Vertex Ventures, the VC arm of Singapore state-owned investment firm Temasek, has raised more than $150m for its third fund aimed at Southeast Asia and India, Tech in Asia reported today.
The fundraising effort included a commitment from Thailand-based financial services firm Kasikornbank, marking the first time that Vertex has sought investment from someone other than Temasek.
The $150m figure represents the fund’s target, but Vertex said it will close the fund at the end of the year.
The fund is expected to focus on fintech startups, providing between $3m and $5m to series A-stage companies and using Kasikornbank’s expertise and network. The bank launched a $29m corporate venturing unit to invest in the sector in June 2017 called Beacon Venture Capital.
Kee Lock Chua, managing partner of Vertex Southeast Asia and India said: “We have seen a sharp increase in capital being deployed in startups in this region, growing from $100m in 2008 to $2.5bn in 2015. Over 50% of this is invested through Singapore-incorporated startups.
“With more countries like Thailand, Indonesia, and Malaysia accelerating their support for the startup and VC ecosystem, we are confident that this region will continue to see significant growth.”
– This article first appeared on our sister site Global Government Venturing.