500 Global has backed over 340 companies across Southeast Asia, including Grab, Bukalapak, Carsome, Carousell, FinAccel, and eFishery.
Heaptalk, Jakarta — Venture capital firm 500 Global has closed its early-stage fund, namely 500 SEA lll, worth US$143 million, approximately Rp2.1 trillion, to boost the startup founders in Southeast Asia from the pre-seed to pre-IPO level.
As is well known, 500 SEA lll is the firm’s third Southeast Asia-focused early-stage fund, with each successive fund nearly doubling in size since 2014. Initially targeted for US$75 million, this fund closed at US$100 million, with over half of the capital coming from the Limited Partners (LPs). LPs across its early-stage fund cover a sovereign wealth fund, public and private pension funds, such as Khazanah Nasional Berhad, Kumpulan Wang Persaraan (KWAP), and Employees Provident Fund (EPF).
“KWAP’s investment in this firm began in the latter’s early days through its second SEA’s initial stage fund. The venture capital has grown considerably in strength to a multi-stage investment platform and remains instrumental in securing co-investment opportunities for KWAP. We are encouraged by its efforts in developing the regional venture capital ecosystem. We look forward to the successes our ongoing cooperation will deliver investment return optimization,” affirmed Hazman Hilmi Sallahuddin, Chief Investment Officer at KWAP.
The company will use the fund to invest in businesses and Artificial Intelligence (AI)-enabled digitalization, sustainable cities, human and machine productivity, healthcare, food security, and financial inclusivity. Also, 500 SEA lll aims to inject around 100 pre-seed and Series A startups, providing first checks between US$250,000 – US$500,000 across Malaysia, the Philippines, Vietnam, Thailand, Singapore, and Indonesia.
Over the past decade, 500 Global has backed over 340 companies across Southeast Asia. The firm is recognized as a leading technology investor in the region, having invested early in companies valued at over US$1 billion, spanning Grab, Bukalapak, Carsome, Carousell, FinAccel, and eFishery. On the other hand, this venture capital firm has a story of supporting early-stage founders in this region, bolstered by its deep in-market expertise that forms the foundation of the firm’s multi-stage platform.
Recently, the firm appointed the Partners in SEA, Saemin Ahn, Shahril Ibrahim, and Martin Cu, to lead 500 Global’s growth equity practice across the region and nurture startups at every stage of their growth.
“We continue to believe in SEA’s potential. With a global portfolio of over 2,800 companies across more than 80 countries, the founders in SEA will benefit from one of the few truly global venture platforms with deep local roots and in-market expertise. With access to insights, connections, and capital, we can help the next generation of SEA’s founders build global tech giants,” The CEO and Founding Partner of 500 Global, Christine Tsai, said.
