Golden Gate Ventures, a Southeast Asian venture capital firm, raised its 3rd fund, at US$100M.
Golden Gate Ventures Fund III is anchored by existing investors which include Temasek, Hanwha, Naver, and EE Capital. New investors include Taizo Son’s Mistletoe, Mitsui Fudosan, IDO Investments, CTBC Group, Korea Venture Investment Corporation (KVIC), and Ion Pacific.
The fund focuses on investing at the Series A stage of consumer internet and mobile startups in Southeast Asia.
Led by Jeffrey Paine and Vinnie Lauria, Golden Gate Ventures uses Slack to keep in close touch with founding teams across the portfolio, while letting founders connect with each other, uses CRM software to track more than 1,000 deals/year across over 450 funds, along with proprietary in-house databases for investment tracking, follow-on financing, and relationship management of over 21,000 contacts.
To date, the firm’s first two funds have had distributions of cash (DPI) of 1.56x and 0.13x, resulting in IRRs of 48% and 29%, respectively. Golden Gate Ventures Fund 1 is a top performing fund globally, beating Cambridge Associates’ Top 5% benchmark of 0.85x DPI for a 2012 vintage.
Breakout companies include:
- Carousell (“Mobile Classifieds 3.0”),
- Alodokter (HealthTech),
- Carro (Auto Marketplace),
- Funding Societies (P2P Lending), and
- Omise (Payment Processing).