Jungle Ventures closes third fund at $240m

Early-stage venture capital firm Jungle Ventures announced it has closed its third fund at US$240 million to back tech-driven consumer businesses across Southeast Asia.

Jungle Ventures co-founders and managing partners Anurag Srivastava (left) and Amit Anand / Photo credit: Jungle Ventures

According to a statement, more than 90% of the committed amount for Jungle Ventures III came from institutional investors from North America, Europe, Middle East, and Asia, with around 70% coming from new investors.

Notable backers of the new fund include German development finance institution DEG, World Bank Group member IFC, Bangkok Bank corporate VC fund Bualuang Ventures, Dutch development bank FMO, Cisco Investments, and Singapore’s Temasek, among others.

“Thanks to rising internet penetration, demographic shifts, and mobile technology adoption over the last decade, the region is now home to a fairly homogenous addressable market of more than 250 million cyber-sophisticated young people comparable to any ‘developed’ market,” said Jungle Ventures co-founder and managing partner Amit Anand.

According to the statement, Jungle Ventures III has already invested in Indonesian beauty ecommerce and social platform Sociolla, Vietnamese point-of-sale software provider KiotViet, Jakarta-based logistics platform Waresix, and AI startup Engineer.ai.

The Singapore-based VC firm was also the earliest institutional investor in a number of companies in Southeast Asia, including travel and hospitality startup RedDoorz, fashion e-tailer Pomelo Fashion, consumer lending and payments platform Kredivo, and business management software provider Deskera.

“Seven of our early-stage investments from our second fund, Jungle Ventures II, have grown to over US$2 billion in portfolio valuation, up more than 10-fold over the last four years,” Jungle Ventures co-founder and managing partner Anurag Srivastava claimed, adding that the firm only makes 10 to 15 key investments in each fund.