Silicon Valley-based Sovereign’s Capital closes $60m fund for SEA push

Silicon Valley-based Sovereign’s Capital has closed a $60 million fund to invest in early-stage startups in Southeast Asia besides its headquarters, the US, said sources privy to the development.

In Southeast Asia, Sovereign’s Capital’s focal market is Indonesia. This is even as the firm is open to tapping other markets as well, said one of the sources mentioned above.

“The fund has been closed a few months back, during the end of 2019, and the firm is currently scouting for opportunities in the region,” the source added.

When contacted, Sovereign’s Capital declined to comment on the development. We at DealStreetAsia got in touch with an executive taking care of the Southeast Asian market.

Going forward, Sovereign’s Capital is planning to deploy a third of the corpus raised to the Southeast Asian market.

Having opened its office in Jakarta (Indonesia) in 2014, Sovereign’s Capital’s portfolio companies in the archipelago include event management startup Loket (later acquired by Gojek), lunchbox startup Berry Kitchen, wedding marketplace Bridestory, and technology startup on education goKampus, among others.

According to information available on its website, the firm also has an investment in ride-hailing giant Grab.

It is understood that Sovereign’s Capital’s investments in Southeast Asia has so far been clocked from its third fund. However, this could not be independently verified.

Founded in 2012, Sovereign’s Capital focuses on both venture capital and private equity transactions and invests across sectors such as B2B software, healthcare IT, B2C software, tech-enabled goods and services, medical devices, and education, among others.

In terms of early-stage ventures, Sovereign’s Capital invests $250,000 to $2 million in startups with $500,000 to $10 million in revenue. For private equity, on the other hand, it typically invests in companies with revenues ranging from $10-100 million.

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.