Yahoo Finance Singapore’s Jungle Ventures Raises $600 Million to Back Startups
(Bloomberg) -- Singapore’s Jungle Ventures has raised $600 million to continue backing early-stage startups in Southeast Asia and India, amid a market rout pummeling valuations of tech companies.
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The sum includes a new $450 million venture capital fund, which exceeded its target of $350 million, the company said in a statement on Wednesday. Investors also committed $150 million for additional follow-on investments. New investors include Mizuho Bank Ltd. and StepStone Group, while existing backers including Temasek Holdings Pte, International Finance Corp. and German development finance institution DEG put in capital again.
“We like to be a lead investor in seed to Series B funding rounds to help our companies with concentrated efforts with a 20-year horizon,” Jungle Ventures founding partner Amit Anand said in an interview. “We’ll see through this crisis by remaining consistent through ups and downs, rather than trying to catch a wave.”
Founded by Anand and Anurag Srivastava in 2012, Jungle Ventures now has more than $1 billion of assets under management. The firm hired Sandeep Uberoi from Bank of America Merrill Lynch last year to head strategy, corporate development and fundraising. He was named a managing partner along with Yash Sankrityayan in December, adding to the firm’s senior management team that includes managing partner David Gowdey.
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