World Bank investment arm IFC is aiming to help plug the Series A-plus funding gap in southeast Asia through a commitment to Jungle Ventures $150m-targeting third fund.
That target is 50 per cent larger than the $100m second fund Jungle closed at the end of 2016.
IFC said it would provide up to $5m to the fund, or a commitment not exceeding 20 per cent of the eventual fund total.
Jungle Ventures plans to focus Fund III on primarily on Series A and B investment round in southeast Asia, targeting companies within the consumer internet, fintech and B2B/SME digitisation verticals.
The fund is being managed by Amit Anand, Anurag Srivastava and David Gowdey.
Singapore-based Jungle set up a $10m pan-Asian super angel fund in 2012, with the capital coming from angel investors and VC groups.
The firm invests across all early stages of startups, and has investments in india, Singapore, Malaysia, Thailand and other hotbeds of entrepreneurial activity in Asia.
Jungle Ventures has invested into a number of FinTech companies over the years. Last year, the firm took part in the $16m Series B of Abra, a digital currency wallet which allows people to transfer over 50 currencies.
Previous portfolio investments have included mobile payment platform Pokkt, crowdfunding platform iMoney, investment analysis platform Smartkarma and social payment service fastacash.
Earlier this year the firm brought in global financial services expert Arvind Sankaran to boost its investment power targeting the Asia-Pacific FinTech market.
Copyright ? 2018 FinTech Global