US-based return-focused corporate venture capital firm MassMutual Ventures (MMV) has announced the launch of its second Southeast Asia fund at $100 million, bringing its total capital under management for the region to $150 million.
In a statement, MMV said the second fund has been provided by its parent company, Massachusetts Mutual Life Insurance Company. The fund will expand its investment reach by seeking opportunities in Hong Kong, India, Australia, and New Zealand.
The fund, which will be managed by the firm’s Singapore-based team, MMV SEA, will continue to build on the strategy of investing in early- and growth-stage companies in the digital health, financial technology, and enterprise software sectors.
“This additional capital will allow us to invest in more start-ups in the region that have the ability to generate positive returns for MassMutual,” said Doug Russell, Managing Director and Head of MassMutual Ventures.
The larger new fund will give MMV the ability to invest in an additional 15 to 20 companies and allow it to further support its portfolio companies as they grow, the firm added.
With the increased capital under management and commitment to its portfolio companies, MMV SEA recently hired a new associate, Carlos Jo Loo. Prior to MMV SEA, Carlos was a Senior Associate at the Boston Consulting Group (BCG) SEA.
MMV first raised $50 million in 2018 for its debut Southeast Asia fund, with a focus on Series A and B investments. Additionally, MMV manages two $100-million funds in the US.
Launched in 2014, MMV has backed nearly 40 firms in North Ameria, Europe, Israel, and Southeast Asia. Seven of those companies are part of MMV Southeast Asia’s current portfolio.
These include insurance technology firm Qoala; Hong Kong-based finch firm Neat; Singapore-based market research and data platform Milieu Insight; Software-as-a-Service platform Lynk; AI-based therapeutic decision support platform Biofourmis; and fintech firm Aspire.
“The substantial increase to our investment capital reinforces our commitment and focus, as we continue to believe in both the local opportunity and in the potential for globally successful companies to emerge from this region,” said MMV SEA managing director Ryan Collins.