told Bloomberg that most of those LPs signed on for fund four including Taiwan-based Cathay Life Insurance. Vertex said in a press release that it welcomed some new backers, but it did not provide names.

The firm has offices in Singapore, Jakarta and Bangalore and its most prominent investments include ride-hailing giant Grab, fintech startup InstaRem, IP platform PatSnap and Vision Fund-backed kids e-commerce firm FirstCry. Some of its more recent portfolio additions are Warung Pintar — which is digitizing Indonesia’s street kiosk vendors — Binance — which Vertex backed for its Singapore entity — and Thailand-based digital insurance play Sunday.

One differentiator that Vertex offers in Southeast Asia and India, beyond its ties to Temasek, is that there are connections with five other Vertex funds worldwide. Those include a new global growth fund, and others dedicated to global healthcare as well as startups in Israel and the U.S.

Others VCs operating in Southeast Asia’s Series A/B+ bracket include Jungle Ventures, which just hit first close on a new fund aimed at $220 million, Openspace Ventures, which closed a $135 million fund earlier this year, Sequoia India and Southeast Asia, which raised $695 million last year, Golden Gate Ventures, which has a third fund of $100 million, and Insignia Ventures, which raised $120 million for its maiden fund.

Growth funds are also increasingly sprouting up. Early stage investor East Ventures teamed up with Yahoo Japan and SMDV to launch a $150 million vehicle, while Golden Gate Ventures partnered with anchor LP Hanwha to raise a $200 million growth fund.


Source: TechCrunch

Tags: in Uncategorized
Banner
Related Posts

Reality Check: The marvel of computer vision technology in today’s camera-based AR systems

May 15, 2019

May 15, 2019

Alex Chuang Contributor Alex Chuang is the Managing Partner of Shape Immersive, a boutique studio that helps enterprise and brands...

CFIUS Cometh: What this Obscure Agency Does and Why It Matters to Your Fund or Startup

May 24, 2019

May 24, 2019

Evan J. Zimmerman Contributor Evan J. Zimmerman is an entrepreneur, investor, and writer. He is the Chairman of Jovono and...

WellSaid aims to make natural-sounding synthetic speech a credible alternative to real humans

March 7, 2019

March 7, 2019

Many things are better said than read, but the best voice tech out there seems to be reserved for virtual...

Whyd now helps companies create their custom voice assistant

January 18, 2019

January 18, 2019

Y Combinator-backed startup Whyd is pivoting from hardware to software. The startup had been working on a connected speaker with...

Anaxi launches feeds to help developers manage their notifications

April 2, 2019

April 2, 2019

Anaxi, the software development tool that helps developers get a better view of their projects in Jira and GitHub, is...

Huawei says it shipped 59M smartphones in Q1 as revenue jumped 39% to $27B

April 22, 2019

April 22, 2019

Fresh from an $8.8 billion profit last year, much-maligned Chinese tech giant Huawei is touting yet more growth. The firm...

Sam Altman’s leap of faith

May 18, 2019

May 18, 2019

Earlier this year, founder-investor Sam Altman left his high-profile role as the president of Y Combinator to become the CEO...

OnePlus demos a 5G prototype at MWC

February 25, 2019

February 25, 2019

OnePlus promised us a 5G handset this year. At Mobile World Congress this week, the company kind of, sort of...

Congress needs your input (but don’t call it crowdsourcing)

January 31, 2019

January 31, 2019

Lorelei Kelly Contributor Lorelei Kelly leads the Resilient Democracy Coalition, a group working to make sure Congress succeeds in the...

The responsibility for a sustainable digital future

March 12, 2019

March 12, 2019

Mounir Mahjoubi Contributor Share on Twitter Mounir Mahjoubi is the French Secretary of State for Digital Affairs. On March 12,...

Walt Disney and Badoo join companies pledging money to rebuild Notre-Dame

April 17, 2019

April 17, 2019

Walt Disney and dating app Badoo are the latest companies to pledge funds for the rebuilding of Notre-Dame after the...

Luminary ‘retooling’ after podcasters request removal from service

April 25, 2019

April 25, 2019

Last month, a New York Times piece heralded the arrival of Luminary. The story focused on the startup’s healthy funding...

Honest Company cofounder Christopher Gavigan has a new, and newly funded, CBD startup called Prima

February 7, 2019

February 7, 2019

Christopher Gavigan, sitting in a crisp white shirt inside a small TechCrunch conference room, radiates energy, even in a late-day...

Entrepreneur First eyes further Asia growth to build its global network of founders

January 29, 2019

January 29, 2019

British startup venture builder Entrepreneur First is eying additional expansion in Asia, where its operation is now as large as...

With new Fit technology, Nike calls itself a tech company

May 9, 2019

May 9, 2019

Rae Witte Contributor Share on Twitter Rae Witte is a New York-based freelance journalist covering music, style, sneakers, art and...

Comments
Leave a Reply

Your email address will not be published. Required fields are marked *