Jungle Ventures (“Jungle”), an early stage fund based in Singapore, has made the first close of its third fund at US$175 million. The company is expecting to raise over US$220 million and expects that it will be oversubscribed in the coming months.
The investors involved have diverse backgrounds, coming from North America, Europe, the Middle East, and Asia. Sources said the names were as follows:
- IFC, who’s a member of the World Bank Group
- Temasek Holdings
- Cisco Investments
- John Kim, the President of HomeAway, part of the Expedia Group
- The family office of Khoon Hong Kuok
Jungled used a co-investment program to welcome the investors onboard.
With the third fund expected to have its final close soon, sources said Jungle will split the fund between consumer and software investments.
The consumer investments will be focussed on digital brands that target the millennials in Southeast Asia, from fashion to financial services. Pomelo, RD, iflix, Kredivo and Livspace are existing portfolio companies with said characteristics.
Its B2B investments will be focussed on companies that help the SMEs in Southeast Asia in adopting the technology. Among its current portfolio of companies is Deskera, in which Jungle led a US$60m Series B investment.
Jungle raised its first fund was in 2012 at US$12 million, followed by the second fund in 2016 at US$ 100 million.
Jungle claimed that it has had one exit every year and has sold portfolio companies to global and regional giants such as Rakuten, HomeAway, iSelect, and Twitter.
Currently out of the new fund, Jungle said that it has done five deals – two in Indonesia, one in Malaysia, and its first investment in Vietnam, leading Series A and Series B rounds.
Most recently, Jungle led a $29.5 million round for engineer.ai, a startup that helps anyone build bespoke software. Other investors included Lakestar and Softbank’s DeepCore.