Jungle Ventures raises US$175m in first close of third fund

One of its investors is reportedly Temasek Holdings.

Bloomberg reports that Singapore’s Jungle Ventures has raised US$175m from investors including Temasek Holdings for the first close of its third fund, according to anonymous sources.

The firm is likely to exceed its original target of US$200m as it finishes raising money for the fund in the next few months, said the people, asking not to be named because the matter is private.

Other investors in the new fund include the family office of billionaire entrepreneur Kuok Khoon Hong who runs Wilmar International., International Finance Corp. and Cisco Investments, they said.

Since launching its first early-stage fund in 2012, Jungle Ventures has been one of the earliest VC firms to target Southeast Asia. The new fund reflects rising interest from investors who are seeking opportunities beyond the US and China, the primary focus for Asia deals in recent years.

Read the full report here.