Jungle hits $225m first close on fourth SE Asia VC fund

LPs are said to consist mostly of existing backers, including Temasek Holdings, development finance institutions DEG and the International Finance Corporation (IFC), as well as various Asian and global family offices.

Jungle closed its third fund at $240 million in 2019, more than doubling the size of the previous vintage, with support from Temasek, DEG, and IFC, as well as Cisco Investments, Bangkok Bank, and Netherlands-based FMO among others.

The vehicle is being touted as the largest early-stage fund raised this year in Southeast Asia and a signal of ongoing momentum for VC in the region. It follows several sizable liquidity events, including US listings via mergers with special purpose acquisition companies )(SPACs) for credit platform FinAccel and multi-service app Grab, as well as a domestic IPO for Indonesia's Bukalapak.

"Opportunity and talent were always obvious in the region, and I think capital has followed," Amit Anand, founding partner of Jungle, told TechCrunch. "But the recent exit announcements, whether acquisitions or the domestic and global IPOs, in many ways has completed the picture of Southeast Asia and made it a lot more attractive to everyone."

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• Topics
• Southeast Asia
• Fundraising
• Venture
• Singapore
• Jungle Ventures