Temasek's Vertex Ventures raises US$230m in first close of Southeast Asian fund

The fund will back tech startups in the region and India.

Bloomberg reports that Vertex Ventures, the venture capital arm of Temasek Holdings, raised US$230m in the first close of its fourth Southeast Asian fund to back technology startups across the region and India.

The Singapore-based venture capital arm of Temasek Holdings Pte plans to finalize the funding in the next few months, which could take it above the first close, said Chua Kee Lock, managing partner of Vertex Ventures Southeast Asia and India. Most of the investors in its third fund, including Cathay Financial Holding Co., have backed the new one.

After the success of its bet on ride-hailing app Grab, now Southeast Asia’s most valuable startup, Vertex plans to continue backing early-stage technology for financial services, enterprise and consumers in the region. The net internal rate of return of its third Southeast Asian and Indian fund, which started in 2016, was 45.2% as of December, according to a presentation to investors.

Read the full report here.