Singapore-based venture capital firm Jungle Ventures is seeking to raise over $150 million for its third fund, as it looks to double down on its investments in Southeast Asia and India, and support new companies in the consumer internet space, a person familiar with the matter told this portal.
The VC firm, founded by managing partners Amit Anand and Anurag Srivastava, is currently learnt to be marketing the new fund to potential investors, or limited partners (LPs).
Jungle Ventures, which is among the largest VCs in Singapore, had closed its $100-million second fund in 2016. LPs in the fund included 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.
When contacted by this portal, a Jungle Ventures spokesperson declined to comment on the firm’s fundraising plans for its third fund.
Another industry executive said the venture capital firm was hoping to raise as much as $200 million for its third vehicle, as it focuses on Series A and B investments, with seed-stage deals largely being handled by SeedPlus and HealthXCapital, two new funds that it helped establish.
Jungle Ventures had closed its first vehicle at $10 million in 2013.
The venture capital firm targets investments in Southeast Asia’s consumer internet startups in retail, financial services, travel and hospitality, healthcare and other sectors. According to the VC firm, these sectors collectively represent an online opportunity worth more than $50 billion in the near term.
Its portfolio companies include budget hotel brand RedDoorz, on-demand video streaming service iflix, apparel and accessories brand Pomelo and consumer credit platform PaySense.
Besides its co-founders, the VC’s team includes managing partners David Gowdey, a former TPG Growth and Yahoo! executive, and Jayesh Parekh, co-founder of Sony Entertainment Television and a former IBM executive.
Last year, Jungle Ventures appointed former Tencent Holdings corporate strategy and investment senior director Grace Yun Xia as a Principal. More recently, it announced the appointment of former HSBC executive Arvind Sankaran as Venture Partner as part of its bigger push into the expanding Asia-Pacific fintech market.
Southeast Asia’s VCs target larger vehicles
Jungle Ventures’ proposed third fund will be one of the largest raised by venture capital firms in Southeast Asia.
Singapore-headquartered B Capital Group, the VC firm founded by Facebook co-founder Eduardo Saverin, closed its debut fund at $360 million in February this year. Vickers Venture Partners raised $230 million last year in its largest fundraising. That included $190 million for its fifth fund and a yuan-denominated vehicle of $40 million.
Close behind is Vertex Ventures, which raised $210 million for its Southeast Asia- and India-focused third fund last year. Other large vehicles that are currently on the road include the $200-million Meranti ASEAN Growth Fund and OpenSpace Ventures’ next $150-million fund.
Finian Tan-led Vickers Venture has disclosed plans to launch its largest fund to date of up to $500 million later this year.