Jungle Ventures’ SeedPlus, which targets early-stage deals in Asia, has closed its first fund with backing from the investment arms of Fidelity International Ltd. and Cisco Systems Inc.
Other investors in the S$25 million ($18 million) fund are Ratan Tata’s RNT Associates, Accel Partners (India) and International Finance Corp., a unit of the World Bank. The fund’s focus includes financial technology, artificial intelligence and cyber security. Some of its recent investments include business-to-business e-commerce platform Moglix and Mimetic.ai, an AI scheduling assistant.
SeedPlus underscores Jungle Ventures’ ambition to emulate the success of some of the U.S. venture capital firms that have launched different funds targeting specific industries or stages of technology startups, according to Jungle’s founder Amit Anand.
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“We want to create a network of funds that work with each other, capture very niche opportunities versus a giant, $1 billion fund that does everything under the sun,” Anand told Bloomberg News.
Singapore-based Jungle Ventures, which raised a second fund valued at $100 million last year, has hired former Google employee Chirayu Wadke as a partner to lead the firm’s investments in the Internet of Things.