Jungle Ventures raised $ 225 million in the first closing of its fourth fund as the venture capital firm seeks to replicate its successes in startups in Southeast Asia and India.
Co-founder Amit Anand said in an interview that many of his existing investors in the previous funds backed the latest one. They include Temasek Holdings Pte and International Finance Corp. and the German Development Finance Corporation (DEG). The new fund has a planned size of $ 350 million.
There has been a flurry fundraising activities and IPOs in Southeast Asia and India, where the tech industry is having a boom year. Since launching its first early stage fund in 2012, Jungle Ventures has become one of the fastest growing local venture capital firms in the city-state with assets under management of about $600 million.
"We created two unicorns this year as we were initial investors for the initial public offering," Anand said. "We have built franchise that will repeat quarter after quarter, and that separates us from the one-hit wonder venture-capital providers.”
Singapore-based Jungle Ventures has been an early and consistent supporter of Kredivo, which has grown into Indonesia's largest consumer loan app, as well as e-commerce platform Moglix.
FinAccel, Kredivo's parent company, agreed in August to go public in the United States through a merger with a blank check company that values the combined entity at $ 2.5 billion. Other notable Jungle Ventures investments include indoor platform Livspace, beauty e-commerce company Sociolla, and Pomelo, a Southeast Asian women's fashion retailer.
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