Updates: We included new statement from Paul Ong, Associate Director at InnoVen Capital
Venture debt provider InnoVen Capital today announced that it has raised an additional US$200 million capital commitment from its shareholders Temasek and United Overseas Bank Limited (UOB).
Each institution are contributing US$100 million respectively.
In a press statement, InnoVen Capital stated that the additional capital will allow the firm to “tap on the immense potential in the venture debt space across Asia.”
“InnoVen has rapidly become the leading venture lender in Southeast Asia, helping entrepreneurs accelerate their company’s growth while minimizing equity dilution. The additional capital from our shareholders allows us to engage even more startups and to continue to build out a truly, unique platform which allows InnoVen to collaborate with the best VCs, corporates and entrepreneurs from across all of Asia,” said InnoVen Capital Singapore and Southeast Asia CEO Chin Chao in a press statement.
In an email to e27, Paul Ong, Associate Director at InnoVen Capital, further explained the firm’s plan with the additional capital.
“The additional capital allows us to engage the increasing number of startups who find venture debt a powerful source of capital to grow their business while minimising equity dilution. We typically provide ticket sizes of up to 25 per cent of an equity fundraise. InnoVen continues to be sector and stage agnostic,” Ong wrote.
“Furthermore, we continue to focus on leveraging the existing InnoVen platform (across India, China and Southeast Asia) to strengthen our cross-border network. Not only do we see trends across multiple geographical footprints, but we are also able to connect the capital partners and the larger and more mature companies driving these trends with the more youthful players in our portfolio,” he continued.
“With the additional funding, cross-border network, and our connectivity to the Temasek and UOB investment and banking ecosystems, we hope to be able to expand our portfolio and help build solid companies across Asia,” he concluded.
InnoVen Capital was formed in 2015 with the acquisition of Silicon Valley Bank’s business in India by Temasek and UOB.
Headquartered in Singapore, by the time of the acquisition the investors had invested US$200 million in the company.
It operates in India, China, and Southeast Asia and has supported more than 200 startups with over US$500 million in financing.