Facebook Co-Founder, Temasek Invest in Asia Tech Startups

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Facebook Inc. co-founder Eduardo Saverin and Temasek Holdings Pte, Singapore’s state-owned investment company, are among the main investors in a new venture capital fund that will take stakes in technology companies in Southeast Asia.

The Golden Gate Ventures Fund II LP has already raised $35 million and expects to gather an additional $15 million, said Vinnie Lauria, managing partner of Singapore-based Golden Gate Ventures, in an interview on Tuesday.

“We took the step to bring in strong local partners for the fund,” Lauria said, while declining to comment on how much Temasek and Saverin, who lives in Singapore, are investing. The third major investor is Monitor Capital Partners, a family office based in Belgium, according to Lauria.

Golden Gate sees strong growth in the venture-capital business in Southeast Asia over the next few years, matching the gains in China and India during the past decade. The number of venture-capital deals worth between $1 million and $10 million is expected to double to 40 next year in Southeast Asia, according to a Golden Gate study on the prospects for the region.

Lauria said that part of the attraction for Temasek is the access the new fund will give to a range of early-stage investments, which will help it assess the companies for further potential investments.

A Temasek spokesman confirmed its participation in Golden Gate Ventures, but declined to comment further. Saverin couldn’t be reached for comment.

Golden Gate Ventures launched its first fund in 2012 and has so far invested in 20 Asian companies including Singapore online grocery firm RedMart Ltd. and Carousell Pte, a Singaporean maker of applications.

Of the $10 million committed to the first fund, more than half has been invested, Lauria said. The first fund’s current valuation is more than four times the invested capital, he said.

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