Golden Gate closes $60m SE Asia VC fund

According to a statement, LPs include Temasek Holdings, Facebook co-founder Eduardo Saverin, South Korea's Hanwha Life Insurance and German internet conglomerate Hubert Burda Media. Thailand's Siam Commercial Bank also participated in the raising through its Digital Ventures investment arm.

"Banks will need to adapt to industry changes quickly in order to remain competitive," said Thana Thienachariya, Digital Ventures' executive committee chairman. "We believe Golden Gate Ventures to be the right partner to help us identify and participate in investment opportunities in Asia which is becoming the next innovation hotbed."

The fund is expected to make mobile-focused investments in consumer and business markets, particularly e-commerce, payment, marketplaces and software-as-a-service. Launched in 2014 with a target fund size of $50 million, it reached its first close in July last year at $35 million, with support from Temasek and Saverin as well as Belgium-based family office Monitor Capital Partners.

The vehicle's oversubscription has been interpreted as a significant endorsement of Southeast Asia's start-up ecosystem, which Golden Gate reports has having experienced a year-on-year doubling in VC commitments during the first quarter of 2016. Total VC investment in the region has been estimated at $1.7 billion for the first five months of the year.

Established in 2011, Golden Gate has backed more than 30 companies across Southeast Asia, Hong Kong, Taiwan, Japan, Korea and the US. Late last year, the firm deployed $4 million to six Southeast Asian start-ups, including three Indonesian groups.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Technology
• Early-stage
• Fundraising
• Venture
• Golden Gate Ventures
• Venture
• Temasek Holdings
• TMT