Singapore-headquartered Tanglin Venture Partners has joined the growing list of new VCs in Southeast Asia with a $50-million fund targeted at investments in Southeast Asia and India.
The firm’s co-founders are Ravi Venkatesh, also a managing partner at the firm, and Edwina Yeo, whose LinkedIn profile mentions she is a partner at Tanglin. Both Venkatesh and Yeo are Tiger Global Management alumni, having worked in its portfolio management team.
When contacted, Venkatesh refused to divulge more information about the fund at this point. The fund launch was first reported by Tech in Asia.
Tanglin joins several other new entrants in the venture capital space in Southeast Asia. Among first-time funds, the most prominent remains Singapore-headquartered B Capital, a global fund focused on Series B to D investments, which raised $360 million last year.
Another large new VC player in 2018 was Grab Ventures, the accelerator and investment unit of ride-hailing and payments unicorn Grab. Launched in June, it announced plans to invest up to $250 million in startups based in Indonesia, the home turf of archrival Go-Jek.
In Indonesia, Latitude Venture Partners, the venture capital arm of Indonesian conglomerate Sinar Mas, jumped into the fray. The healthcare-focused VC, which launched operations with a $200-million corpus, is spearheaded by third-generation Sinar Mas heir Linda Wijaya.
DEALSTREETASIA was the first to report about Go-Jek’s venture arm, Go-Ventures, last year. The Indonesian unicorn later confirmed the existence of its venture capital unit. While it did not disclose a target corpus for the unit, industry estimates peg it at $175-180 million. Unlike rival Grab, Go-Jek is seeking external capital for its venture arm.
Other prominent first-time funds unveiled in 2018 include former Sequoia Asia partner Yinglan Tan’s Insignia Ventures Partners, which raised $120 million for its debut vehicle, and the $100-million funds announced by Tin Men Capital, VinaCapital and ComfortDelGro.