Malaysia-based conglomerate Genting and South Korea-based e-commerce and TV shopping network operator GS Home Shopping will back US-based venture capital firm 500 Startups’ Southeast Asia Fund, according to Bloomberg.
500 Startups has doubled the fund’s target to $20m, according to an email seen by Bloomberg. Genting is committing $3m to the fund, two people familiar with the matter said, though details concerning GS Home Shopping’s involvement have not yet emerged.
The firm has not officially confirmed whether the corporate backers are indeed looking to invest in the Southeast Asia fund. It is also in the process of raising $200m for its fourth global fund.
500 Startups closed its third fund at $85m last month, after attracting limited partners including advertising firm Dentsu, media company Yahoo Japan and Malaysian government-backed Malaysia Venture Capital Management.
Founded in 2010, 500 Startups currently has approximately $200m under management. The firm initially commits around $100,000 and tracks a startup’s progress before potentially providing follow-on funding. Its portfolio includes some 1,200 companies across 50 countries.