August 17, 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

Everything you need to know about GM’s new electric bikes

February 14, 2019

February 14, 2019

General Motors announced last year it was getting into the electric bike business. But besides a crowdsourcing name competition and...

Microsoft launches Visual Studio Online, an online code editor

May 6, 2019

May 6, 2019

Microsoft today announced the private preview launch of Visual Studio Online, an online code editor the company is positioning as...

Meet the tiny startup that helped build Amazon’s Scout robot

February 7, 2019

February 7, 2019

When Amazon unveiled a six-wheeled urban delivery robot called Scout a couple of weeks ago, its website was pretty definitive...

Oprah offers more details about her partnership with Apple

March 25, 2019

March 25, 2019

Apple’s event today, where it announced its streaming plans and more, ended with a whole bunch of celebrities taking the...

Verified Expert Lawyer: Leslee Cohen

February 25, 2019

February 25, 2019

Leslee Cohen has been practicing law for decades in her hometown of Chicago. She’s been working with more and more...

Samantha Bee: Canadian, comedian, and defender of the free press

April 27, 2019

April 27, 2019

The only job named in and protected by the U.S. constitution is journalism. But when it’s under attack from fake...

Google’s SMILY is reverse image search for cancer diagnosis

July 19, 2019

July 19, 2019

Spotting and diagnosing cancer is a complex and difficult process even for the dedicated medical professionals who do it for...

Google Cloud’s new CEO on gaining customers, startups, supporting open source and more

April 9, 2019

April 9, 2019

After Thomas Kurian, Google Cloud’s recently minted CEO, joined the company, he took hundreds of meetings to learn what the...

The importance of seating at the investor meeting

April 11, 2019

April 11, 2019

Alex Cornell Contributor Share on Twitter Alex Cornell is former Facebook employee whose still-in-stealth company was part of the Y...

CXA, a health-focused digital insurance startup, raises $25M

March 13, 2019

March 13, 2019

CXA Group, a Singapore-based startup that helps make insurance more accessible and affordable, has raised $25 million for expansion in...

Voyant Photonics raises $4.3M to fit lidar on the head of a pin

July 16, 2019

July 16, 2019

Lidar is a critical method by which robots and autonomous vehicles sense the world around them, but the lasers and...

Minecraft Earth makes the whole real world your very own blocky realm

May 17, 2019

May 17, 2019

When your game tops a hundred million players, your thoughts naturally turn to doubling that number. That’s the case with...

Behold, Slack’s new logo

January 16, 2019

January 16, 2019

New year, new you, new Slack. The popular workplace chat service’s resolution clearly involved a bit of a facelift, starting...

Huawei: “The US security accusation of our 5G has no evidence. Nothing.”

February 26, 2019

February 26, 2019

Huawei’s rotating chairman Guo Ping kicked off a keynote speech this morning at the world’s biggest mobile industry tradeshow with...

Dixa, the ‘customer friendship’ platform, raises $14M

February 8, 2019

February 8, 2019

Dixa, a Copenhagen-based startup that offers a platform to help companies provide better and more consistent customer service across multiple...

Comments
Leave a Reply

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