ungle Ventures raises $240 mn for third fund

Jungle Ventures, a Singapore-based venture capital (VC) firm that has invested in several Indian startups, has raised $240 million for its third fund, Mint reported citing a press statement from Jungle Ventures. The firm will invest in innovative technology and digital-driven consumer businesses across Southeast Asia from this fund. For its previous two funds in 2013 and 2016, it had raised $12 million and $100 million, respectively. More than 90% of the capital for the third fund came from institutional investors from North America, Europe, West Asia and Asia. These investors include DEG, Germany’s development finance institution; IFC, a member of the World Bank Group; Bualuang Ventures, a corporate VC fund of Bangkok Bank; Dutch development bank FMO; Cisco Investments and Singapore’s Temasek, among others. The Jungle Ventures III fund includes $40 million raised in separately managed account commitments, the statement added. The firm has already invested in five companies spread across Southeast Asia, such as Engineer.AI, Sociolla, SweetEscape, KiotViet and Waresix, from the new fund. Around 40% of the money raised for each of the previous two funds was invested in India. Jungle Ventures’ portfolio covers digital consumer brands focused on millennials in Southeast Asia, digital platforms for transforming small and medium enterprises (SMEs) and global technology leaders born in Asia. It has backed Indian startups, such as Moglix, Tookitaki, ZipDial, Mobikon, Livspace, Engineer.AI and Vayana, and helped some of them expand across Southeast Asia or globally.