Southeast Asia’s Startup Ecosystem Gets $60M Boost

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Southeast Asia Startup Funding

Golden Gate Ventures has raised a $60 million fund from investors including Temasek Holdings Pte and Facebook co-founder Eduardo Saverin as it seeks to sustain its pace of investment in Southeast Asia’s startups.

Golden Gate Ventures is one of the earliest VC firms to target the region. Its $10 million debut fund fueled investments in 30 startups across seven countries, including flea market app Carousell and online grocer Redmart.

“We were one of the earliest funds and we rode the wave that took over the region,” said Lauria, Golden Gate’s managing partner. The second fund was oversubscribed by $10 million, according to the company. “The ecosystem is now significantly bigger and there are a lot more deals. We want to double down on the opportunity.”

Southeast Asia, home to some of the world’s fastest growing economies, is approaching a tipping point, according to a recent report by Google Inc. and Temasek.

The region’s internet economy is predicted to grow six-fold to US$ 200 billion in the next decade and has attracted US$ 1.7 billion in investment capital this year alone. With this new development, Southeast Asia’s startups remain one of the hottest sectors to both regional and global venture capital funds.

A version of this appeared in Bloomberg on June 14. To read the full article, click here.