Singapore‐based Golden Gate Ventures plans to raise US$120 million for its fourth fund as it seeks to back early-stage tech startups, Bloomberg reported, citing an email sent by the VC firm to investors.
Golden Gate’s portfolio companies include payments platform Stripe and delivery firm Ninja Van. The potential capital raise comes after the VC firm said that valuations of startups in Southeast Asia – including Grab and Sea Group – have become “irrational” due to heavy capital inflows from global investors.
Golden Gate will focus on companies operating in areas including fintech, marketplaces, social commerce, healthtech, edtech, agritech, and entertainment. Its primary markets are Singapore, Indonesia, and Vietnam.
The VC firm leverages its local network and data platform to back promising startups before they become targets of other institutional investors.
See also: Why SEA’s unicorn founders give up more equity than their peers
Editing by Collin Furtado and Eileen C. Ang
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