Singapore-based early-stage venture capital firm Jungle Ventures has announced it has raised $225 Mn from existing investors, including Temasek Holdings Pte, International Finance Corporation and German development finance institution DEG, which is the first close of its fourth fund.
The fund has a planned size of $350 Mn which will be used to replicate the startup’s suc
cess across South-East Asia (SEA) and India, according to a Bloomberg report.
Jungle Ventures claims to be Asia’s largest, independent venture capital firm with over $4 Bn worth combined profile value. It has supposedly made over 35 investments across eight countries and has an AUM (asset under management) of over $350 Mn.
Some of recent fundings which Jungle Ventures was part of include $24 Mn raised by blue-collar workforce management platform Betterplace Safety Solution, $55 Mn raised by edtech startup Leap and $46 Mn funding raised by insurtech startup Turtlemint, among others.
The closing of the fourth fund comes after the early-stage VC secured $25 Mn from World Bank’s investment arm International Finance Corporation (IFC) in April this year.
Jungle Venture said it will invest the raised funds in 15-20 early-stage startups across consumer internet, fintech and business-to-business (B2B) segments. In addition, it will invest in the small and medium enterprise (SME) technology-focused companies.
The Indian startup ecosystem has been on a roll since last year. Where in 2020, Indian startups raised $924 Bn, it is now set to raise a whooping $1044 Bn in 2021.
To invest in the Indian startup ecosystem, it’s not just Jungle Ventures that has announced its fund close. Recently, another early-stage venture firm Prime Venture Partners announced the closing of its fourth fund at $100 Mn, to make investments in a minimum of 20 new startups. Besides, boutique investment banking firm Avendus marked its first close of Future Leaders Fund II at $78.5 Mn to invest in digital, consumption, and financial service startups.