Singapore’s Golden Gate Ventures Eyes $120 Million for New Fund
(Bloomberg) -- Singapore’s Golden Gate Ventures is seeking $120 million for its fourth fund dedicated to backing early-stage tech startups, according to an email sent to investors.
The VC firm is focusing on areas including fintech, marketplaces, social commerce, healthtech, edtech, agritech and entertainment, according to the email seen by Bloomberg News. Its three primary markets are Singapore, Indonesia and Vietnam.
Founded in 2011, Golden Gate was among the earliest homegrown VC firms to target Southeast Asia. It has since launched three funds and backed startups including online classifieds app Carousell, used-car marketplace Carro, Indonesian clinic network Klinik Pintar; social commerce platform Chilibeli and Tanihub, an agritech startup.
The company relies on its local network and own data platform to spot promising upstarts and become their first institutional investor before they become sought-after targets, said Vinnie Lauria, founding partner of Golden Gate Ventures.
“We go to them before they start reaching out to the VCs to get the partnership right and align strategy for the future,” he said in an interview. He declined to comment on the fourth fund.
Deals for internet companies in Southeast Asia totaled $11.5 billion in the first half of this year, putting the region on track to surpass the $11.6 billion investment in all of 2020, according to research from Google, Temasek Holdings Pte and Bain & Co.
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