Square Peg Capital, a venture capital firm, has secured $550 million for its fifth fund, which will invest in software businesses in Israel, Australia, and Southeast Asia.
This raises the total amount of cash raised by the Australian corporation across its five funds to US $1.6 billion.
Paul Bassat, the co-founder of the company, said in a statement that US $350 million will go to early stage firms and the remaining money will be utilized for late-stage acquisitions.
Square Peg said that the launch of the fund coincides with its continued assessment of Southeast Asia’s expanding potential, particularly in the fields of consumer internet, FinTech, edtech, future of work, healthtech, and software as a service.
One of Australia’s largest venture capital organizations, Square Peg was founded in 2012 and currently manages more than US $1.6 billion in assets. The company also stated that, based on its departures, it has an internal rate of return of 43%.
Its portfolio includes well-known businesses including Airwallex, Canva, Neuron Mobility, FinAccel, and Doctor Anywhere. Meanwhile, AustralianSuper and Hostplus are among their investors.
