BEENEXT, Singapore based Venture Capital firm has declared the close of its two new funds. The firm has raised $110 million to be deployed in Asia of which is expected to be invested across early-stage startups in India. Other than this, the VC firm has also raised $50 million Japan-focused fund.
Teruhide Sato, founder and managing partner of BEENEXT in a statement said, “COVID-19 has impacted every aspect of global business, but we continue to see startup founders pushing the boundaries to not only survive but thrive in this environment. The relentless attitude of founders will mean that solutions for a post-Covid world will also come from them.”
BEENEXT was founded in 2015 and supports the likes of companies such as BharatePe, Instamojo, Open Bank, Cube and MPL in its local portfolio. The latest fund will be used in the same fashion as the previous one and will be focused on early-stage startups in sectors such as e-commerce, fintech, healthcare, agritech, EdTech and AI. The firm currently backs 180 startups globally out of which 72 are from India.
The new funds are backed by key investors which include major institutional investors in the US along with Japanese corporations, global family offices, and marquee entrepreneurs. BEENEXT also recently invested Rs 100 crore in tech-enabled logistics startup LoadSha in May this year.
The VC firm has announced a new fund post 2 years as it’s last $95 million worth fund was announced in 2018 which was topped-up by $30 million. VCs such as Blume Ventures, India Quotient, Orios, Good Capital, and Arkam Ventures among many others have closed their targeted funds in last year.