IFC proposes backing Jungle's SE Asia seed fund
The International Financial Corporation (IFC), the investment arm of the World Bank, has proposed a $2 million investment in Jungle Ventures' Southeast Asia-focused seed fund.
The fund, SeedPlus Singapore, is targeting SGD25 million ($18.1 million). IFC plans for its contribution to comprise no more than 20% of total commitments, according to a disclosure. The vehicle will provide seed investments for up to 20 companies based in Southeast Asia and India, particularly in information and communication technology-focused start-ups.
Jungle launched SeedPlus last year to provide financial support and mentoring to start-ups in the region. The fund is part of an accelerator program run by Jungle in partnership with Accel Partners, Infocomm Investments, Google and PwC. It looks for companies with the potential for industry disruption on a global scale and a willingness to work closely with mentors.
IFC expects the investment to help meet its goals for economic development through the creation of new jobs by Seedplus' portfolio companies, and to promote the development of a local, sustainable ecosystem for entrepreneurship and venture capital. As an LP in the fund IFC will help mobilize additional institutional capital for the vehicle and provide assistance in the form of advisory services, co-investments and frameworks for environmental, social and governance issues.
In addition to SeedPlus, IFC is also an investor in Jungle Ventures II, the GP's second venture capital fund, which launched last year with a target of $100 million. IFC committed up to $10 million to the fund directly, along with $10 million for an IFC co-investment vehicle.
Jungle provides early stage investments and business infrastructure to start-ups across the Asia Pacific Region, with particular focus on Singapore, India and Southeast Asia. Recent investments include an $11 million Series A round last month for Thailand-based online fashion retailer Pomelo, in which 500 Startups and Fenox Venture Capital also participated.
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