Cisco Investments, the corporate venturing subsidiary of networking equipment manufacturer Cisco, has confirmed a $10m investment in a fund run by venture capital firm Monk’s Hill Ventures, Tech in Asia reported yesterday.
The fund is an innovation fund being raised by Singapore-based Monk’s Hill to invest across Southeast Asia. Monk’s Hill typically backs Southeast Asia-based startups, as well as companies looking to expand into the region, investing at series A and B stage.
Reports in July this year first revealed Cisco’s participation in the fund, together with Singaporean state-backed fund Temasek and YJ Capital, internet company Yahoo Japan’s corporate venturing unit, which committed an undisclosed sum the previous month.
The size of the fund was touted as $80m in July, though Monk’s Hill was considering increasing the fund to $100m if additional limited partners came on board. It will back cloud software, internet of things, mobility, enterprise, and big data and analytics technology developers.