500 Global Closes US$143 Million to Support Southeast Asian Foundersby Fintech News Singapore September 6, 2023
Venture capital firm 500 Global has closed US$143 million in funding for its new early-stage and growth vehicles to support founders in Southeast Asia from pre-seed to pre-IPO.
The VC’s third Southeast Asian early-stage fund, 500 SEA III, closed at US$100 million and will provide first checks from US$250,000 to US$500,000 in 100 pre-seed to Series A startups across Malaysia, the Philippines, Vietnam, Thailand, Singapore, and Indonesia.
500 Global’s limited partners (LPs) include a sovereign wealth fund, public and private pension funds like Malaysia’s sovereign wealth fund Khazanah Nasional, Kumpulan Wang Persaraan (KWAP), and the Employees Provident Fund (EPF).
Additionally, an 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 Global also announced the appointment of the firm’s Partners in Southeast Asia – Saemin Ahn, Shahril Ibrahim and Martin Cu – who currently lead its growth equity practice across the region.
The firm has invested in over 340 companies across Southeast Asia including companies valued at over US$1 billion such as Grab, Bukalapak, Carsome, Carousell, FinAccel, and more.
“We have seen our platform produce a pipeline of high-quality growth stage opportunities which we can underwrite with the added diligence of knowing the companies and founders over the years.
While we developed our growth stage capability investing over the years, we have also added resources and new partners in line with our aim to support founders from pre-seed to pre-IPO.”
said Vishal Harnal, Managing Partner, 500 Global.
“We believe the next technology giants are being built now. History shows us that cyclical downturns are typically succeeded by periods of high growth surpassing the preceding cycles.
Having been investing in Southeast Asia now for over a decade, we learned a thing or two about supporting outstanding founders and companies to ride the next 10 years, to generate highly competitive returns for our institutional investors and portfolio companies.”
said Khailee Ng, Managing Partner, 500 Global.