Former Sequoia venture partner Yinglan Tan’s new VC fund, Insignia Ventures Partners, has made the final close of its maiden fund at US$120 million, reports DealStreetAsia, quoting two unnamed industry sources.

This marks the largest ever maiden vehicle by a VC firm in Southeast Asia, behind Vickers Ventures (which recently raised US$230 million for its fifth fund), and Vertex Ventures (which last year closed its third fund at US$210 million).

The latest development comes almost five months after Insignia made its first close at US$25 million in September last year.

We are in touch with Tan for more details of this development, and will update this piece when we hear from him.

It was e27, which broke the story of Insignia’s launch in August 2017.

According to the DealStreetAsia report, Insignia has also made a seed investment of about US$1 million in Stoqo Teknologi Indonesia, a SaaS marketplace for food & beverages businesses. This is apparently Insignia’s second investment, following its lead investment in Indonesian co-working spaces chain EV Hive in September last year.

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Founded in 2016, Stoqo is a SaaS-based B2B marketplace for small restaurant and hotel owners, helping them bulk-source raw materials at direct-factory-prices and streamline back-end operations. As a buyer’s eCooperative, Stoqo orchestrates curated transactions by aggregating orders, standardising supplies and delivering on-demand for optimum efficiency.

A Stanford And Carnegie Mellon alumnus, Yinglan Tan joined Sequoia in July 2012. He has been Board of Commissioner at Indonesia’s leading e-commerce company Tokopedia since 2014. In the past, he has worked as Board Member at Artificial Intelligence company Appier.

Before Sequoia, Tan was the Head (Projects), National Research Foundation, Prime Minister’s Office in Singapore. He had previously been the first Director (China) at 3i. Tan had also been the Senior Assistant Director at the Ministry of Trade and Industry (Singapore).

A Kauffman Fellow, Tan has authored two books, titled The Way Of the VC: Having Top Venture Capitalists On Your Board and Chinnovation – How Chinese Innovation is going to Change the World.

Tan holds a Masters Degree in Management Science & Engineering from Stanford University.