Silicon Valley-based venture capital fund and startup accelerator 500 Startups has topped up another $5 million further to its micro fund “500 Durians”, reported by TechCrunch. This was confirmed by a securities and exchange commission (SEC) filing in the US.
The latest development comes close to the heels of the US-based seed fund and startup accelerator strengthening its team in Singapore by hiring angel investor and former INSEAD Entrepreneur-in-Residence Arnaud Bonzom as director of special projects for Southeast Asia and senior associate from Drew & Napier Vishal Harnal as investment manager.
In May 2013, 500 Startups set up 500 Durians to foray into the Southeast Asia for the first time, and up to now it has sealed more than 40 deals via this fund, accounting for a third of 500 Startups’ investment in Asia. focusing on e-commerce marketplaces and innovative business.
Apart from 500 Durians, it has raised a $10-million micro fund ‘500 Tuk Tuks’ in February this year to support startups in Thailand. The fund is run by Ookbee’s chief executive Nathavudh Pungchareonpong and a former US-based googler Ruangroj Poonpol.
The company also just kicked off ‘Distro Dojo’ for post-seed startups in London recently, thereby emphasizing that it does not focus only in Asia but wherever there is an opportunity.