Jungle Ventures has announced a new US$ 10 million pan-Asian super-angel
fund to launch at TechVenture.
The new fund has raised a US$10
million first closing from leading Asian entrepreneurs, including Peng T. Ong
(founder, Match.com, Interwoven and Encentuate), Dan Neary (VP & GM Global
Market Development, Skype), Anurag Srivastava (CEO, Spacematrix), Jayesh Parekh
(co-founder, Sony Entertainment Television), Toivo Annus (former head of
engineering at Skype), Lim Der Shing (founder-CEO, JobsCentral) among other
angels and institutional funds.
The announcement was made in
conjunction with TechVenture, which is happening today at Marina Bay Sands. The
new fund sees the participation of experienced entrepreneurs such as Mr. Peng
T. Ong, one of the most successful entrepreneurs in Singapore. He founded
Match.com, Interwoven and Encentuate, which he successfully sold off to bigger
companies. Aside from Mr. Ong, several other entrepreneurs with extensive
experience also chips in to the new fund.
Other than that, the fund also
partners with 500Startups to support go-to-market plans for their investee
companies. Dave McClure, founder of 500Startups lauded the expansion
opportunities around the world. “500Startups is excited to be working with Jungle
Ventures in Singapore, as well as across Asia. Given the expanding
opportunities around the world, it’s great to see more firms taking a global
approach to investing in startups,” says Dave, who co-invested alongside Jungle
Ventures in Singapore based online healthcare startup, DocDoc.
Jungle Ventures invests in seed
to series A stages. The fund is often invested across multiple rounds, thus
proving to be a comprehensive funding partner for startups through their early
stages. Recently, Jungle Ventures invested a total of US$ 1 million in seed
funding into short term rental site travelmob.
When asked how Jungle Ventures
knows if a startup is solving a real problem and not just focusing on something
that is actually not a problem at all, managing partner Amit Anand shared that
they look for early signs of value creation.
“Sometimes it is very pronounced
while other times the investors have to bring their expertise to the founders
and help them narrow down on a real and sizable problem. We often end up
guiding such guidance even to those startups that we don’t end up investing in.
As peers, we owe them that much.”
The new super angel fund is
definitely a good sign for the startup ecosystem throughout Asia. We are
starting to see more earlier successful entrepreneurs whom have exited their
companies, putting in their expertise and money back into the ecosystem.
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