Southeast Asia’s VCs are in the market to raise over $4.2 billion

Singapore buildings reflected on water. Photo: Shownen Kang/Unsplash

More than 35 venture capital funds with a complete or partial focus on Southeast Asia are currently in the market to raise over $4.2 billion, VC announcements and DealStreetAsia data show.

While not all these funds are expected to hold a final close this year and most are targeting investments in multiple markets, the fundraising spree does indicate high investor confidence in Southeast Asia’s growth prospects and its startup ecosystem.

The biggest among the funds on the road so far is set to be Singapore-headquartered B Capital Group’s second fund. The target for the fund has not been disclosed but in April, it made a first close after bagging $406.1 million in commitments. The venture capital firm, which was co-founded by Eduardo Saverin and Raj Ganguly, had raised $360 million for its debut fund last year.

Another mega fund is being raised by Vickers Venture Partners, which is chasing a target of $500 million for its latest vehicle. Both B Capital and Vickers make global investments.

Among those with a sharper Southeast Asia focus, Vertex Ventures is raising a $280-million fourth SEA and India fund. In May, the Singapore-based VC firm made the first close for its latest fund at $230 million, topping the entire corpus of its previous $210-million fund raised in 2017.

We had earlier reported that Jungle Ventures has secured commitments totalling $225 million for its third Southeast Asia fund, although the firm has only disclosed a first close at $175 million.

STRIVE, formerly known as GREE Ventures, is raising a $130-million fund to make investments in Japan, Southeast Asia and India, while Indonesia-based early-stage investor Alpha JWC is seeking to close its $100-milion fund by the end of this year.

Venture capital (VC) firms with a focus on Southeast Asia raised a total of $1.58 billion for new funds in the first half of 2019. With large VC funds currently in the market, fundraising this year is set to top last year’s total of $2.12 billion.

Expand Table

VC firm
Fund size
Vickers Venture Partners
500.0
B Capital Group
406.1 (First close amount; target unknown)
Vertex Ventures (SEA and India fund)
280.0
Jungle Ventures
225.0
Gobi Meranti ASEAN Growth Fund
200.0
Golden Gate Ventures and Hanwha Asset Management
200.0
Go-Ventures (Go-Jek's VC arm, to tap external LPs)
180.0
Monk's Hill Ventures
150.0
BAce Capital
150.0
Patamar Capital
150.0
Insignia Ventures Partners
150.0
STRIVE
130.0
Tin Men Capital
100.0
Qualgro
100.0
Alpha JWC
100.0
Vertex Ventures (backed by Japanese LPs)
100.0 (SEA allocation of a $700m fund)
Wavemaker Partners
100.0
Golden Equator-Korea Investment Partners
87.0
Genesia Ventures
80.0
3B Ventures (Frontier Fund II)
60.0
Sovereign's Capital
60.0
RedBeat Capital (CVC of Air Asia; to tap external LPs)
60.0
Sun Sea Capital (External LPs and Sunway)
50.0
Decacorn Capital
50.0
Convergence Ventures
50.0
Cento Ventures and Start Today (Start Today Ventures)
50.0
Cento Ventures (Proptech Fund)
50.0
Tanglin Venture Partners
50.0
Quest Ventures
50.0
Koru Partners
50.0
Hustle Fund
50.0
Vynn Capital
40.0
Play Ventures
40.0
ADB Ventures
40.0
Expara Ventures
30.0
Antler
30.0
RHL Ventures
24.2
Cocoon Capital
20.0

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.