Silicon Valley Investor 500 Startups Doubles Southeast Asia Fundby
Genting Said to Plan Using Fund to Invest in Tech Companies
Korea's GS Home Shopping also said to back 500 Startups fund
500 Startups, a Silicon Valley venture-capital firm, doubled the size of its fund targeting Southeast Asia technology startups.
The seed stage investor is now seeking to raise $20 million, according to an e-mail.
Genting Bhd., which controls Southeast Asia’s largest casino operator, is investing $3 million, according to two people familiar with the matter who asked not to be identified because it hasn’t been announced. South Korea’s GS Home Shopping Inc. also plans to invest, one of the people said.
Kuala Lumpur-based Genting declined to comment. Genting is the biggest shareholder in Genting Singapore Plc, which operates one of the two casinos in Singapore. The holding company controlled by billionaire Lim Kok Thay also has interests in palm oil plantations, cruise-ship lines, property development and energy.
GS Home Shopping is considering an investment in 500 Startups, a spokeswoman, Park Shin Ye, said while declining to elaborate. GS Home Shopping operates a TV shopping channel and online malls.
500 Startups declined to comment in Wednesday’s e-mail on whether Genting and GS Home Shopping were investing in the Southeast Asia fund.
500 Startups, led by Dave McClure, has about $200 million of assets under management, with backers including Yahoo Japan Corp. and Banco Bilbao Vizcaya Argentaria SA. The Mountain View, California-based company is looking to raise $200 million for its fourth global fund after closing its third one in September with $85 million, according to its website.
The firm has invested in 1,200 companies across 50 countries since 2010.