Singapore-based venture capital firm Jungle Ventures is digging deeper into Southeast Asia and India with the closing of its fourth fund. Fund IV totals $600 million, including $450 million for new investments and $150 million for follow-on investments in its portfolio companies. The closing of the fund brings Jungle Ventures’ total assets under management to over $1 billion, making it the first Singapore-based independent venture capital firm investing in Southeast Asia and India in take this step.
Limited partners in Fund IV are split equally between returning and new investors. Returning backers include Temasek, IFC, FMO and DEG, while new LPs include StepStone Group. TechCrunch hedged the fund’s first close of $225 million in September 2021.
Jungle Ventures was founded in 2012 by Amit Anand and Anurag Srivastava, launched with an initial fund of $10 million. Jungle Ventures has about 60 portfolio companies and claims its enterprise value is over $12 billion on $250 million in invested capital, with a loss rate of less than 5%.
Some of Jungle Ventures’ most notable investments include unicorns Kredivo, Livspace, and Moglix. He is looking for companies capable of developing between Southeast Asia and India; for example, Livspace was founded in India and now also operates in Southeast Asia.
Fund IV will continue Jungle Ventures’ “concentrated portfolio” approach, making 15-18 planned key investments in India and Southeast Asia. He makes a lot of follow-on investments and has invested around $30-40 million in some ventures, over multiple rounds.
“We have been investing with this philosophy since our inception in 2012. It is driven by two major factors that have influenced our way of thinking. The number one factor is that most of the founders in this region are first-time founders, and you need a lot of help and support to give to those founders to help them grow their business, also help them grow as a leader,” Anand said. Tech Crunch. “From founder to CEO is a very long journey, a very painful journey, and few people become successful CEOs.”
He added: “This region has been completely under-penetrated in all sectors and we would rather focus our time, energy and capital on fewer investments and expanding them.”
Fund IV has previously supported Vietnamese digital bank Timo; Singapore Sleek back office operating system; Indian consumer electronics brand D2C Atomberg; Web3.0 based social-crypo-community platform for women Eveworld; and inFeedo, a SaaS employee retention platform.
“If I step back and think of a singular global thesis, I would say that we’re now very, very inspired by the whole decentralization and fair internet movement that’s happening around the world, that it’s whether it’s concepts like Web 3, whether its concepts like even social commerce, whether it’s the digitization of SME technology,” Anand said. “Essentially bringing the power of the internet to this more small participant in the internet economy is what is the most exciting aspect of this fund.”