500 Global closes two SEA funds at $143m

Photo credit: 500 Global

VC firm 500 Global, which has US$2.4 billion in assets under management, has raised US$143 million across its third early-stage fund for Southeast Asia – making it one of the largest funds in the region – and its growth fund.

Called 500 SEA III, the fund will invest in 100 pre-seed to series A startups. The fund, which closed at US$100 million, will provide first checks worth between US$250,000 and US$500,000 to startups in Malaysia, Vietnam, Thailand, Singapore, Indonesia, and the Philippines.

The VC firm already has a major presence in Southeast Asia, backing over 340 startups in the region. It’s an early investor in companies like Grab, Bukalapak, and FinAccel.

With SEA III, 500 Global will focus on businesses and AI-enabled tech that address rural digitalization, sustainable cities, human and machine productivity, healthcare, food security, and financial inclusivity.

“We believe the next technology giants are being built now,” said Khailee Ng, managing partner at 500 Global. “History shows us that cyclical downturns are typically succeeded by periods of high growth surpassing the preceding cycles.”

Meanwhile, the company said it’s expanding its investing capabilities for later-stage firms with the new growth vehicle. Previously, the company wrote US$5 million to US$20 million checks in series C to series D rounds for firms such as Carousell, Carsome, and eFishery.

500 Global has attracted a diverse cast of limited partners across its investment vehicles, including a sovereign wealth fund, public and private pension funds, a university endowment, family offices of global investors, and portfolio companies valued at over US$1 billion.

In March, 500 Global opened up 16 new positions to bolster its Southeast Asia fund.

See also: Recession Run: 500 Global’s investment plan in SEA