Singapore's Qualgro seeks $150m for Fund III
Qualgro Partners, a Singapore-headquartered venture capital firm, is looking to raise USD 150m for its third fund.
Mergermarket, AVCJ's sister title, learned of the development from two sources familiar with the situation. Qualgro did not respond to requests for comment.
The VC firm, which spun out from Singapore asset management business Gordian Capital in 2017, hopes to reach a first close by June with commitments amounting to half the overall target, the first source said. The fundraising process was launched in the fourth quarter of 2021, according to the second source.
Pavilion Capital, an investment entity under Singapore’s Temasek Holdings, will participate in Fund III as an LP, the first source added.
Qualgro’s debut fund, launched in conjunction with Gordian, closed on USD 52m in 2015. The spinout happened in 2018 and Qualgro reached a first close of USD 60m on its second fund – Qualgro ASEAN Fund II – in August of that year. The overall target was USD 100m.
The Fund III investment mandate is like that of its predecessor. Qualgro remains focused on B2B services, data and artificial intelligence, and software-as-a-service, primarily participating in Series A and B rounds. Fund III will invest in Australasia as well as Southeast Asia.
Qualgro has invested in 31 companies and completed eight full exits to date – six from Fund I and two from Fund II, according to the firm’s website.
Exits include Taiwan-based marketing solutions provider Appier, which listed in Tokyo in 2021. New Zealand retail software provider Vend, Australian headphone start-up Nura, Singapore-based marketing analytics specialist Eyeota, Southeast Asian cloud communications platform Wavecell, and Singapore-founded medical devices maker Medo AI were all exited by trade sale.
Other flagship portfolio companies include home rentals platform NoBroker and contract management software provider SirionLabs in India, B2B digital marketplace Ralali in Indonesia, and market intelligence and analytics provider PatSnap, e-commerce rewards platform ShopBack, and digital lending business Funding Societies in Singapore.
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