IFC to invest up to $10 mn in Jungle Ventures' new fund

International Finance Corporation (IFC) is planning to invest up to $10 million, by way of equity in Jungle Ventures, which plans to launch a new venture capital fund with a target size of $80 million.

The fund will invest in start-ups in India, Singapore and other Asian countries.

IFC plans to invest another $10 million for a co-investment vehicle to invest alongside the fund.

The fund will be based in Singapore and will invest equity in early stage technology companies in Southeast Asia.

The partners of the fund include executives with decades of operating experience at global start-ups such as Google, Facebook and leading tech category leaders in Asia such as Lazada and Komli Media.

The primary focus will be on Series-A equity investments. The sector focus includes consumer internet mobile, analytics, health, financial, education technologies and enterprise software.

Jungle Ventures invests in early-stage startups and has investments in India, Singapore, Malaysia, Thailand and other regions in Asia. A significant number of Jungle's investments are SME or consumer focused technology companies that are establishing online marketplaces or online retail operations that enable SMEs to leapfrog physical infrastructure constraints, payment challenges and provide better access for consumers and SMEs outside of Tier 1 cities.