A VC fund linked to Singapore’s sovereign fund Temasek, Vertex Ventures has closed its third investment fund for Southeast Asia and India with a total of $210 million for investment.
Some of the Vertex’s best-known investments to date include ride-sharing giant Grab, IP analytics firm Patsnap, streaming service M17/Paktor, and e-commerce firm Reebonz. The new fund will continue with same investment thesis across Southeast Asia and India, which primarily means Series A deals with follow-on, and some capital deployed first at Series B stage.
Vertex Venture Holdings operates five funds across the world, which include vehicles focused on the U.S., Israel, and healthcare. This is the third installment of its fund for India and Southeast Asia. Moreover, it is the first that the Southeast Asia-India fund has raised capital from outside investors.
The fund was first announced in August with a target of at least US$150 million. It aims to invest mainly in series A rounds, with check sizes from US$3 million to US$5 million. It will focus on enterprise tech, fintech, and consumer internet.
On the development, Chua Joo Hock, managing partner of Vertex Southeast Asia and India, said:
We will expand our presence to other Southeast Asian cities to better access local opportunities
Publicly-named LPs backing it include Thailand’s Kasikorn Bank — via its $30 million Beacon fund — and Taiwan-based Cathay Life Insurance. Vertex managing partner Ben Mathias told TechCrunch that other backers included a combination of Asian financial institutions and family offices primarily across Asia.
That’s led to a healthy demand for the fund, which Vertex said was initially targeted at $150 million but subsequently raised to $210 million.