Jungle Ventures, one of Southeast Asia’s largest early stage venture capital firms, has announced that it closed its third fund, Jungle Ventures III. The firm raised a total of $240 million, which includes $40 million raised in separately managed account commitments, for investments in innovative technology and digital-driven consumer businesses across Southeast Asia. In 2013 and 2016, it had raised $12 million and $100 million, respectively.
Investors range from endowments, funds of funds, and development financial institutions to strategic family offices and leading technology players. Investors include DEG, Germany’s development finance institution; IFC, a member of the World Bank Group; Bualuang Ventures, a corporate venture capital fund of Bangkok Bank; Dutch development bank FMO; Cisco Investments; and Singapore’s Temasek, among others.
“Our team is honored to have received such enthusiastic support from our investors,” said Amit Anand, Co-Founder and Managing Partner of Jungle Ventures. “Our understanding of growing consumer demand in Southeast Asia gives us an unmatched advantage as we deploy early stage investment capital to businesses with enormous growth potential.”
“The traditional view of Southeast Asia is that it’s a fragmented region of countries with more differences than similarities,” explained Mr. Anand. “Thanks to rising internet penetration, demographic shifts and mobile-technology adoption over the last decade, the region is now home to a fairly homogenous addressable market of more than 250 million cyber-sophisticated young people comparable to any ‘developed’ market. We saw the tide shifting and focused on companies that demonstrated an early leadership position in one market,” he said. “Then we supported these companies with capital, expertise and resources to help them become regional category leaders.”
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