Jungle Ventures closes USD 240 mn fund round

Jungle Ventures, an early-stage venture capital firm, on Wednesday said it closed its third round of funding - Jungle Ventures III.

"The firm raised a total of USD 240 million, which includes USD 40 million raised in separately managed account commitments, for investments in innovative technology and digital-driven consumer businesses across Southeast Asia," a statement said.

Jungle raised more than double the amount of its previous fund, Jungle Ventures II (2016), with nearly 60 per cent of committed capital coming from outside Asia, it added.

More than 90 per cent of the capital came from institutional investors spanning North America, Europe, Middle East and Asia, with new investors accounting for nearly 70 per cent of the fund raise and returning investors for the rest, the statement said.

These investors include DEG (Germany's development finance institution), IFC (a member of the World Bank Group), Bualuang Ventures (a corporate venture capital fund of Bangkok Bank), Dutch development bank FMO, Cisco Investments, and Singapore's Temasek among others.

"Our understanding of growing consumer demand in Southeast Asia gives us an unmatched advantage as we deploy early stage investment capital to businesses with enormous growth potential," Amit Anand, co-founder and Managing Partner of Jungle Ventures, said.

Jungle Ventures has funded companies like RedDoorz, Pomelo Fashion and Kredivo.

Jungle Ventures III has already invested in Sociolla, KiotViet, WareSix and Engineer.ai.