Golden Gate Ventures raises bet on Southeast Asia with new fund

Vinnie Lauria

Golden Gate Ventures raises bet on Southeast Asia with new fund

By: 
Bloomberg
15/06/16, 07:19 am

(June 15): Golden Gate Ventures has raised a US$60 million ($81.4 million) fund from investors including Temasek Holdings and Facebook co-founder Eduardo Saverin as it seeks to sustain its pace of investment in Southeast Asian startups.

The firm run by Vinnie Lauria closed its second fund with the help of other new investors Hanwha Life Insurance Co., Thailand’s Siam Commercial Bank Pcl and Germany’s Hubert Burda Media Holding.

Golden Gate Ventures, which Lauria founded in 2011 with two partners after backpacking across Asia and witnessing the rise of China’s web giants, is one of the earliest VC firms to target the region. Its US$10 million debut fund fueled investments in 30 startups across seven countries, including flea market app Carousell and online grocer Redmart.

“We were one of the earliest funds and we rode the wave that took over the region,” said Lauria, Golden Gate’s managing partner. The second fund was oversubscribed by $10 million, according to the company. “The ecosystem is now significantly bigger and there are a lot more deals. We want to double down on the opportunity.”

Southeast Asia, home to some of the world’s fastest growing economies, is approaching a tipping point, according to a recent report by Google Inc. and Temasek. The region has 260 million internet users, with an additional 3.8 million people coming online every month. And its internet economy, spanning online shopping to games and advertising, will surge sixfold to about $200 billion in the next decade, it said.

Lauria started Golden Gate in 2011 after selling his forum-hosting site Lefora to California-based CrowdGather Inc. He relocated to Singapore from Silicon Valley after spotting an opportunity in the lack of professional venture capital investment in the region at the time.

DBS kept at 'buy' with still more upside expected ahead: RHB

SINGAPORE (Jan 21): RHB Research is maintaining its “buy” call on DBS Group Holdings with an unchanged target price of $29.80. This comes on the back of expectations of still more upside ahead, led by widening net interest margin (NIM). Analyst Leng Seng Choon notes that the 3-month SIBOR has been on a rising trend. It currently stands at 1.89%, after hitting an average of 1.73% in 4Q18 – some 0.1 percentage point higher than the preceding quarter. While he explains that there is some lag effect from the SIBOR rise to filter through to NIM widening, Leng believes DBS’ 4Q18 NIM....
Read More >>

Temasek ramps up pressure over Standard Chartered turnround: FT

SINGAPORE (Jan 21): Standard Chartered’s largest investor Temasek has grown frustrated with the slow pace of chief executive Bill Winters’ turnround, according to a report by The Financial Times of UK, and is stepping up pressure on the UK-listed bank ahead of his pivotal strategy update in February. The Singapore state investment company, which owns about 16% of StanChart, was reported by FT to be asking for more frequent and detailed briefings from top executives and even floated the prospect of taking a board seat in a meeting last year, two people with knowledge of the discussion to....
Read More >>

Ascendas-Singbridge properties to house public EV charging network with help from SP Group

SINGAPORE (Jan 21): Ascendas-Singbridge Group is appointed as Singapore Power (SP) Group’s first major location partner in its plans to build “Singapore’s largest and fasted public EV charging network” with 1,000 charging points island-wide by 2020. Under the partnership, 24 charging points were installed in six buildings owned by Ascendas-Singbridge – Hyflux Innovation Centre at  80 Bendemeer Road, Corporation Place, Techlink, Techplace I, The Capricorn and The Kendall – with operations commencing in phases since Dec 2018.   Main image: SP Group CEO Wong Kim Yin (l....
Read More >>