Golden Gate Ventures closes new $100M fund for Southeast Asia – TechCrunch

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Singapore’s Golden Gate Ventures has introduced the shut of its latest (and third) fund for Southeast Asia at a complete of $100 million.

The fund hit a primary shut in the summertime, as TechCrunch reported on the time, and now it has reached full capability. Seven-year-old Golden Gate mentioned its LPs embrace present backers Singapore sovereign fund Temasek, Korea’s Hanwha, Naver — the proprietor of messaging app Line — and EE Capital. Buyers backing the agency for the primary time by means of this fund embrace Mistletoe — the fund from Taizo Son, brother of SoftBank founder Masayoshi Son — Mitsui Fudosan, IDO Investments, CTBC Group, Korea Enterprise Funding Company (KVIC), and Ion Pacific.

Golden Gate was based by former Silicon Valley-based trio Vinnie Lauria, Jeffrey Paine and Paul Bragiel . It has investments throughout 5 markets in Southeast Asia — with a selected concentrate on Indonesia and Singapore — and that portfolio consists of Singapore’s Carousell, automotive market Carro, P2P lending startup Funding Societies, cost enabler Omise and well being tech startup Alodokter. Golden Gate’s earlier fund was $60 million and it closed in 2016.

A few of the agency’s exits thus far embrace the sale of Redmart to Lazada (though not a blockbuster), Priceline’s acquisition of Woomoo, Line’s acquisition of Temanjalan and the sale of Mapan (previously Ruma) to Go-Jek. It claims that its first two funds have had distributions of money (DPI) of 1.56x and zero.13x, and IRRs of 48 % and 29 %, respectively.

“After I evaluate the tech ecosystem of Southeast Asia (SEA) to different markets, it’s actually hit an inflection level — annual funding is now measured within the billions. That places SEA on a worldwide stage with the US, China, and India. But there’s a youthfulness that jogs my memory of Silicon Valley circa 2005, shortly earlier than social media and the iPhone took off,” Lauria mentioned in an announcement.

A report from Google and Temasek forecasts that Southeast Asia’s digital economic system will develop from $50 billion in 2017 to over $200 billion by 2025 as web penetration continues to develop throughout the area because of elevated possession of smartphones. That chance to achieve a cumulative inhabitants of over 600 million shoppers — extra of whom are on-line right now than the whole U.S. inhabitants — is feeding optimism round startups and tech firms.

Golden Gate isn’t alone in growing a fund to discover these prospects, there’s loads of VC exercise within the area.

A few of these embrace Openspace, which was previously referred to as NSI Ventures and simply closed a $135 million fund, Qualgro, which is elevating a $100 million automobile and Golden Equator, which paired up with Korea Funding Companions on a joint $88 million fund. Temasek-affiliated Vertex closed a $210 million fund final 12 months and that is still a file for Southeast Asia.

Golden Gate additionally has a devoted crypto fund, LuneX, which is within the technique of elevating $10 million.

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