Golden Gate Ventures – which closed its third and biggest fund last year at an oversubscribed $100 million value – is among the few venture capital firms that are training sights on the opportunities in the Series B funding stage in Southeast Asia.
A seed-to-Series A stage investor, the Singapore-based fund manager participated in a Series B round for Bangladesh ride-hailing app Shohoz in 2019.
In line with its new focus investment sweet spot, Golden Gate Ventures also teamed up with its Korean investor, Hanwha Asset Management, to launch a growth fund targeting Series B companies across Southeast Asia in March. While the firms did not disclose the size of the fund, sources pegged it at around $200 million.
Some of the prominent limited partners in its third fund include backers of previous vehicles Temasek, Hanwha, Naver and EE Capital as well as new investors Korea Venture Investment Corp and Mistletoe, the VC firm of Masayoshi Son’s youngest brother Taizo Son.
Golden Gate Ventures partner Michael Lints predicts a strong pipeline for this stage [Series B] within the next two years.
“We see an opportunity that a lot of companies at the Series B stage are now looking to define a strong lead investor in the region, and we think that’s a good opportunity for us,” he told DEALSTREETASIA on the sidelines of the recent Vietnam Venture Summit.