(Apr 30): Singapore’s Jungle Ventures has raised US$175 million ($238 million) from investors including Temasek Holdings for the first close of its third fund, according to people familiar with the matter.
The firm is likely to exceed its original target of US$200 million as it finishes raising money for the fund in the next few months, said the people, asking not to be named because the matter is private. Other investors in the new fund include the family office of billionaire entrepreneur Kuok Khoon Hong who runs Wilmar International, International Finance Corp. and Cisco Investments, they said.
Since launching its first early-stage fund in 2012, Jungle Ventures has been one of the earliest VC firms to target Southeast Asia. The new fund reflects rising interest from investors who are seeking opportunities beyond the US and China, the primary focus for Asia deals in recent years. Singapore is now home to more than 150 VC funds, according to Enterprise Singapore, the government agency spearheading such development.
Jungle Ventures has differentiated itself by betting on grey-haired veterans with C-suite experience, rather than starry-eyed twentysomethings. It’s cashed out of several startups and its portfolio includes online fashion retailer Pomelo, digital entertainment service iflix and RedDoorz, a budget hotel booking platform.
