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Jungle Ventures closes Fund-III at $240 million

Jungle Ventures’ latest fund is backed by Cisco Investments, German development finance institution DEG, and Singapore government-backed investment firm Temasek, among others.

, ET Bureau|
Updated: Oct 30, 2019, 11.41 AM IST
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The fund was also backed by Bangkok Bank’s VC fund Bualuang Ventures, and World Bank’s private market investment arm IFC, among others.
NEW DELHI: Jungle Ventures, a Singapore-based India and Southeast Asia-focused venture capital firm, has made the final close of its third fund at $240 million, going past its initial target corpus by $20 million.

Founded in 2012 by Amit Anand and Anurag Srivastava, Jungle Ventures’ latest fund is backed by Cisco Investments, German development finance institution DEG, Singapore government-backed investment firm Temasek, Bangkok Bank’s VC fund Bualuang Ventures, and World Bank’s private market investment arm IFC, among others.

“The over-subscription was carefully modelled on the fact that we like to do 10-15 very focused investments, looking at how the market’s playing, and the amount of money each company will need to get to the level that they have to,” Srivastava, managing partner at Jungle Ventures, told ET.

This is likely to see Jungle Ventures keeping aside a greater amount for follow-on investments in select portfolio companies, while also possibly writing slightly larger initial cheques.

The final close comes about seven months after the fund, which has backed Indian startups such as interior design marketplace Livspace and B2B commerce and procurement software provider Moglix, made its first close at $175 million, which ET first reported in its edition dated April 30.

Jungle Ventures has already made six investments from its latest vehicle, including in custom software creator Engineer.ai, Indonesian online beauty products marketplace Sociolla, travel and event photography platform Sweetescape, cloud-based POS and store management startup KiotViet, and logistics platform Waresix.

“Thanks to rising internet penetration, demographic shifts and mobile technology adoption over the last decade, the (South East Asian) region is now home to a fairly homogeneous addressable market of more than 250 million cyber-sophisticated young people comparable to any ‘developed’ market,” Anand, managing partner at Jungle Ventures, said.

The seven year-old VC firm now manages assets a shade above $350 million across its three funds, and is the latest among early-stage funds that have closed their latest investment vehicles.

The development comes at a time when a growing number of funds that have a dual India and South East Asia focus, have raised, or are in the process of raising, funds catering to Asia’s third-largest economy and the broader ASEAN region.

Earlier this month, Inventus Capital Partners made the final close of its third fund Inventus-III at Rs 369 crore.

In August, DSG Consumer Partners made the final close of its third flagship fund at $65 million, and the first close of its second build-out fund at $35 million.

More recently, Times of India, citing sources, reported that Flipkart co-founder Binny Bansal is firming up plans to launch a venture capital fund with a target corpus of $300-400 million, which will focus providing growth capital to startups across India and South-East Asia.

Also Read

Jungle Ventures makes undisclosed investment in BookMyShow’s Southeast Asia business

Jungle Ventures makes first close of Fund-III at $175 m

LivSpace raises $8 million from Helion, Bessemer, Jungle Ventures

Tookitaki raises Rs 6.3 crore from Jungle Ventures

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