Southeast Asia’s early-stage and growth vehicles received $143 M from 500 Global

Venture capital firm 500 Global reported the successful closing of $143 million across its growth investment vehicle for Southeast Asia and 500 Southeast Asia III, L.P. (500 SEA III), its largest Southeast Asian early-stage fund to date. The team’s dedication to assisting founders in Southeast Asia from pre-seed to pre-IPO is evident in the new early-stage and growth vehicles.

Malaysia’s sovereign wealth fund, public and private pension funds like Khazanah Nasional Bhd, Kumpulan Wang Persaraan (Diperbadankan) [KWAP], and Employees Provident Fund (EPF), among others, are limited partners (LPs) across its early-stage and growth investment vehicles, according to a statement from 500 Global.

As limited partners, 500 Global’s first Southeast Asia early-stage fund has invested alongside a university endowment, family offices of well-known international investors, and portfolio companies with a value of over $1 billion.

With each succeeding fund nearly doubling in size since 2014, 500 SEA III is 500 Global’s third early-stage fund with a Southeast Asian focus. 500 SEA III closed at $100 million, exceeding its initial $75 million target, with more than half of the fund coming from LPs who had previously invested.

The early-stage fund will concentrate on funding ventures and AI-enabled technologies that advance urban sustainability, human and machine productivity, healthcare, food security, and financial inclusion. In Malaysia, the Philippines, Vietnam, Thailand, Singapore, and Indonesia, 500 SEA III plans to invest in 100 pre-seed to Series A startups by writing first checks ranging from $250,000 to $500,000.

“KWAP’s investment in 500 Global began in the latter’s early days through its second Southeast Asia early-stage fund. 500 Global has since grown considerably in strength to a multi-stage investment platform, and remains instrumental in securing co-investment opportunities for KWAP.” – Hazman Hilmi Sallahuddin, Chief Investment Officer, KWAP.

“We are pleased to continue our partnership with 500 Global, a VC manager with an extensive investment track record globally. In line with Khazanah’s Future Malaysia Program, an initiative under our Dana Impak (Impact Fund) mandate, we are excited about their potential to facilitate the market expansion of start-ups via their Southeast Asia platform, with the anticipation of creating new global champions.” – Amirul Feisal Wan Zahir, Managing Director, Khazanah Nasional.

In the past, 500 Global has made investments in Southeast Asia totaling $5 million to $20 million in Series C to D rounds of portfolio companies like Carousell (2018), Carsome (2021), and most recently eFishery (2023). In addition, in the past, 500 Global has invited their limited partners to co-invest with them in particular opportunities.

“While we developed our growth stage capability investing over the years, we have also added resources and new partners in line with our aim to support founders from pre-seed to pre-IPO.” – Vishal Harnal, Managing Partner, 500 Global.