Singapore-based venture capital firm Jungle Ventures, which had recently roped in Ratan Tata, chairman emeritus of Tata Sons Ltd, as a special advisor, has clocked 50 per cent commitment to its second fund, DEALSTREETASIA has learnt.
Jungle, which had also recently hired David Gowdey, the former operating partner at private equity firm TPG Growth, as a managing partner, is raising an $80 million to $100 million second fund.
Total assets under management with this fund will be at $125 million, the agency representing Jungle Ventures said in an email.
Industry executives aware of the development said investors in the second fund include Singapore state-investment fund Temasek, and also the city-state’s Thakral family.
Jungle Ventures did not comment on a detailed query on its second fund, and also on getting Temasek on board as an investor. When contacted, the Temasek spokesperson said: “We’re aware that Jungle Ventures is raising a second fund but are unable to comment further.”
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.
All leading Singapore venture capitalists (VCs) are currently in the process of raising their second fund.
Last month, Singapore-headquartered Golden Gate Ventures (GGV) said it had held the first close of its second investment vehicle, a $50 million early-stage fund committed to Southeast Asian tech startups as well as international companies looking to move to the region.
Golden Gate held the first closing of this fund at $35 million from a mix of international investors and advisors, including Temasek, Facebook co-founder Eduardo Saverin, and Monitor Capital Partners (a European multi-family office). Additional partners included Singapore’s National Research Foundation, NAVER (parent company of LINE messenger), and Far East Ventures, the venture capital arm of Far East Organization,one of the largest property developers in Southeast Asia.
DEALSTREETASIA had recently revealed that the Singapore state fund and American multinational technology company Cisco had invested in local venture capital firm Monk’s Hill Ventures, that is raising an $80 million first fund.
Innosight Ventures, a Singapore-based venture capital firm is also raising a new $50 million fund, to make series A investments in technology, media and telecommunications companies.
Jungle is currently invested in 30 companies across the region, and its portfolio includes firms such as Singapore based Tradegecko, Travelmob (acquired by NASDAQ listed HomeAway), Fastacash and Crayondata, India based Zipdial (acquired by Twitter), Livspace and Pokkt, Malaysia based iMoney and CatchThatBus, Thailand based Pomelo Fashion and Australia based Edrolo.
Jungle had initially raised $10 million as part of its first pan-Asian super Angel fund. The investors in its first fund had included the founder of Match.com, Interwoen and Encentuate, Peng T Ong, chief executive of Space Matrix, Anuag Srivastava, founder and chief executive of JobsCentral, Lim Der Shing, former head of engineering at Skype Toivo, Annus and co-founder of Sony Entertainment Television Jayesh Parekh among others.
With Gowdey joining the team, the fund now has four managing partners led by co-founders Anurag Srivastava and Amit Anand as well as Sony Entertainment Television India’s co-founder Jayesh Parekh.
Jungle is also set to announce two deals soon. It is the lead investor in the $7.5 million series B round that has been raised by Singapore-based studio One Animation. Malaysia-based bus ticketing service CatchThatBus is close to finalising its Series A round, led by Jungle Ventures and a couple of international investors.