Singapore-based venture capital firm Jungle Ventures has reached a $175m first close for its third fund, with commitments from limited partners including networking technology producer Cisco, TechCrunch reported yesterday.
Singaporean state-owned investment firm Temasek and International Finance Corporation, the private sector arm of multilateral financial institution World Bank, also contributed to the vehicle, as did DEG, a subsidiary of development bank KfW, while Cisco chipped in through its Cisco Investments unit.
A securities filing from December 2018 indicated Jungle Ventures was seeking up to $200m, but it is now expecting to close the fund at $220m in the coming months, a source with knowledge of the fund told TechCrunch.
The fund will be more than double the size of its predecessor, which reached a $100m final close in 2016. In addition to backing Southeast Asian startups, Fund III will also explore investments in India and internationally, and Jungle Ventures has already completed five deals through the fund.
The firm’s previous investments include business management software producer Deskera, hotel booking platform developer RedDoorz, artificial intelligence-equipped software development technology provider Engineer.ai and FinAccel, the manager of digital credit card Kredivo.