Singapore-based venture capital firm Golden Gate Ventures has closed its third fund at $100m, having secured diversified conglomerate Hanwha, internet company Naver and property developer Mitsui Fudosan as limited partners.
State-owned investment firm Temasek, the government-backed Korea Venture Investment Corporation, financial holding company CTBC Group, investment banking firm Ion Pacific, startup hub Mistletoe, IDO Investments and EE Capital were also among the fund’s LPs.
Founded in 2011, Golden Gate concentrates on series A-stage investments in Southeast Asia-based companies developing mobile and online-focused consumer offerings.
The oversubscribed third fund reached its $65m first close last month, and it follows a similarly oversubscribed second fund closed at $60m in 2016 with backing from Naver, Temasek, Hanwha subsidiary Hanwha Life Insurance and media company Hubert Burda.
Financial services provider Siam Commercial Bank and real estate developer Far East Organization also contributed to the second fund, through their Digital Ventures and Far East Ventures units respectively.
Golden Gate’s portfolio companies include e-commerce platform Carousell, used vehicle marketplace Carro and RedMart, the online grocer acquired by e-commerce operator Lazada in late 2016. The firm also launched a $10m fund last month to back blockchain and cryptocurrency startups.