Singapore’s Jungle Ventures nears first close of $200m third fund

Amit Anand (Co-Founder and Managing Partner), Grace Xia (Principal), Vaishali Cooper (CFO) of Jungle Ventures.

Singapore-based venture capital firm Jungle Ventures is set to hold a first close of its $200-million third fund within weeks, according to industry executives familiar with the matter.

Jungle Ventures is learnt to have clocked commitments for about half the amount it is targeting to raise for its third vehicle, which is among the largest funds in the region.

The venture capital firm has submitted an SEC filing, which confirms an earlier report by DEALSTREETASIA that it was seeking to raise between $150 million and $200 million for its third fund.

Jungle Ventures declined to comment for this story.

The VC firm had last raised a $100-million second fund in 2016. Jungle Ventures targets early-stage companies in consumer technology, SME enterprise solutions, as well as global tech disruptors.

The LPs in Jungle’s previous funds include Temasek Holdings, International Finance Corporation (IFC), National Research Foundation of Singapore, Hubert Burda Media and family offices such as those run by the Kewalram Chanrai Group and Khoon Hong Kuok.

Jungle Ventures’ portfolio companies include budget hotel brand RedDoorz; on-demand video streaming service iflix; fashion retailer Pomelo; and consumer credit platform PaySense.

In a recent story by DEALSTREETASIA, one industry executive had said that Jungle Ventures will focus on Series A and B rounds, while seed-stage deals will be handled by SeedPlus and HealthXCapital. Both SeedPlus and HealthXCapital are funds backed by Jungle Ventures.

Other large funds raised by VCs in the region include B Capital’s $360-million fund, Vickers Venture Partners’ $230-million fifth fund and Vertex Ventures’ $210-million third Southeast Asia fund.

Indonesia’s diversified conglomerate Sinar Mas recently launched a new venture capital (VC) arm, Latitude Venture Partners, with a $200-million corpus. Gobi Partners and MAVCAP are raising the $200-million Meranti ASEAN Growth Fund, a first close for which was made last year at $50 million.

Earlier this week, DEALSTREETASIA had reported that Singapore-headquartered venture capital firm Vickers Venture Partners is set to start fundraising for its largest fund yet of up to $500 million.

This year, $100-million funds became the new normal in Southeast Asia. Established names such as Golden Gate Ventures, Alpha JWC and Qualgro as well as new entrants Tin Men Capital, VinaCapital Ventures and ComfortDelGro Capital Partners are all raising $100 million for their funds.

Also Read:

Singapore’s Jungle Ventures said to seek over $150m for third fund

Here are Southeast Asia’s largest venture capital funds of 2018

SE Asia consumer market more homogenous than fragmented: Jungle Ventures’ Amit Anand+

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.