Despite pandemic’s rather devastating impact on several facets of the global economy, startups around the world seem to still be doing better, in perspective. India in particular, has seen startups turning unicorns (privately held $1Bn+ valuation companies) at a break-neck pace. So much so, that world’s fifth largest economy has produced more unicorns this year already, than China.
As investors continue to remain bullish about the Asian startup ecosystem, Singapore venture capital firm Jungle Ventures has raised $225 million in the first close of its fourth fund. The focus you ask? Of course India and SE Asia.
The round included participation from Jungle Ventures’ existing investors Temasek Holdings Pte, International Finance Corp., and German development finance institution DEG. And if that isn’t enough, Jungle Venture’s Fund IV has a planned size of $350 million. According to Jungle Ventures, Fund IV is now the largest fund across all early-stage funds in Southeast Asia this year.
The nine-year-old venture capital firm is known to invest in early and growth-stage start-ups in the tech sector and has come a long way to emerge as one of the fastest-growing VCs in South-East Asia. It has helped over 50 founders in 8 countries, made more than 35 investments (including Indonesia’s largest consumer lending app Kredivo, B2B e-commerce platform Moglix, home-interior platform Livspace, beauty e-commerce operator Sociolla, women’s fashion retailer Pomelo, and PoS platform KiotViet) and commands assets under management of about $600 million.
It had raised $10 million in its maiden fund, and later raised $100 million and $240 million in funds in 2016 and 2019 respectively. With every fund, Jungle Ventures is aiming to conquer new heights.
“We have coined two unicorns this year where we have been seed-to-IPO investors,” Jungle Ventures founding partner Amit Anand said. “We have built a franchise that will repeat quarter after quarter, and that separates us from the one-hit-wonder venture-capital providers.” The start-up helps entrepreneurs scale up and drive growth by helping with the structuring of capital, forming strategic partnerships, developing the leadership skills of founders, and attracting and retaining top-level talent.
“If you look at Southeast Asia, where we are today, the ecosystem has been in the works for a long time. We started the journey back in 2012. We’re one of the oldest funds in the region and we haven’t seen as good a time like today to be in the tech ecosystem in Southeast Asia,” he said, adding, “Opportunity and talent were always obvious in the region, and I think capital has followed. But the recent exit announcements, whether acquisitions or the domestic and global IPOs, in many ways, has completed the picture of Southeast Asia and made it a lot more attractive to everyone.”