Golden Gate’s SEC filing confirms $200m growth fund with Korea’s Hanwha

The Golden Gate Ventures team.

Singapore-based venture capital firm Golden Gate Ventures has officially filed to raise $200 million for a new growth fund in partnership with South Korea’s Hanwha Asset Management, according to an SEC disclosure.

The filing confirms DealStreetAsia’s report in March that the two firms have teamed up for Golden Gate Ventures x Hanwha Growth Fund 1 LP. The partnership will invest in Southeast Asia’s Series B stage startups, Golden Gate had earlier announced.

The growth fund will invest in consumer-centric platforms and services, such as marketplaces, financial inclusion technologies, tech-enabled healthcare, and logistics-as-a-service platforms.

The two firms expect to see 80-110 Series B investment opportunities over the next two years alone and believe this number may double within four years.

Founded in 2011, Golden Gate Ventures has built a portfolio comprising about 40 companies in over seven Asian countries in the consumer internet space. Some of its notable investments include C2C marketplace Carousell, car marketplace Carro and P2P lending service Funding Societies.

Several firms have raised or are raising growth funds targeting investment opportunities in Southeast Asia. Last week, Southeast Asian VC firm East Ventures announced the close of its sixth fund at $75 million.

As with its previous funds, the new fund will look to provide seed to Series A funding for startups in Southeast Asia, especially Indonesia, across sectors and industries.

Focused largely on seed to Series A deals, East Ventures has a joint growth fund, called EV Growth, through which it makes follow-on investments in its portfolio companies.

In April, Temasek-backed venture capital firm Vertex Ventures held the first close for its $250-million global growth fund, according to its managing partner Chua Kee Lock.

According to Chua, the motivation behind raising a growth fund is to make top-up investments in existing portfolio companies. As Singapore’s oldest venture capital firm, it is beginning to see several of its portfolio companies across Series A and B stages.

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.