Golden Gate Ventures announced today that it is floating a US$50 million fund for startups in Southeast Asia. It has already closed US$35 million from an international mix of investors and advisors to the fund, including Temasek, Eduardo Saverin (Co-founder of Facebook) and Monitor Capital Partners, a European multi-family office.
Additional partners include Singapore’s National Research Foundation, NAVER (parent company of LINE messenger) and Far East Ventures, the venture capital arm of Far East Organization, one of the largest property developers in Southeast Asia.
This fund will allow Golden Gate Ventures to capitalise on the emerging middle class, strong government stimulation, high technology adoption rates in the Southeast Asian market, with more than one million new Internet users coming online in APAC each month, said an official statement.
Growing Southeast Asia’s startups
With this fund, it will continue to focus on Internet and mobile startups targetting the Southeast Asian consumer and SMB markets in sectors such as e-commerce, payments, marketplaces and SaaS applications.
Golden Gate Ventures will also maintain its ‘community first’ approach and continue to support the ever-maturing ecosystem through events, mentoring and community-building activities such as WalkaboutSG, a city-wide open house that showcases Singapore’s top startups, co-hosted by SGX, the Singapore Exchange.
“We’ve been quite fortunate with our companies to date. We’ve had no startups drop off the radar. On the contrary, we’ve been able to bet on terrific entrepreneurs building high-growth companies, such as baby related e-commerce Bilna, online social credit scoring company Lenddo. And we’ve worked with great regional co-investors such as Jungle Ventures,” said Jeffrey Paine, Founding Partner at Golden Gate Ventures.
Launched in 2011, the early-stage venture capital firm has invested in 25 companies over seven countries in Southeast Asia. Its recent investments include Singapore-based online grocery store RedMart and Indonesia-based health information portal Alodokter.
Golden Gate Ventures has not yet revealed when it will make its final close. We will update you as soon as we receive the news.