HomeUSA500 Global Closes US$143M Across Early-Stage and Growth Vehicles for Southeast Asia

500 Global Closes US$143M Across Early-Stage and Growth Vehicles for Southeast Asia

500 Global

Venture capital firm 500 Global raised US$143m across its largest Southeast Asian early-stage fund to date, 500 Southeast Asia III, L.P. (500 SEA III), and its growth investment vehicle for Southeast Asia.

Limited partners (LPs) across its early-stage and growth investment vehicles include a sovereign wealth fund, public and private pension funds like Khazanah Nasional Berhad, Kumpulan Wang Persaraan (Diperbadankan) [KWAP], and Employees Provident Fund (EPF). A university endowment, family offices of prominent global investors, and portfolio companies valued at over US$1 billion from 500 Global’s first Southeast Asia early-stage fund have invested as LPs as well.

500 SEA III is 500 Global’s third Southeast Asia-focused early-stage fund, with each successive fund having nearly doubled in size since 2014. Originally targeted for US$75m, 500 SEA III closed at US$100m with over half of the fund coming from returning LPs. The early-stage fund will focus on investing in businesses and AI-enabled technologies that advance rural digitalization, sustainable cities, human and machine productivity, healthcare, food security and financial inclusivity. 500 SEA III aims to invest in 100 pre-seed to Series A startups, providing first checks between US$250k – US$500k across Malaysia, the Philippines, Vietnam, Thailand, Singapore, and Indonesia.

Over the past decade, 500 Global has backed over 340 companies across Southeast Asia. Past Southeast Asia investments have included US$5m – US$20m checks in Series C to D rounds of portfolio companies such as Carousell (2018), Carsome (2021), and most recently eFishery (2023).

The team is expanding its growth investing capabilities with the new vehicle. Most recently, 500 Global announced the appointment of the firm’s Partners in Southeast Asia – Saemin Ahn, Shahril Ibrahim and Martin Cu – who currently lead 500 Global’s growth equity practice across the region, supporting startups at every stage of their growth.

Commenting on the close, Christine Tsai, CEO & Founding Partner, 500 Global, said: “We continue to believe in the strong potential and opportunities in Southeast Asia. With a global portfolio of over 2,800 companies across more than 80 countries, we believe that the founders in Southeast Asia will benefit from one of the few truly global venture platforms with deep local roots and in-market expertise. We’re confident that with access to insights, connections, and capital, this can help the next generation of Southeast Asian founders build global tech giants.

500 Global is a multi-stage venture capital firm with US$2.4 billion in assets under management as of 30 June 2023 that invests in founders building fast-growing technology companies. The firm has backed over 5,000 founders representing more than 2,800 companies operating in 80+ countries. It has invested in 35+ companies valued at over US$1 billion and 160+ companies valued at over US$100 million (including private, public, and exited companies). Its 190+ team members are located in over 25 countries.

VCWire

14/09/2023