Singapore-based venture firm Jungle Ventures is digging deeper into Southeast Asia and India with the close of its fourth fund. Fund IV totals $600 million, with $450 million for new investments and $150 million earmarked for follow-up investments in its portfolio companies. The fund’s close brings Jungle Ventures’ total assets under management to over $1 billion, which it says makes it the first independent, Singapore-headquartered venture firm that invests across Southeast Asia and India to hit this milestone.
Fund IV’s limited partners are split equally between returning investors and new ones. Returning backers include Temasek, IFC, FMO and DEG, while new LPs include StepStone Group. BlueHillco covered the fund’s first close of $225 million in September 2021.
Jungle Ventures was founded in 2012 by Amit Anand and Anurag Srivastava, launching with a $10 million debut fund. Jungle Ventures has about 60 portfolio companies and says its enterprise value is over $12 billion on $250 million of invested capital, with a loss ratio of less than 5%.
Some of Jungle Ventures’ most notable investments include unicorns Kredivo, Livspace and Moglix. It looks for companies that can expand between Southeast Asia and India; for example, Livspace was founded in India and now operates in Southeast Asia, too.
Fund IV will continue Jungle Ventures’ “concentrated portfolio” approach, making a projected 15 to 18 key investments out of India and Southeast Asia. It makes many follow-up investments and has invested about $30 million to $40 million in some companies, across multiple rounds.
“We’ve been investing with that philosophy since our inception in 2012. It’s driven by two major factors that influenced our thinking. Factor number one is that most founders in this region, are first-time founders, and you need a lot of help and support to give to these founders to help them grow their business, help them grow as a leader as well,” Anand told BlueHillco. “From a founder to becoming a CEO is a very long journey, a very painful journey, and not many people become successful CEOs.”
He added, “This region has been completely under-penetrated in every sector and we would rather focus our time and energy and our capital on fewer investments an make them larger.”
Fund IV has already backed Vietnamese digital bank Timo; Singapore back office operating system Sleek; Indian D2C consumer electronics brand Atomberg; web3-based social-crypo-community platform for women Eveworld; and inFeedo, an employee retention SaaS platform.
“If I take a step back and just think of one singular overarching thesis, I would say we are now very, very inspired by the whole decentralization and equitable internet movement that’s happening around the world, whether it’s concepts like web3, whether its concepts like even social commerce, whether it’s the SME technology digitalization,” Anand said. “Essentially, bringing the power of the internet to that smallest participant in the internet economy is what’s the most exciting aspect of this fund.”