Tis the season to be elevating in India and Southeast Asia. Scorching on the heels of recent funds from Attempt and Jungle Ventures, so Singapore’s Vertex Ventures, a VC backed by sovereign wealth fund Temasek, in the present day introduced a primary shut of $230 million for its latest fund, the agency’s fourth thus far.
Vertex raised $210 million for its earlier fund two years in the past, and this new automobile is predicted to make a remaining shut over the approaching few months with extra capital anticipated to roll in. Should you care about numbers, this fund might be the most important devoted to Southeast Asia though pedants would level out that the Vertex allocation additionally features a give attention to India, echoing the development of funds bridging the 2 areas. There are additionally Singapore-based world funds which have raised extra, for instance, B Capital from Fb co-founder Eduardo Saverin.
Again to Vertex, it’s value recalling that the agency’s third fund was its first to lift from exterior traders — having beforehand taken capital from guardian Temasek. Managing associate Chua Kee Lock informed Bloomberg that almost all of these LPs signed on for fund 4 together with Taiwan-based Cathay Life Insurance coverage. Vertex mentioned in a press launch that it welcomed some new backers, but it surely didn’t present names.
The agency has places of work in Singapore, Jakarta and Bangalore and its most distinguished investments embrace ride-hailing large Seize, fintech startup InstaRem, IP platform PatSnap and Imaginative and prescient Fund-backed youngsters e-commerce agency FirstCry. A few of its newer portfolio additions are Warung Pintar — which is digitizing Indonesia’s avenue kiosk distributors — Binance — which Vertex backed for its Singapore entity — and Thailand-based digital insurance coverage play Sunday.
One differentiator that Vertex affords in Southeast Asia and India, past its ties to Temasek, is that there are connections with 5 different Vertex funds worldwide. These embrace a brand new world development fund, and others devoted to world healthcare in addition to startups in Israel and the U.S.
Others VCs working in Southeast Asia’s Sequence A/B+ bracket embrace Jungle Ventures, which simply hit first shut on a brand new fund geared toward $220 million, Openspace Ventures, which closed a $135 million fund earlier this yr, Sequoia India and Southeast Asia, which raised $695 million final yr, Golden Gate Ventures, which has a 3rd fund of $100 million, and Insignia Ventures, which raised $120 million for its maiden fund.
Development funds are additionally more and more sprouting up. Early stage investor East Ventures teamed up with Yahoo Japan and SMDV to launch a $150 million automobile, whereas Golden Gate Ventures partnered with anchor LP Hanwha to lift a $200 million development fund.