Singapore-based venture capital firm Golden Gate Ventures closed its second early-stage fund at $60m yesterday following commitments from investors including insurance company Hanwha Life Insurance.
The fund, which was oversubscribed by $10m, also received capital from media conglomerate Hubert Burda Media and financial services firm Siam Commercial Bank, the latter through its corporate venturing division, Digital Ventures.
Internet company Naver, property developer Far East Organization’s corporate venturing subsidiary Far East Ventures, Singaporean sovereign wealth fund Temasek, multi-family office Monitor Capital Partners and angel investor Eduardo Saverin committed capital in July 2015.
Golden Gate Ventures has backed 39 startups to date, across sectors such as fintech and payments, services, e-commerce, entertainment, fashion, gaming, travel and media. The latest fund will seek out early-stage opportunities in Southeast Asia’s consumer sector.
Thana Thienachariya, chairman of the executive committee at Digital Ventures, said: “Banks will need to adapt to industry changes quickly in order to remain competitive. We set up Digital Ventures to cope with these changes and work with startups in various ways, including investment.
“We believe Golden Gate Ventures to be the right partner to help us identify and participate in investment opportunities in Asia which is becoming the next innovation hotbed.”