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Jungle Ventures reaches $100m final close on SE Asia fund

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Singapore-based Jungle Ventures has reached a final close of $100 million on its second fund, which will target Southeast Asian technology start-ups.

LPs include Temasek Holdings, Singapore's National Research Foundation, Hubert Burda Media and Thakral as well as family offices Kewalram Chanrai Group and Khoon Hong Kuok. The International Finance Corporation (IFC) contributed $10 million. According to a statement new investor interest largely came from institutions and strategic family offices in both Asia and the US.

"This is a significant milestone for Southeast Asia's fast growing start-up ecosystem and we are grateful for the faith existing investors and new partners have shown in us," Amit Anand, Jungle's founding partner, said.

The fund will concentrate on Series A and select Series B investments. While the focus is on Southeast Asia, it will consider Indian and Australian companies on an opportunistic basis, particularly where businesses may benefit from expansion into Southeast Asia.

Jungle, which launched with a $10 million angel fund in 2012, says its second vehicle establishes it as one of the largest early-stage venture firms in Southeast Asia. It is also raising a $20 million pan-Asia seed fund to which the IFC has proposed committing $2 million.

Recent investment activity includes participation in an $11 million Series A round for Thailand-based online fashion retailer Pomelo and a $15 million round for Indian online home design portal LivSpace. This followed a $7.2 million investment alongside Blume Ventures, Konly Venture and Taurus Value Creation in Indian retail technology developer SnapBizz.

Jungle added to its management team earlier this year with the appointment of Vaishali Cooper as chief financial officer and former eBay financial controller James Lin as head of finance. At the same time, Menka Sajnani, previously with Google and HQ Capital, was named director of corporate development.

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