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.