Golden Gate closes $100m third fund with backing from Temasek, Naver

The central business district in Singapore. Photographer: Ore Huiying/Bloomberg

Singapore’s Golden Gate Ventures closed its third fund at $100 million to accelerate investment into Southeast Asian consumer internet startups.

The fund was oversubscribed and anchored by existing backers including Temasek Holdings Pte., South Korea’s Hanwha, Naver Corp. and EE Capital, the firm said in a statement. New investors included Japanese entrepreneur Taizo Son’s Mistletoe Inc. and Korea Venture Investment Corp.

“Southeast Asia’s tech ecosystem has really hit an inflection point with annual investment now measured in billions of dollars,’’ Golden Gate Ventures co-founder Vinnie Lauria said. “Yet there is a youthfulness that reminds me of Silicon Valley before 2005.’’

Founded by former Silicon Valley entrepreneurs in 2011, Golden Gate Ventures was one of the earliest VC firms to target Southeast Asia’s nascent technology sector. It has backed startups including classifieds app Carousell, Jakarta-based health care platform Alodokter, car marketplace Carro and peer-to-peer lending service Funding Societies.

Its two previous funds have returned 48 percent and 29 percent to date, respectively, according to the company. Mitsui Fudosan Co., IDO Investments, CTBC Group and Ion Pacific Ltd. joined other new investors in its latest fund.

Bloomberg

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.