World Bank arm International Finance Corporation (IFC) is looking to invest over $20 Mn in Singapore-based early stage venture capital fund, Jungle Ventures.
Jungle Ventures had announced its plans to raise $80 Mn for its second VC fund last week to invest heavily across startups in India, Singapore and other Asian countries.
According to ET, the $20 Mn investment by IFC will be fragmented such that, $10 Mn will be invested in Jungle Ventures’ second VC fund and another $10 Mn will be reserved for co-investment.
Launched in 2012, Jungle Ventures’ new fund will invest in Series A and Series B stages in startups working in internet mobile, analytics, health technologies, financial technologies.
However, spokesperson of Jungle Ventures, in an emailed response said, “Jungle has not made any such announcement and neither do they want to comment.”
According to industry experts, with top investors like Accel Partners, Kalaari Capital and SAIF Partners raising new funds, venture capital investors will raise around $3 Bn to bet on next generation of emerging businesses.
Early stage venture capital firm, Jungle Ventures, has been very active this year in India. The fund appointed David Gowdey, as a Managing Partner to support high growth ventures in consumer internet and enterprise technology. Jungle Ventures also roped in Ratan Tata, Chairman Emeritus of the Indian Conglomerate, earlier as a Special Advisor to back more startups across Asia with its second fund.
The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory and asset management services to encourage private sector development in developing countries. Observing the trend of how startups are attracting bigger funds with their disruptive ideas, overseas VC firms have become hyperactive in their investments.
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