Singapore-based VC firm BEENEXT raises $160m for two new funds

Singapore. Photo by Andrew Kow on Unsplash

Singapore-based venture capital firm BEENEXT has announced the close of two new funds with a combined corpus of $160 million.

It has raised $110 million for BEENEXT Emerging Asia Fund and another $50 million for a fund focused on Software-as-a-Service (SaaS) businesses in Japan.

The Emerging Asia Fund will focus on India and Southeast Asia, with both markets set to receive an equal share of allocation from the fund. Since its inception in 2015, BEENEXT has invested in 72 startups in India and 45 in Southeast Asia.

The fund, which was launched in October last year with an initial target of $100 million, will back early-stage startups in the e-commerce, fintech, health-tech, agri-tech, edtech and AI/data-driven technology domains.

“We have not paused our engagement with potential founders for even a minute and are continuing to increase our momentum to find talented leaders building the next great products and solutions,” said BEENEXT founder and managing partner Teruhide Sato.

The investors in the India and Southeast Asia fund include major institutional investors based in the US; along with Japanese corporations, global family offices, and entrepreneurs.

These investors will also partner with the selected startups to create strong businesses, said a statement.

The two new funds count as the firm’s third and fourth funds focused on the emerging markets in Asia. They succeed a $75 million fund, which has invested in companies including Zilingo (Singapore), Ralali (Indonesia), Sendo (Vietnam), Cred and Faasos (both India).

BEENEXT was founded by Japanese entrepreneur Sato, previously the chief executive of BEENOS, a Tokyo listed company which made investments into a slew of tech companies, including Indonesian unicorn Tokopedia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.