IFC to back Jungle Venture's second fund

The commitment will total no more than 20% of the total commitments to the Jungle Ventures II fund, according to a disclosure by IFC. In addition to its $10 million investment in the fund, IFC will also commit $10 million to an IFC co-investment vehicle that will invest alongside Jungle Ventures' fund.

In a regulatory filing last week, Jungle Ventures said the new fund is targeting $100 million. The fund will seek early-stage investments in technology companies based in Southeast Asia, particularly Series A rounds. The sector focus will be consumer-oriented internet and mobile businesses; analytics; health, financial, and education technology; and enterprise software.

Jungle's previous vehicle was a "super angel" fund launched in 2012 with $10 million to invest in start-ups in India, Southeast Asia, and Australia. Its portfolio companies include Thailand-based online fashion retailer Pomelo, for which it led a $1.6 million pre-Series A round in 2014, and Singapore's inventory management platform TradeGecko, for which it co-led a $6.5 million Series A round with NSI Ventures.

The firm has also been seeking to enhance its management team this year. Prominent new hires include former TPG Capital executive David Gowdey, and Tata Sons chairman emeritus Ratan Tata.

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• Topics
• Southeast Asia
• Technology
• Venture
• LPs
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• Southeast Asia
• IFC
• Jungle Ventures
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• seed
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