Jungle Ventures closes third India and Southeast Asia fund at $240 mn

Singapore-headquartered venture capital firm Jungle Ventures has announced the final close of its $240 million third fund. Dubbed Jungle Ventures III, the final corpus includes $40 million in separately managed account commitments. 

The new fund is backed by World Bank affiliate International Finance Corporation, Cisco Investments, Singapore-government owned Temasek Holdings and German financier DEG, among others, said multiple media reports. The final close comes months after the firm announced its first close at $175 million. 

From its previous funds, Jungle Ventures has backed companies such as home decor company Livspace, SME focused commerce platform Moglix, and marketing and analytics platform for food and beverage industry Mobikon.

The firm which invests in startups in India and South East Asia has already backed AI-assisted custom software creator Engineer.ai, online beauty products platform in Indonesia Sociolla, store management software KiotVet in Vietnam, and logistics company Waresix in Indonesia from Jungle Ventures III.

“Our investment strategy remains focused on the same three themes -- consumer brands for the digitally native; platforms that enable digital transformation of SMEs; global technology leaders born in Asia,” said a statement from the company.

Founded in 2012 by Amit Anand and Anurag Srivastava with a $10 million fund, Jungle Ventures made 13 investments from its $100 million second fund which was closed in 2016. 

“The combined revenue of seven of our early stage investments from Jungle Ventures II has grown 35-fold over four years as combined costs grew only about five-fold. Their aggregate enterprise value consequently grew 10-fold to $2 billion over the same period,” the firm said.

The firm which focuses on early stage investments joins the likes of Inventus India, India Quotient and Endiya Partners which have raised new funds in 2019.