InnoVen Capital raises $50m in first close of new SEA fund

Venture debt platform InnoVen Capital has launched a new fund focused on the Southeast Asia market. Called the InnoVen SEA Fund, the company has raised US$50 million in the fund’s first close.

More details

• Stage: First close
• Investor: InnoVen Capital
• Target size: Unspecified
• Ticket size: US$500,000 to US$10 million
• Industries covered: Sector agnostic

More company updates

• InnoVen Capital said it will seek additional investors to participate in the new fund. The firm added that the fund is already operational, and is in the midst of closing three deals.
• The fund will be led by Paul Ong and Ben Cheah, who have previously led transactions in more than 50 companies in Southeast Asia. These include the likes of Carsome, Ruangguru, Tiki, Akulaku, and eFishery.
• The venture debt firm said it has made more than US$900 million in loan disbursements across Asia in the past six years, US$180 million of which have gone to Southeast Asian startups. InnoVen Capital also has more than 20 portfolio companies that have gone on to achieve unicorn status.
• The new fund comes on the heels of the launch of InnoVen Capital India Fund last month. The India-focused fund has a target corpus of US$134 million, with a greenshoe option to raise an additional US$134 million.