Golden Gate Ventures to raise $100m third fund, confirms SEC filing

The Golden Gate Ventures team. Source: Golden Gate Ventures

Singapore’s Golden Gate Ventures has submitted an SEC filing which confirms that the venture capital firm is raising $100 million for its third fund.

Bloomberg had first reported in March about the $100-million fund, citing an anonymous source. The report said that a first close for the latest fund was expected to be reached before March-end and the final close by the end of 2018.

While the SEC filing confirms the reported fund size to be correct, it shows that Golden Gate is yet to receive commitments for it as of the date of filing, June 22. The timeline for the first or final close is, therefore, not yet known.

Golden Gate was founded in 2011 by former Silicon Valley entrepreneurs Vinnie Lauria, Jeffrey Paine and Paul Bragiel. The VC targets Southeast Asia’s technology sector, with a particular interest in the burgeoning market for e-commerce, payments and mobile apps.

It has previously raised two early-stage venture funds, which count Temasek Holdings, Facebook co-founder Eduardo Saverin and South Korea’s Hanwha Life Insurance and Naver Corp as investors.

Golden Gate’s previous fund closed at $60 million in June 2016, with participating investors from across Asia, Europe and the Middle East. The fund was oversubscribed by $10 million, from its initial target of $50 million.

It currently has more than 30 portfolio companies across the region, which includes online classified app Carousell, Jakarta-based healthcare platform Alodokter and Vietnamese mobile platform Appota Corp. This year, Golden Gate has made follow-on investments in a few of its portfolio companies, including Carousell and automotive marketplace Carro.

Golden Gate founding partner Jeffrey Paine told DEALSTREETASIA in an interview last year that several of the VC’s portfolio firms are due to see exits in the next three years.

Over the past few years, VC firms have been allocating bigger funds to be invested in the Southeast Asian market. In October of last year, Temasek’s Vertex Ventures set a record in the region by raising as much as $210 million for its dedicated Southeast Asian fund.

Other notable funds include Openspace Ventures’ $125-million second fund, a final close for which is expected this year.

Meanwhile, another Singapore-based VC Vickers Venture Partners has said it is looking to raise its largest fund yet of up to $500 million later this year, which will be one of the largest venture capital funds to be raised in Southeast Asia.

Also Read:

Singapore’s Golden Gate Ventures said to be raising $100m VC fund

Meaningful exits require critical mass of liquidity: Golden Gate Ventures

Vertex Ventures raises biggest fund for Southeast Asia, India tech deals at $210m

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.