US-based venture capital 500 Startups has increased its Southeast Asia fund, reportedly backed by Malaysia-based conglomerate Genting and South Korea-based TV shopping network operator GS Home Shopping, to $22m, TechCrunch reported yesterday.
Last month Bloomberg revealed the fund, named 500 Durians, had been doubled from $10m to $20m and claimed Genting had committed $3m.
The fund’s new size has been confirmed through a regulatory filing.
500 Durians invests in seed, post-seed and series A rounds across the region. 500 Startups also operates a range of other funds, including a $10m fund focused on Thailand, and is expected to raise additional funds that will back startups in specific Asian countries.