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.