Here are Southeast Asia’s largest venture capital funds of 2018

Pedestrians walk past an office tower in the central business district in Singapore, on Friday, April 27, 2018. Photographer: Paul Miller/Bloomberg

Southeast Asia witnessed a strong year in 2018 as venture capital firms raised larger funds and several new names entered the fray, including some sector-focused and country-focused funds.

Before we take a look at the top VC funds of 2018 in terms of largesse, here are some notes on our methodology. For this exercise, we only looked at funds that were either launched or closed this year. So, Vickers Venture Partners’ $230-million fund and Vertex Ventures’ $210-million fund, both of which were closed last year, are not included.

Also omitted are funds that held a first close last year and are expected to make a final close by the end of this year (the $100-million Kejora-InterVest fund) or next year (the $200-million Meranti ASEAN Growth Fund).

So, what really changed this year?

One, $100-million became the new normal. This year saw several $100-150 million funds being launched, including more than one first-time funds.

Siam Commercial Bank-backed Digital Ventures, which did not make this list on account of a mere technicality, saw its corpus double to $100 million in May.

In September, Fidelity-backed Eight Roads Ventures opened its first Southeast Asia office in Singapore and managing partner Raj Dugar said the VC saw the potential for a $200-million fund focused on Southeast Asia.

Two, more sector-focused funds gained ground. Prominent names include B2B tech-focused Qualgro and Tin Men (both $100-million funds) and healthcare-focused HealthX Capital (which announced a $25-million fund for SEA and India).

Three, 2019 is already promising to be bigger. Indian impact investor Aavishkaar has already announced plans to raise a $300-million Southeast Asia-focused fund. Chinese VC firm GGV Capital is looking to set up an office in Singapore early next year, while Qiming Ventures may soon decide if it wants to launch a dedicated fund for Southeast Asia.

Here are the top VC funds of this year:

Expand Table

 FundAmount (USD)StatusFocusInvestments
1Sequoia Capital$695 millionClosedIndia and Southeast Asia
2B Capital
*First-time fund*
$360 millionClosedGlobal
Series B+
Bird, Carro, Ninja Van
3Latitude Venture Partners
*First-time fund*
$200 millionClosedGlobal
Healthcare/Healthtech
6Jungle Ventures (Fund 3)$200 millionFirst CloseIndia and Southeast Asia
Consumer internet, fintech, B2B/SME digitization
4EV Growth
*First-time JV fund*
$150 millionLaunchedSoutheast Asia
Growth-stage startups
5Monk's Hill Ventures (Fund 2)$150 millionLaunchedAsia
Series A and B
7Grab Ventures
*First-time fund*
$150 millionClosedSeries A and B
8Openspace Ventures$135 millionClosedSoutheast Asia
Series A and B
Fintech, healthtech, edtech,consumer applications, cloud-based solutions
9Hatcher+ H2$125 millionLaunchedGlobal
Formation, pre-seed, seed, series A
10Insignia Ventures Partners
*First-time fund*
$120 million ClosedSoutheast AsiaFirst Circle, Carro, Awantunai, Logivan
11Golden Gate Ventures$100 millionClosedSoutheast Asia
Tech, especially e-commerce, payments, mobile apps
12Qualgro (Fund 2)
$100 millionFirst Close @ $60 millionSoutheast Asia
Series B and onwards
B2B tech, AI, security, data analytics, SaaS
13Tin Men Capital
*First-time fund*
$100 millionLaunchedSoutheast Asia
Pre-Series A
B2B tech
Overdrive IoT, Globaltix
14VinaCapital Ventures *First-time fund*$100 millionLaunchedVietnam
Technology, especially logistics, fintech, digital media
Logivan, FastGo
15Alpha JWC (Fund 2)$100 millionLaunchedFintech, SaaS, Big Data analytics, marketplace and e-commerce
16ComfortDelGro Capital Partners
*First-time fund*
$100 millionClosedGlobal
Mobility
19Golden Equator - Korea Investment Partners' joint fund$87 millionLaunchedSoutheast Asia
Series A and B
Fintech, marketplaces, enterprise solutions, e-commerce, AI
17Wavemaker Partners (third fund)
$80-$100 millionSoft LaunchDeeptech, B2B, fintech
18Kejora VenturesSlightly below $80 millionClosedFintech, HR, healthcare, media, logistics, educationInvestree, Cekaja
20MassMutual Ventures
*First-time fund*
$50 millionLaunchedSoutheast Asia
Series A and B
Digital health, fintech, insurtech, enterprise software
21Decacorn Capital$50 million LaunchedWomen’s health, newborn health and life science tools

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.