Jungle Ventures announces new US$10M pan-Asian super angel fundBy Jacky Yap 17 Oct, 2012
Jungle Ventures has announced a new US$ 10 million pan-Asian super-angel fund to launch at TechVenture.
The new fund has raised a US$10 million first closing from leading Asian entrepreneurs, including Peng T. Ong (founder, Match.com, Interwoven and Encentuate), Dan Neary (VP & GM Global Market Development, Skype), Anurag Srivastava (CEO, Spacematrix), Jayesh Parekh (co-founder, Sony Entertainment Television), Toivo Annus (former head of engineering at Skype), Lim Der Shing (founder-CEO, JobsCentral) among other angels and institutional funds.
The announcement was made in conjunction with TechVenture, which is happening today at Marina Bay Sands. The new fund sees the participation of experienced entrepreneurs such as Mr. Peng T. Ong, one of the most successful entrepreneurs in Singapore. He founded Match.com, Interwoven and Encentuate, which he successfully sold off to bigger companies. Aside from Mr. Ong, several other entrepreneurs with extensive experience also chips in to the new fund.
Other than that, the fund also partners with 500Startups to support go-to-market plans for their investee companies. Dave McClure, founder of 500Startups lauded the expansion opportunities around the world. “500Startups is excited to be working with Jungle Ventures in Singapore, as well as across Asia. Given the expanding opportunities around the world, it’s great to see more firms taking a global approach to investing in startups,” says Dave, who co-invested alongside Jungle Ventures in Singapore based online healthcare startup, DocDoc.
Jungle Ventures invests in seed to series A stages. The fund is often invested across multiple rounds, thus proving to be a comprehensive funding partner for startups through their early stages. Recently, Jungle Ventures invested a total of US$ 1 million in seed funding into short term rental site travelmob. When asked how Jungle Ventures knows if a startup is solving a real problem and not just focusing on something that is actually not a problem at all, managing partner Amit Anand shared that they look for early signs of value creation.
“Sometimes it is very pronounced while other times the investors have to bring their expertise to the founders and help them narrow down on a real and sizable problem. We often end up guiding such guidance even to those startups that we don’t end up investing in. As peers, we owe them that much.”
The new super angel fund is definitely a good sign for the startup ecosystem throughout Asia. We are starting to see more earlier successful entrepreneurs whom have exited their companies, putting in their expertise and money back into the ecosystem.
Read on for the full press release.
Singapore, 17 October 2012 – Jungle Ventures, a Singapore native global venture capital firm announced the launch of their new pan-Asian super angel fund at TechVenture 2012. The initiative has received strong interest and the firm has already raised a $10M first closing from leading Asian entrepreneurs and tech executives.
Investors in the new fund include Peng T. Ong (Founder- Match.com, Interwoven and Encentuate), Dan Neary (VP & GM Global Market Development, Skype), Anurag Srivastava (CEO, Spacematrix), Jayesh Parekh (Co-founder, Sony Entertainment Television), Toivo Annus (former Head of Engineering at Skype), Lim Der Shing (Founder-CEO, JobsCentral) amongst other angels and institutional funds.
With this announcement, prominent Singaporean entrepreneur Mr. Peng T. Ong joins the core partner team as Chairman of the Board, shared Anurag Srivastava, Founder & Managing Partner, Jungle Ventures. “We are very excited and honored to have Mr Peng T Ong with us, to guide the team on this journey of bringing the most innovative startups in Singapore and in Asia to the forefront.
Many of our investors, including recently added Partners Peng T. Ong and Jayesh Parekh, have personally delivered billions of dollars in exits to their shareholders and their insights in successfully taking local startups to the regional and global stage will be a key differentiating value addition to our investee companies from this fund”, added Anurag.
Jungle Ventures is one of the newly appointed incubators by the Singapore National Research Foundation (NRF), Technology Incubation Scheme (TIS). The fund has a pan Asian focus and invests heavily in Singapore and other regional hotbeds of innovation. “We have made 4 to 5 investments every year over the last few years and look to steadily increase this in 2013 and onwards. We are actively collaborating with leading venture capital funds across the world to support go-to market plans for our investee companies under this Program.” shared Amit Anand, Founder and Managing Partner, Jungle Ventures.
“500 Startups is excited to be working with Jungle Ventures in Singapore, as well as across Asia. Given the expanding opportunities around the world, it’s great to see more firms taking a global approach to investing in startups” mentioned Dave McClure, Founder of 500Startups, who co-invested alongside Jungle in Singapore based online healthcare startup, DocDoc.
Subrata Mitra, Managing Partner, Accel India, who has previously co-invested with founders of Jungle Ventures and Infocomm Investments (IIPL) in Singapore based Sconce Solutions also extended his support to the new fund “Jungle’s investment areas such as Consumer Internet, SaaS, content/media, etc., are of interest to Accel (India). Furthermore, Indian companies have started exploring the geographies that Jungle is focusing on. We therefore believe there will be strong possibilities to work together at the portfolio level”
About Jungle Ventures
Jungle Ventures is Singapore native, global venture capital firm. It makes early stage investments in startups from Singapore, India and other Asian hotbeds of innovation. It also invests in startups from other geographies with a view to accelerate their Asia Pacific market focus.
Jungle’s portfolio includes companies like DocDoc, ekstop.com, travelmob, Mobikon Technologies, Sconce Solutions, Ebus.tv and One Animation
For more information, visit http://www.jungle-ventures.com