<article>Singapore-headquartered venture capital firm ICT Fund, formerly known as Tembusu ICT Fund I, is raising a $100-million second vehicle to continue investing in enterprise technology, according to an industry executive with direct knowledge of the matter.
The firm&#8217;s latest vehicle is slated to be three times bigger than its first fund, which closed at around $35 million in 2015.</article>

Singapore-headquartered venture capital firm ICT Fund, formerly known as Tembusu ICT Fund I, is raising a $100-million second vehicle to continue investing in enterprise technology, according to an industry executive with direct knowledge of the matter.
The firm&#8217;s latest vehicle is slated to be three times bigger than its first fund, which closed at around $35 million in 2015.
The new fund aims to hit the first close at about $50 million within the next 3-4 months, and the final close by the end of the calendar year 2019, said the industry executive who asked not to be identified because the information is private.
At the time of its launch, Tembusu ICT Fund I was the only software-focused venture capital firm based out of Singapore. The city-state currently has four funds focused on deep tech, but the recent past has also seen other VCs foray into tech investments, especially in software, enterprise and SaaS companies.
The ICT Fund is headed by Brijesh Pande, its founder and managing partner, who also owns 50 per cent of the general partner (GP) of the fund through Pepri Ventures, his personal investment vehicle. The rest of the GP is owned by Singaporean PE and VC firm Tembusu Partners.
The LPs in ICT Fund I included Chinese billionaire Pang Shengdong, the founder of web directory www.2345.com. That had also marked the first instance of Pang partnering with a venture capital or private equity group in Southeast Asia.
According to ICT Fund I&#8217;s website, it has invested in five companies from its first vehicle – Deskera, Vi Dimensions, Latize, Sixscape and Taiger.
Earlier this week, Singapore-based cloud platform startup Deskera said it had raised over $60 million in a Series A funding round from investors including Jungle Ventures, Cisco Investments, Tembusu Partners, Susquehanna International Group and InnoVen Capital.
For Tembusu, this marks the third time it has joined the cloud platform firm&#8217;s funding round. Its ICT Fund was involved in Deskera&#8217;s earlier round, and followed it up with a subsequent convertible note, while a sister fund (to the ICT Fund) was involved in the latest round. In total, Tembusu is learnt to have invested just under $30 million in the Singapore-based business management platform.
Other VCs targeting this space include Tin Men Capital, which recently announced the first close of its maiden $100-million fund. Its new vehicle aims to invest in smart cities, security, enterprise productivity, transport and logistics, omnichannel retail solutions and travel and tourism segments. On Thursday (November 29), Singapore-based e-ticket distribution platform GlobalTix Pte Ltd said it raised S$12.5 million ($9.1 million) in a Series A round from Tin Men Capital to accelerate its expansion across Asia.
Singapore-based venture capital firm Qualgro, which invests in startups in the B2B space, is also raising $100 million for its second vehicle, nearly double its previous $52-million fund.
In a recent report, Google and Singapore’s state investment firm Temasek said the Southeast Asian internet economy is projected to exceed $240 billion by 2025.
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Exclusive: Singapore-based ICT Fund seeks $100m for second vehicle

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