500 Global has announced the successful close of US$143 million (RM668.2 million) for its largest Southeast Asian early-stage fund to date
In a statement, the venture capital firm expressed its commitment to supporting founders in Southeast Asia from pre-seed to pre-IPO.
Originally targeted for US$75 million, 500 SEA III closed at US$100 million with over half of the fund coming from returning LPs. Hazman Hilmi Sallahuddin, chief investment officer, KWAP mentioned that the firm’s investment in 500 Global began in the latter’s early days through its second Southeast Asia early-stage fund.
“Furthermore, in alignment with Khazanah’s Future Malaysia Programme, an initiative under our Dana Impak 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 added.
“History shows us that cyclical downturns are typically succeeded by periods of high growth that surpass the preceding cycles. Having been investing in Southeast Asia 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,” he added.
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