Vertex Venture Holdings launches a US$290 million venture capital fund for technology firms in SEA
Grab’s main investor, Singapore-based Vertex Venture Holdings announced a US$290 million venture capital fund to invest in high-growth technology firms, according to a Reuters report. They have secured commitments from Singapore state investor Temasek Holdings, Taiwanese chip design firm Elan Microelectronics and other institutions, family offices and funds based in Southeast Asia and Taiwan.
Vertex Venture Holdings’ long-time CEO Chua Kee Lock said: “The Vertex Growth Fund seeks to invest about US$10 million-US$15 million per company, typically in third and fourth round fundings, versus US$3 million to $4 million by affiliate funds in early rounds.”
With the Vertex Growth fund exceeding an initial fund target of US$250 million, Vertex aims to capitalise on the growth of technology startups in Southeast Asia including everything from ride-hailing apps to e-wallets. An early investor in Grab, Vertex Growth is the sixth and latest member of Vertex’s global network of funds spread across China, Southeast Asia and India, the United States and Israel.
Vertex has about US$3 billion in assets under management across its network of funds and has invested in more than 200 companies. The funds focus on investments in their regions of industry specialization and are run independently.
Chua said the fund will also look at global opportunities, including in areas such as cyber-security in Israel and consumer-related technology in Southeast Asia and China.