The private sector lending arm of the World Bank – International Finance Corporation – plans to invest up to $20 million in the new fund that is being raised by Singapore-based venture capital firm Jungle Ventures, IFC said in a disclosure.
IFC plans to invest $10 million in the Jungle’s upcoming $100 million second fund, and plans to infuse a further $10 million for co-investment alongside the Singapore firm’s vehicle, that will invest in start-ups in South East Asia, Singapore and India.
Last week, this portal first reported that Jungle Ventures, had officially launched its second fund with a target of $100 million, and added that this vehicle that would be called – Jungle Ventures II, LP, according to a filing with the US Securities Regulator.
Again, as reported earlier, Jungle has made two high-profile signings ahead of its second fund. It has roped in Ratan Tata, chairman emeritus of Tata Sons Ltd, as a special advisor, and last month, also got on board David Gowdey, the former operating partner at private equity firm TPG Growth, as a managing partner.
It is learnt that Jungle is slated to announce the first close of its second vehicle soon, with investments from IFC, Temasek, Thakral Group, and possibly even Ratan Tata. This portal has not been able to confirm Tata’s investment in this fund.
DEALSTREETASIA earlier reported that total assets under management with this fund will be at $125 million, and had also added that the VC firm had already clocked 50 per cent commitment towards for this fund.
While Jungle will continue to focus its investments across consumer internet, mobile, software and e-commerce, the second fund will see the firm increase its cheque size to about $3-$5 million.
Launched in 2011, the VC firm headed by Amit Anand and Anurag Srivastavaa had initially raised $10 million as part of its first pan-Asian super Angel fund. The investors in its first fund had included founder of Match.com, Interwoen and Encentuate, Peng T Ong, chief executive of Space Matrix, Lim Der Shing, former head of engineering at Skype Toivo, Annus and co-founder of Sony Entertainment Television Jayesh Parekh among others.
Its portfolio includes Tradegecko, Travelmob (acquired by NASDAQ -listed HomeAway), Fastacash and Crayondata in Singapore; India-based Zipdial (acquired by Twitter) Commeasure, Livspace, Social Audience Pvt Ltd (a company behind the data intelligence startup Tookitaki) and Pokkt; Malaysia-based iMoney and CatchThatBus; Thailand-based Pomelo Fashion and Australia-based Edrolo.
In about 13 of its portfolio companies, Jungle Ventures has got on board the Singapore government as a co-investor. Put simply, the Singapore government matches on a one-to-one basis, the VC firm’s investment into the startup.
This is also part of the Singapore government’s move to support VC firms here investing in local startups here under its early stage Early Stage Venture Fund (ESVF) scheme.