500 Startups rebrands its Southeast Asia-focused 500 Durians fund

US-based 500 Startups has rebranded its Southeast Asia-focused 500 Durians fund as 500 Southeast Asia. The move is aimed at reaffirming its commitment to the region’s growing economy.

The venture capital firm said that it would continue to focus on seed-stage investing, offering up to US$500,000 to founders. It is also now open to provide follow-up funding up to US$5 million and to potential investments via special purpose vehicles, such as its US$21.2 million infusion into Singapore-based Carousell.

Photo credit: 500 Southeast Asia Fund

500 Startups added that its Southeast Asia fund had made investments in approximately 250 companies, which have gone on to raise a total of US$20 billion.

It is also focusing on the “next generation” firms, of which 15 companies have been reported to be worth more than US$100 million each. The firm also pointed out that half of the unicorns that have announced plans to go public in 2021 and 2022 are part of the 500 Southeast Asia portfolio. Some of the top names are Grab, Bukalapak, Carsome, Prenetics, and FinAccel.

While the Southeast Asia fund will continue to focus on its core markets of Indonesia, Malaysia, and Singapore, 500 Startups is also looking to invest in other markets in the region in the future. Its current investment themes include fintech, healthcare, and the creator economy, among others.

The firm had chosen the Durians name when it debuted in the region seven years ago because its funds had a “distinctly local flavor,” said Vishal Harnal, managing partner at 500 Southeast Asia.

“Now we have multiple companies individually valued at more than US$1 billion that have announced plans for listing on global stock exchanges. We’re incredibly proud of our founders and how far the region has come,” he added.