Singapore-based venture capital firm Jungle Ventures is learnt to be seeking approval from the limited partners backing its third Southeast Asia fund to increase the vehicle’s hard cap.
The VC firm has already secured capital commitments totalling $225 million, the hard cap for its latest fund, and continues to field interest from investors wanting in on the fund, according to an executive familiar with the development.
Jungle Ventures held an extraordinary general meeting (EGM) in Singapore on Tuesday with some of its LPs to formally propose an extension to its third fund’s hard cap.
The VC firm told its LPs that it has been approached by potential investors from the Asia Pacific, Europe and the US. The entire approval process is expected to take at least a month, said an executive present at the meeting.
Jungle Ventures had reported the first close for the fund at $175 million two weeks ago.
According to reports by Bloomberg and TechCrunch, Jungle’s third fund boasts an impressive list of backers including Temasek, International Finance Corporation (IFC), Cisco Investments, German financier, DEG and Singaporean billionaire and CEO of Wilmar International, Kuok Khoon Hong.
Dutch development bank FMO has also proposed a $10-million investment in the fund, according to a disclosure.
Jungle’s third fund will invest in Series A and Series B financing rounds of scalable businesses in fintech, e-commerce, marketplaces, travel, media, and software enterprise industries in Southeast Asia.
Jungle Ventures raised its $10-million debut fund in 2012, making it one of the oldest Southeast Asian venture capital firms in the region. Its second vehicle closed at $100 million in 2016.
The Singapore-based VC firm has a number of notable startups in its portfolio, such as cloud platform startup Deskera, fintech startup Kredivo, and online fashion retailer Pomelo.
DEALSTREETASIA has reached out to Jungle Ventures for comment.