World Bank’s International Finance Corporation (IFC) said it would invest $25 million (Rs 185 crore) in the fourth fund of Jungle Ventures, an early-stage venture firm focused on Southeast Asia.
Jungle Ventures aims to raise a total of $300 million for the fund.
The Singapore-based investor mobilised $10 million for its first fund in 2012, $100 million for its second fund in 2016 and $200 million for its third fund, said the disclosure.
IFC said that Jungle Ventures is looking to invest in 15 to 20 early-stage companies in sectors such as consumer internet, fintech, business to business and small and medium enterprises focused on tech.
The fund will be led by Jungle Ventures managing partners Amit Anand, Anurag Srivastava and David Gowdey.
Started in 2012, Jungle Ventures is an early-stage venture fund. Its portfolio companies include consumer lending app Kredivo; budget accommodation brand RedDoorz; e-commerce platform sociolla; and home decor and furnishings platform Livspace.
Last month Jungle Ventures entered the Indian edtech space by leading a $17 million Series B funding round for Leap, a guidance and financing platform focused on overseas education.
IFC, which has an active LP (limited partner) portfolio in India, also makes direct private equity-style investments and lends to companies in the country.
On Thursday, it said it will invest up to $15 million in Bengaluru-based Prime Venture Partners’ latest fund Seabright.