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Business trends

Southeast Asia VC funds on track to raise over $4.2bn

Data on more than 35 funds hints at high investor confidence in region's startups

Singapore skyscrapers: B Capital Group, headquartered in the city-state, made a first close of its second fund in April after bagging $406.1 million in commitments.    © AP

SINGAPORE -- More than 35 venture capital funds with a complete or partial focus on Southeast Asia are currently in the market to raise over $4.2 billion, VC announcements and DealStreetAsia data show.

While not all these funds are expected to hold a final close this year and most are targeting investments in multiple markets, the fundraising spree does indicate high investor confidence in Southeast Asia's growth prospects and its startup ecosystem.

The biggest among the funds on the road so far is set to be Singapore-headquartered B Capital Group's second fund. The target for the fund has not been disclosed but in April, it made a first close after bagging $406.1 million in commitments. The venture capital firm, which was co-founded by Eduardo Saverin and Raj Ganguly, had raised $360 million for its debut fund last year.

Another mega fund is being raised by Vickers Venture Partners, which is chasing a target of $500 million for its latest vehicle. Both B Capital and Vickers make global investments.

Among those with a sharper Southeast Asia focus, Vertex Ventures is raising a $280 million fourth SEA and India fund. In May, the Singapore-based VC firm made the first close for its latest fund at $230 million, topping the entire corpus of its previous $210 million fund raised in 2017.

We had earlier reported that Jungle Ventures has secured commitments totaling $225 million for its third Southeast Asia fund, although the firm has only disclosed a first close at $175 million.

STRIVE, formerly known as GREE Ventures, is raising a $130 million fund to make investments in Japan, Southeast Asia and India, while Indonesia-based early-stage investor Alpha JWC is seeking to close its $100 million fund by the end of this year.

Venture capital firms with a focus on Southeast Asia raised a total of $1.58 billion for new funds in the first half of 2019. With large VC funds currently in the market, fundraising this year is set to top last year's total of $2.12 billion.

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