KUALA LUMPUR: Venture capital firm 500 Global has successfully closed US$143 million across its largest Southeast Asian early-stage fund to date – 500 Southeast Asia III, LP (500 SEA III) and its growth investment vehicle for Southeast Asia.
The achievement demonstrates its commitment to supporting founders in Southeast Asia from pre-seed to pre-initial public offering (IPO).
In a statement today, 500 Global said limited partners (LPs) across its early-stage and growth investment vehicles include a sovereign wealth fund, public and private pension funds like Khazanah Nasional Bhd, Kumpulan Wang Persaraan (Diperbadankan) (KWAP) and the Employees Provident Fund (EPF).
“KWAP’s investment in 500 Global began in the latter’s early days through its second Southeast Asia early-stage fund. 500 Global has since grown considerably in strength to a multi-stage investment platform and remains instrumental in securing co-investment opportunities for KWAP,” KWAP chief investment officer Hazman Hilmi Sallahuddin said.
Khazanah managing director Datuk Amirul Feisal Wan Zahir is also pleased to continue its partnership with 500 Global, a venture capital manager with an extensive investment track record globally.
“Additionally, in line with Khazanah’s Future Malaysia Programme, an initiative under our Dana Impak (Impact Fund) mandate, we are excited about their potential to facilitate the market expansion of start-ups via their Southeast Asia platform, with the anticipation of creating new global champions,” he said.
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 aims to invest in 100 pre-seed to Series A startups, providing first checks between US$250,000 and US$500,000 across Malaysia, the Philippines, Vietnam, Thailand, Singapore and Indonesia.
The early-stage fund will focus on investing in businesses and artificial intelligence-enabled technologies that advance rural digitalisation, sustainable cities, human and machine productivity, healthcare, food security and financial inclusivity.
“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,” 500 Global chief executive officer and founding partner Christine Tsai said.
Over the past decade, 500 Global has backed over 340 companies across Southeast Asia.
The firm is recognised as a leading technology investor in the region, having invested early in companies valued at over US$1 billion such as Grab, Bukalapak, Carsome, Carousell, FinAccel, and eFishery. – BERNAMA
