Temasek’s Vertex Ventures beats target for SE Asia fund III

The Singapore-headquartered venture firm has raised $210m from Temasek, Kasikorn Bank and Cathay Life Insurance to invest in South-East Asia and Indian start-ups.

Vertex Ventures, the Temasek Holdings-backed early stage investment firm, has raised $210 million to back start-ups in India and South-East Asia, garnering $60 million more than its original $150 million target, the firm said in a statement.

The firm launched its third vehicle Vertex Ventures SEAsia III early this year and has attracted capital from Thailand’s Kasikorn Bank and Taiwan’s Cathay Life Insurance. The firm’s first two funds for South-East Asia were capitalised solely by parent company Temasek.

Capital from the fund will be invested in mainly series A rounds with typical investment sizes of between $3 million to $5 million spanning fintech, enterprise technology and consumer internet companies based in Singapore, Indonesia, Taiwan and India.

The firm’s SE Asia/India portfolio includes Bangalore-based internet-of-things startup Flutura, Indian omnichannel platform Ace Turtle, Turnkey Lender and Validus. Vertex is also one of the early investors in ride hailing company Grab and online e-commerce platform Reebonz.

The firm has offices in Silicon Valley, Israel, China, South-East Asia and India, all of which operate independently. It also plans to expand its presence in more South-East Asian cities to better access local opportunities, the firm said in a previous statement.