The $200m fund being jointly raised by South Korea-based conglomerate Hanwha and venture capital firm Golden Gate Ventures has stalled, DealStreetAsia reported yesterday, citing multiple industry sources.
Hanwha subsidiary Hanwha Asset Management and Golden Gate Ventures were reported in March 2019 to have raised $80m from external backers for the fund, which would invest in Southeast Asian consumer technology developers at roughly series B stage.
A source told DealStreetAsia the firms have not agreed on respective responsibilities for the vehicle while a different source said Hanwha has dialled down its commitment to the vehicle from $70m to $20m, though Golden Gate Ventures disputed that claim in an email.
Michael Lints, partner at Golden Gate Ventures, said: “The relationship between Golden Gate Ventures and Hanwha is and remains strong. There have not been any tensions between our organisations and Hanwha remains an anchor LP for our Growth Fund. We are in meetings multiple times a week.”
The report comes after Jina Bae left her position as head of corporate venture at Hanwha Asset Management in 2019.
