Singapore-based early stage venture capital firm, Golden Gate Ventures has announced a fresh $50 million fund for Southeast Asian technology startups. The firm’s second fund includes $35 million from a host of international investors and advisors, including Eduardo Saverin (Facebook’s co-founder); Temasek Holding (Singaporean government’s investment arm); and Monitor Capital Partners (Belgium-based asset management firm). Singapore’s National Research Foundation, Line messenger’s parent company Naver, and Far East Ventures have also participated in the investment.
Golden Gate Ventures’ first fund was announced in February 2012, with an amount of $10 million. For this new fund, the firm will remain focused on early-stage investments, but with potentially higher individual amounts: seed rounds up to $1 million and series A rounds for startups raising less than $5 million, but they will consider larger rounds as well. It will focus on eCommerce, marketplaces, SaaS, content, mobile apps, IoT hardware, among others.
Till date, the firm has made 25 investments across seven countries in the region. It made early stage investment in C2C marketplace Carousell and property search portal 99.co.
Golden Gate Ventures is projected to generate over $60 million in revenue this year alone.