Singapore-headquartered venture capital firm Openspace Ventures has raised over $90 million for the first close of its $200 million third Southeast Asia fund, according to an industry source aware of the matter.
The development was first reported by industry publication AVCJ on Wednesday and independently confirmed by DealStreetAsia.
Limited partners, or investors, in previous Openspace funds, including Temasek Holdings and Stepstone Group, are understood to have backed the latest vehicle. Both had previously invested in the firm’s $135 million second fund closed in 2018.
Openspace Ventures is understood to have made the fund’s first close at the end of June. When contacted, the VC firm declined to comment on its fundraising.
Openspace Ventures is one of Southeast Asia’s most prolific and active venture capital firms that invests in early-stage startups across the Series A and B stages. Some of its notable portfolio companies include Indonesian ride-hailing super app Gojek, healthtech firm Biofourmis, fintech startup Finaccel and Filipino online entertainment app Kumu.
The venture firm has also made a few exits from its portfolio, such as Redmart, which was acquired by Lazada in 2016, and Jualo, which was acquired by Carro in 2019.
Openspace also pared its stake in ASX-listed cloud communications startup Whispir during the startup’s 2019 IPO. It continues to remain invested in the firm, according to its website.
Openspace’s first close comes at a time when the coronavirus outbreak is evoking widespread caution in the fundraising market. Travel restrictions have led private investors to cancel their in-person meetings with potential and existing limited partners, making it more challenging to raise capital.
This isn’t the only fund Openspace is raising at the moment. It is also in the market to raise a $300 million opportunities fund, which would allow its LPs to co-invest and double down on select portfolio companies.
During an interview with DealStreetAsia in March, Openspace founding partner Hian Goh expressed confidence that the firm will meet its fundraising goals.
“Most of our main LP relationships have been with us for the past two funds, so they actually understand that this could be a good opportunity as the best startups still need capital. So it represents a great long-term buying opportunity,” said Goh.
The VC firm’s funds have previously secured backing from pension funds, university endowments, insurance companies and family offices in the US, Australia, Europe, Japan, China, Korea and Singapore.