Venture Capital investors Gobi Partners has reportedly held a first close on its new Meranti ASEAN growth fund, hauling in $50m, a quarter of the way to its $200m target.
The vehicle will target startups in the cloud-based technology, e-commerce, FinTech and muslim-focused tech sectors across South East Asia, according to Asian media reports.
It plans to invest up to $20m in 15 companies when the fund hits a final close, with the funds being used to invest in Series B and C funding rounds, it said.
Three LPs, Malaysia Venture Capital management, Korean Home Shopping and CKM, have so far backed the fund.
The latest vehicle will be the firms eighth, starting in 2007. Gobi currently has a portfolio of businesses across Hong Kong and China.
Copyright ? 2017 FinTech Global