Jungle Ventures makes final close of third fund at US$240M; IFC, Temasek, Cisco among its backers
Singapore-based early-stage investor Jungle Ventures today announced the closure of its third fund at US$240 million.
This also includes US$40 million raised in separately-managed account commitments for investments in innovative technology and digital-driven consumer businesses across Southeast Asia.
This is more than double the amount of its previous fund, Jungle Ventures II (2016).
More than 90 per cent of the new capital came from institutional investors spanning North America, Europe, the Middle East and Asia, with new investors accounting for nearly 70 per cent of the fundraise and returning investors for the rest.
Its backers include DEG, Germany’s development finance institution; IFC, a member of the World Bank Group; Bualuang Ventures, a corporate venture capital fund of Bangkok Bank; Dutch development bank FMO; Cisco Investments; and Singapore’s Temasek.
Jungle Ventures III has already invested in Sociolla, KiotViet, WareSix and Engineer.ai.
Amit Anand, Co-founder and Managing Partner of Jungle Ventures, said: “The traditional view of Southeast Asia is that it’s a fragmented region of countries with more differences than similarities. Thanks to the rising internet penetration, demographic shifts and mobile-technology adoption over the last decade, the region is now home to a fairly homogenous addressable market of more than 250 million cyber-sophisticated young people comparable to any ‘developed’ market.”
“We saw the tide shifting and focused on companies that demonstrated an early leadership position in one market. Then, we supported these companies with capital, expertise and resources to help them become regional category leaders,” he added.
Jungle Ventures is one of the largest early-stage venture capital firms in Southeast Asia. Its portfolio broadly covers three verticals: consumer brands for the digitally native; digital platforms for transforming SMEs; global technology leaders born in Asia.