The fundraising shows that some venture firms are still finding capital even as the industry grapples with rising interest rates, elevated inflation and a decline in technology company valuations. Downswing cycles have historically been good opportunities for VC firms, Vishal Harnal, a 500 Global managing partner, said in an interview.
500 Global, one of the most active early-stage venture investors in Southeast Asia, raised US$143 million ($194.7 million) to ramp up investments in the region and take advantage of a market rout that’s pummeled tech company valuations.
The sum includes a new US$100 million venture capital fund focusing on early-stage startups, the company said in a statement on Wednesday. The rest will be for a separate growth-stage vehicle. Investors include Malaysia’s pension fund Kumpulan Wang Persaraan Diperbadankan and sovereign wealth fund Khazanah Nasional Bhd., as well as some of its portfolio companies.
