SeedPlus, the early-stage funding firm backed by means of Singapore’s Jungle Ventures, has closed its debut fund at a complete of SG$ 25 million, or approximately $ 18 million.
The firm also announced that Cisco and Eight Roads Ventures, the funding arm of constancy, have joined IFC and Indian business magnate Ratan Tata among the fund’s LPs. It added that the fund was once over-subscribed.
The firm is in search of five to 6 deals per yr, with a take a look at measurement of SG$ 500,00 to SG$ 1 million (US$ 360,000-$ 725,000) per deal. beyond investments, it plays a extra fingers-on position with its companies than is conventional, while it has connections with series A+ traders considering the fact that Jungle Ventures and Accel are amongst its backers.
We first wrote about SeedPlus when the firm was once introduced remaining may just, and it has accomplished 5 funding deals for the reason that then, probably the most latest being Singapore-based aged care startup Homage. considered one of its portfolio, Moglix, has already closed its collection A round and is currently elevating its collection B, which is an early validation of the SeedPlus investment thesis, associate Tiang Lim Foo informed TechCrunch.
Foo is one in all a trio of hires SeedPlus made with a center of attention on “running” partners, i.e. investors with experience of working corporations palms-on fairly than just cutting assessments. Alongside Foo, previously head of Asia for Evernote, the agency employed ex-Yahoo exec Michael Smith and Gabriel Lundberg from Spotify. nowadays, SeedPlus officially announced it has brought Chirayu Wadke, who was most just lately with Google, to the staff to extend its focal point into web-of-issues startups.
“We’re lovely fingers on, the position we play now’s relatively totally different to administration groups of a startup,” Foo mentioned in an interview. “we’re not simply investing, however are also excited about strategic industry areas. that would imply recommendation around anything like brand positioning, PR, building out an engineering staff or helping to recruit and interview new hires.”
Foo mentioned the addition of Cisco and Eight Roads gives extra strategic choices for its portfolio corporations as they mature and enhance their companies going forward.
“We already have strategic downstream investors for one of the startups we work with, [these new partners] supply them a preview on distribution — what must be carried out in the event you enter India, or the U.S., for instance as a industry. we have LPs who are international via nature so let you enter these markets [while] from a technical advice standpoint they are treasured, too,” he introduced.
SeedPlus father or mother Jungle Ventures is one of Southeast Asia’s most energetic investors. It started out as a ‘tremendous angel’ seed-stage fund, but remaining year it closed a $ a hundred million fund that strikes it additional down the meals chain to sequence A and sequence B deals. With SeedPlus, then, its retains a hyperlink to the early-stage phase of Southeast Asia’s swiftly expanding startup ecosystem to lend a hand with deal glide, prospect scouting and more.
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Fundings & Exits – TechCrunch