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Singapore's Jungle Ventures has raised $240 million for its third Southeast Asian fund, with almost 60% of the capital coming from outside Asia.
Investors in the fund included German development finance institution DEG, the World Bank‘s International Finance Corp., Bangkok Bank's corporate venture capital arm, Cisco Investments Ltd. and Singapore's state investment firm Temasek Holdings Pte, the VC firm said in a statement.
Since launching its first early-stage fund in 2012, Jungle Ventures has been one of the earliest VC firms to target Southeast Asia, where smartphone adoption has exploded.
“The region is now home to a fairly homogeneous addressable market of more than 250 million cyber-sophisticated young people, comparable to any developed market,” Amit Anand, co-founder and managing partner of Jungle Ventures said in the statement.
Jungle's strategy has been to back about ten to 15 startups for each fund, rather than sprinkling small amounts of money across a large number of startups. Some of its noteworthy investments include Singapore-based enterprise software firm Deskera Holdings Ltd., online budget hotel booking site RedDoorz and fashion retailer Pomelo Fashion.
To contact the reporter on this story: Yoolim Lee in Singapore at yoolim@bloomberg.net
To contact the editor responsible for this story: Edwin Chan at echan273@bloomberg.net
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