Jungle Ventures targets $60-100m second fund

Singapore headquartered Venture Capital firm – Jungle Ventures – is raising its second fund with a target of up to $100 million as it seeks to tap opportunities in the fast growing tech and consumer sector in the region, and also become the leading player in the early stage investors’ space in Asia.

Jungle Ventures is in advanced talks with several limited partners and will soon announce the first close for its largest ever buyout vehicle, DEALSTREETASIA has learnt. The VC firm is learn to have received between $20-30 million in commitments already and plans a final close for this vehicle next year.

It is learnt to be looking at a final close in the range $60-100 million.

In layman’s terms, ‘first close’ means the fund has reached a certain threshold in terms of the amount raised, and it can begin making investments and close deals, even as new LPs can continue to join it.  Final close implies that it has reached the second threshold, post which no LPs can join it.

An investment agency from the Singapore government will also participate in Jungle Venture’s second fund and is expected to put in about $10 million.

Jungle Ventures declined to comment on its fund raising plans.

Launched in 2011, the VC firm headed by Amit Anand and Anurag Srivastavaa had initially raised $10 million as part of its first pan-Asian super Angel fund.  The investors in its first fund include founder of Match.com, Interwoen and Encentuate, Peng T Ong, chief executive of Space Matrix, Anuag Srivastava, founder and chief executive of JobsCentral, Lim Der Shing, former head of engineering at Skype Toivo, Annus and co-founder of Sony Entertainment Television Jayesh Parekh among others.

Its portfolio now includes 25 startups from 5 sectors and 7 countries across South-east Asia and USA. It had recently led a $1.6 million pre-series round in Pomelao, a Thailand-based online fashion brand and e-tailer. Earlier this week, Jungle Ventures had led a $400k seed funding in the Singapore-India based startup Scrollback that is building free open-source chat platform for online communities.

Jungle also boasts of three exits within a short span of just three years and these include Cinema Craft, New Zealand based Ebus and TravelMob.

In about 13 of its portfolio companies, Jungle Ventures has got on board the Singapore government as a co-investor. Put simply, the Singapore government matches on a one-to-one bases the VC firm’s investment into the startup.  This is also part of the Singapore government’s move to support VC firms here investing in local startups here under its early stage Early Stage Venture Fund (ESVF) scheme.

In addition to Jungle, the Singapore government has tie-ups with five other VCs for this initiative, and these include Golden Gate Ventures, Walden International, SBI Ven Capital, New Asia Investments and Monk’s Hill Ventures.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.