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.