- Already has committments of about $65 million for venture fund
- Target investments include TradeGecko, LivSpace, Abra
Jungle Ventures, a Singapore-based venture capital firm that invests in e-commerce and software startups, plans to raise $100 million by year-end after gathering commitments from Temasek Holdings Pte and the island-state’s National Research Foundation.
The firm has so far gathered $65 million for Jungle Ventures II from investors including the family office of Karan Singh Thakral, executive director at Thakral Group of Companies, said Amit Anand, Jungle Venture’s managing partner and co-founder. He declined to identify other investors or the size of the investments. Singapore’s state-owned investment firm Temasek declined to comment.
Apart from e-commerce and software, the fund focuses on payment firms and electronic market places. The fund’s average investment size is typically between $3 million and $5 million, managing partner David Gowdey said.
The fund has an emphasis on firms targeting consumers and markets in Asia and has already committed to invest in five startup firms, according to Anand. Among the target firms are Singapore-based inventory management software firm TradeGecko, Indian online furniture firm LivSpace and Silicon Valley-based Abra, which started a money transfer network and has a focus on Southeast Asia, Anand said.
The Southeast-Asian venture capital landscape will benefit from more companies starting in the region and more executives willing to leave their current employers such as Facebook Inc. or Google Inc., according to Gowdey.
“You are getting some really interesting founders that maybe had worked at Facebook or Google or some other large Internet companies,” Gowdey said.
Jungle Ventures started its first fund in 2012 with $10 million. The fund has already distributed 50 percent of its capital back to investors, exited three companies and has recorded an internal rate of return of about 370 percent, Anand said.