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SINGAPORE/NEW YORK – Singapore’s Jungle Ventures said on Wednesday it has raised $240 million (S$327 million) from investors, including Temasek Holdings, for a third fund designed to back Southeast Asian startups, highlighting the growing interest in the region’s technology firms.
Jungle Ventures’ latest fund comes as a growing number of venture capital firms, including Vertex Ventures and Golden Gate Ventures, have been raising funds focused on the region this year.
Investors are betting on the market potential of Southeast Asia’s population of 640 million, which is fast going online, and using smartphones to shop, commute and make payments.
The region’s Internet economy is forecast to balloon to $300 billion by 2025 from an estimated $100 billion this year, according to a report by Google, Temasek and consultants Bain & Co.
More than 90 per cent of the capital was from institutional investors, with about 60 per cent coming from outside Asia – mainly the United States and Europe, Jungle Ventures’ managing partner Amit Anand told Reuters.
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