Vertex Ventures, the venture capital arm state investor Temasek Holdings, has completed its biggest fundraising for Southeast Asian and Indian technology deals, as reported by Reuters. The Singapore-based firm closed its third Southeast Asian fund at $210 million, a record in the region that exceeded its target of $150 million.
The fund was first announced in August with a target of at least US$150 million. It aims to invest mainly in series A rounds, with check sizes from US$3 million to US$5 million, Vertex told Tech in Asia at that time. It will focus on enterprise tech, fintech, and consumer internet.
The money will be used for early stage investments, aiming to repeat its success with Grab. Vertex was an early investor in ride-hailing firm Grab, which went on to become one of the most valuable technology startups in the region.
In July, Grab announced a $2.5 billion fundraising round, which a source said values it at $6 billion.
Vertex's recent investments include SpaceMob, which has been acquired by co-working space startup WeWork, remittance payments firm InstaRem and digital marketer Synup.
"In addition to our current offices, we will expand our presence to other SEA cities in the near future to better access local opportunities," Joo Hock Chua, managing partner, said, as quoted by CNBC.
Vertex Ventures SEA III marked the first time the firm raised money from outside investors such as Kasikornbank Pcl in Thailand and Cathay Life Insurance Co. in Taiwan. Vertex has had two funds focused on Southeast Asia in the past, fully funded by Temasek, Singapore’s state investment firm.
