Singapore-based venture capital firm Jungle Ventures, has officially launched its second fund with a target of $100 million.
The fund will be called – Jungle Ventures II, L.P – and the total offering amount is $100 million, the venture capital firm said in a filing with the US Securities Regulator. The offering has $100 million left to be raised and is still open, Jungle’s August 13 SEC filing added.
DEALSTREETASIA had reported earlier this month that Jungle, which had recently roped in Ratan Tata, chairman emeritus of Tata Sons Ltd, as a special advisor, has clocked 50 per cent commitment to its second fund.
The report had further added that Jungle, which last month got on board David Gowdey, the former operating partner at private equity firm TPG Growth, as a managing partner, was raising an $80 million to $100 million second fund.
It had also said that total assets under management with this fund will be at $125 million.
Industry executives aware of the development has earlier told this portal that investors in the second fund include, Singapore state-investment fund Temasek, and also the city-state’s Thakral family.
During the earlier story, Jungle Ventures had not commented on a detailed query on its second fund, and also on getting Temasek on board as an investor. When contacted, the Temasek spokesperson had said: “We’re aware that Jungle Ventures is raising a second fund but are unable to comment further.”
While Jungle will continue to focus its investments across consumer internet, mobile, software and e-commerce, the second fund will see the firm increase its cheque size to about $3-$5 million.
All leading Singapore venture capitalists (VCs) are currently in the process of raising their second fund.
Last month, Singapore-headquartered Golden Gate Ventures (GGV) said it had held the first close of its second investment vehicle, a $50 million early-stage fund committed to Southeast Asian tech startups as well as international companies looking to move to the region.
Golden Gate held the first closing of this fund at $35 million from a mix of international investors and advisors, including Temasek, Facebook co-founder Eduardo Saverin, and Monitor Capital Partners (a European multi-family office). Additional partners included Singapore’s National Research Foundation, NAVER (parent company of LINE messenger), and Far East Ventures – the venture capital arm of Far East Organisation,one of the largest property developers in Southeast Asia.
DEALSTREETASIA had recently revealed that the Singapore state fund and American multinational technology company Cisco had invested in local venture capital firm Monk’s Hill Ventures, that is raising an $80 million first fund.
Innosight Ventures, another Singapore-based venture capital firm is also raising a new $50 million fund, to make series A investments in technology, media and telecommunications companies.