Singapore-based venture fund SeedPlus has raised $2m to back early-stage businesses around Asia.
The investment comes from World Bank member International Finance Corporation (IFC) as part of its Startup Catalyst programme designed to early stage companies and entrepreneurs.
SeedPlus was launched by VC firm Jungle Ventures in collaboration with SGInnovate, Accel Partners (India) and Ratan Tata’s RNT Associates.
SeedPlus will aim to back 20 startups through the fund focuses on Asian startups building businesses in FinTech, software-as-a-service (SaaS), mobile, artificial intelligence, cyber security and other emerging technology areas.
IFC previously put $10m into Jungle Ventures’ second fund, along with a $10m co-investment vehicle, which will invest in early stage technology companies in emerging markets of Southeast Asia.
IFC’s dedicated venture capital group aims to invests in sustainable technology-driven ventures that make an impact in emerging markets.
It says it invests between $5m and $25m in businesses that are either based in emerging markets or developed markets serving emerging ones.
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