Antler, a Singapore-based venture capital firm focusing on early-stage investments, has recently closed its second fund for Southeast Asia, raising $72 million. The fund aims to support startups in Singapore, Indonesia, Vietnam, and Malaysia.
This funding news comes as a relief for startups in Southeast Asia, which have been experiencing a decrease in funding. In the first half of 2024, tech companies in the region raised $2.31 billion through equity funding rounds, marking a significant decrease from the previous year’s total.
Jussi Salovaara, a co-founder and managing partner at Antler, sees the current economic climate as an opportunity for early-stage investments. He believes that the downturn in the market filters out weaker players and allows innovative startups with sustainable business models to secure funding.
Antler’s SEA Fund II will prioritize investments in early-stage startups, focusing on companies with solid foundations and clear paths to profitability. The fund plans to allocate $27 million to 45 startups in the next six to nine months.
Antler’s approach in Southeast Asia involves working closely with local teams and founders for a hyperlocal strategy. The firm aims to support startups in sectors like fintech, health, and AI, which address critical needs in the region’s growing economies.
Besides early-stage investments, Antler will also invest in growth-stage startups through its new fund, Antler Elevate. The firm has received funding from institutional investors for its latest fund and has already invested in companies like Farmio, Zora Health, and Clout Kitchen.
In addition to Southeast Asia, Antler also has funds in India, Korea, Japan, and New Zealand/Australia in the Asia Pacific region. The firm’s APAC funds have a combined AUM of $200 million, with the first and second SEA funds totaling around $100 million.
The new fund is three times larger than the previous one, allowing Antler to expand its investment portfolio and support more startups in the region.
