Golden Gate Ventures closes oversubscribed US$100M third fund

Anisa Menur
Golden Gate Ventures closes oversubscribed US$100M third fund

Recently, Golden Gate Ventures has also launched a blockchain-focussed investment fund, in partnership with its former head of growth

Southeast Asian venture capital firm Golden Gate Ventures today announced that it has oversubscribed the closing of its third fund.

The firm was first reported by Bloomberg to be raising for this US$100 million early-stage fund in March.

It said that final close of this fund came less than three months since its first close, and that it is now closed to new investors.

Existing investors such as Temasek, Hanwha, Naver, and EE Capital participated in the fund, with new investors such as Taizo Son’s Mistletoe, Mitsui Fudosan, IDO Investments, CTBC Group, Korea Venture Investment Corporation (KVIC), and Ion Pacific.

With this new fund, the firm plans to continue its existing investment strategy of investing in “opportunities that tap into the rising consumer internet and mobile trends in Southeast Asia,” with investment strategy that ‘puts the entrepreneur first and actively contributes to the ecosystem.”

Also Read: Michael Lints of Golden Gate Ventures promoted to Partner, wants to help take Southeast Asia global

Golden Gate Ventures has launched three funds since its founding in 2011.

Some of its most notable portfolio includes mobile classified platform Carousell, healthtech startup Alodokter, auto marketplace Carro, P2P lending platform Funding Societies, and payment processing Omise.

In a press statement, the firm explained the three rising trends in Southeast Asia (SEA) that has encouraged the launch of their funds: Rise of consumer spending and mobile internet adoption, flood of foreign capital looking to invest in the region, and the rise of tech entrepreneurship.

“When I compare the tech ecosystem of SEA to other markets, it has really hit an inflection point—annual investment is now measured in the billions. That puts SEA on a global stage with the US, China, and India. Yet there is a youthfulness that reminds me of Silicon Valley circa 2005, shortly before social media and the iPhone took off,” said Golden Gate Ventures co-founder Vinnie Lauria.

In August, following the rising popularity of the blockchain technology, Golden Gate Ventures announced the launch of LuneX Ventures, a new fund that focusses on global investments in the sector.

The result of a partnership between the firm and its former Head of Growth Kenrick Drijkoningen, LuneX Ventures aims to close US$10 million by the end of this year.

Image Credit: Benjamin Davies on Unsplash

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