SINGAPORE (Reuters) – a Singapore-based Vertex Venture Holdings, the first major backer of South-east Asia’s rides-from giant Suit, with a new $290-million venture capital fund targeting investments in fast-growth technology companies, a senior company official has said.
The Vertex Growth Fund will attempt to invest about $10 million to $15 million per company, usually in the third or fourth round of funding, compared to $3 million and $4 million from an affiliate of funds in the first round, he said, Vertex Venture Holdings, CEO, Chua Kee Lock.
“Markets, such as South-east Asia, have to offer a lot more opportunities to invest in the growth of the capital,” Chua, who is under the supervision of the investment firm, for more than a decade, told Reuters in an interview.
High tech start-ups are sprouting up across Southeast Asia, home to about 640 million people, including companies, are committed to offering a range of services, including the drive from and apps, online payments, e-commerce, consumers are quickly coming online.
Vertex Ventures in South-east Asia and India the Fund will be invested in Grasping it when it was a start-up business. The seven-year-old Pak has grown to become the area’s largest ride-from the operation, valued at an estimated $14 billion, sources say.
“For a lot of businesses have come to the point where they had to speed up the growth, we had to stop investments,” Chua said, adding that this was due to the 10% investment cap in each of the company, set up by the What’s in a very early stage of funding.
What Growth rate is the sixth and final member of the Vertex of the world-wide network of the funds are distributed all over China, Southeast Asia and India, and the United States of america and Israel.
The Vertex has about $3 billion in assets under management, across its network of funds and has invested in over 200 companies. The funds focus on investments in the region’s industry specialization and independence.
Chua said, the Vertex Growth fund exceeded the first fund’s target of $250 million.
It’s secured commitments from Singapore state investor Temasek Holdings [TEM.UL], Taiwan’s chip design firm Elan Microelectronics, and other institutions, family offices and investment funds based in South-east Asia and China.
A lot of South-east Asian funds are sprouting up to tap into fast-growing companies, while tech giants Alibaba, Tencent Holdings Ltd, and the SoftBank Group, Corp. is expanding their efforts in the region.
Chua said the fund’s global capabilities, including in areas such as cyber-security, in Israel and in the consumer-related technology in South-east Asia and China.
What Growth have invested around 10 per cent of the share capital of companies in the United States, canada, the united kingdom and South-east Asia.
Reporting by Anshuman Daga and Aradhana Aravindan; Editing by Tom Hogue