Exclusive: Innosight Ventures to raise new $50m fund, to target Series A investments in regional firms

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Innosight Ventures, a Singapore-based venture capital firm is raising a new $50 million fund, to make series A investments in technology, media and telecommunications companies, DEALSTREETASIA has learnt.

Currently, Innosight Ventures makes seed investments of up to half a million Singapore dollars in local tech startups, and also co-invests with other VCs. The average ticket sizes under the new fund – Innosight Ventures SE Asia Fund I – will be $1-3 million, and the company also plans to set aside capital for follow-on investments from this vehicle, an industry executive aware of the developments said.

Besides, the new vehicle will also target regional startups, unlike its current fund that is focussed on Singapore-centric companies, said a company executive who declined to be named.

For Innosight Ventures, this will be its second investment vehicle. It currently manages the IDEAS Fund, a collaborative effort with Singapore’s National Research Foundation, since 2009, and has made seed-stage investments in nine companies so far.

Innosight Ventures is the strategic investment arm of US-headquartered Innosight Consulting.

The executive quoted above further said that Innosight would soon close another seed investment in a fintech startup from its IDEAS Fund, and this deal is set to be announced soon.

Innosight is close to exhausting its $10 million IDEAS fund. It is also learnt that as of 31 December 2014, IDEAS has achieved a multiple of 1.44x, and its net IRR as of that date was 15.77 per cent.

When contacted, Innosight Ventures’ executives declined to comment.

Innosight’s strategy is on the lines of several other venture firms in Singapore that have been supported by the government for their first fund, and are now jostling for money as they raise far larger second vehicles on their own.

DEALSTREETASIA had earlier reported that  Expara Ventures, which invests in interactive and digital media startups in the city-state, Malaysia and Thailand, was raising a new fund with a target of S$30 million ($ 21.6 million). This portal had also reported that Jungle Ventures was raising its second fund, with a target of up to $100 million. As in the case of Innosight’s IDEAS Fund, the Singapore government had supported the first funds that were raised by Expara and Jungle under its early stage Early Stage Venture Fund (ESVF) scheme. Similarly, early-stage fund Golden Gate Ventures, which has exhausted its $10 million fund it started with in 2012, is also looking to raise around $50 million for its second fund.

Related Stories: EXCLUSIVE: Expara to raise new $21.6m fund

EXCLUSIVE: Golden Gate Ventures to raise $50m in second fund

Jungle Ventures targets $60-100m second fund

The fund search by these firms will add to the venture capital fundraising that is expected to reach a record high in Singapore this year.

Innosight also plans to make the first close of Innosight Ventures SE Asia Fund I later this year, and is targeting a final close by the year-end, or early next year.

In layman’s terms, ‘first close’ means the fund has reached a certain threshold in terms of the amount raised and it can begin making investments and close deals, even as new Limited Partners (LPs) can continue to join it. A final close implies reaching the second threshold, with no LPs able to join after this point.

Some notable firms in its portfolio, under the IDEAS fund include, Wildfire, a technology-enabled Word-of-Mouth (WOM) marketing company that runs campaigns for consumer brand companies; online and mobile commerce facilitator Anchanto; restaurant reservation app Chope and ReferralCandy that uses email marketing to encourage the customers of retailers to tell their friends about the store. It has also invested in The Luxe Nomad, an online luxury hotel and villa booking platform, YFind Technologies, TMG ( that was acquired by the SingTel-Softbank joint venture SSBI in September 2012) and The iTwin platform.

Also Read: NSI Ventures nears final close of $50m first fund

 

 

 

 

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.