Openspace Ventures, a Singapore-based VC firm backed by state investor Temasek Holdings, has closed its third Southeast Asian fund at US$200 million, Bloomberg has reported.
The firm’s total committed capital under management now stands at US$425 million spread across its three funds, the report stated, quoting co-founders Shane Chesson and Hian Goh in an interview.
Investors joining the latest fund include Germany’s DEG, Norway’s Norfund AS, Japan’s Mizuho Financial Group and US-based asset management firm 57 Stars LLC.
Launched in 2014, Openspace was an early investor in unicorns including Indonesian ride-hailing giant gojek and Singapore-based healthtech company Biofourmis.
Boasting 33 companies from across 12 countries, the firm’s portfolio includes Filipino media platform Kumu, Indonesian healthtech startup Halodoc and TaniHub, an Indonesian agritech startup.
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“Our peers may do more deals, but our hit rate has been high,” noted Chesson in the Bloomberg interview. It was reported Openspace’s debut US$90 million fund returned 35.3 per cent.
In January 2021, the firm was among a group of new investors who took part in a pre-Series B funding round in Zenius, an Indonesian edutech company that focuses on developing critical thinking and scientific reasoning.
The news of Openspace’s latest fund comes amid a flurry of venture activity in the region. Last month, Taiwan-based accelerator AppWorks announced it raised US$114 million for its third fund, which will invest into Series A and B startups in Taiwan and Southeast Asia.
Last week, B Capital Group, which counts Facebook co-founder Eduardo Saverin among its leadership team, launched its US$126 million Ascent Fund II targeting seed and Series A startups in the region.
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Image Credit: Openspace Ventures
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