Temasek to invest in new venture capital fund

Temasek Holdings has committed a total of S$91.8 million along with other investors in a venture capital fund being raised by Jungle Ventures, which will put money into about 20 technology startups.
Temasek Holdings has committed a total of S$91.8 million along with other investors in a venture capital fund being raised by Jungle Ventures, which will put money into about 20 technology startups. ST PHOTO: MARK CHEONG

SINGAPORE (REUTERS) - Singapore state investor Temasek Holdings has committed a total of US$65 million (S$91.8 million) along with other investors in a venture capital fund being raised by Singapore-based Jungle Ventures, which will put money into about 20 technology startups.

The new fund expects to close at US$100 million in funding in three months. Other investors include the National Research Foundation of Singapore and family offices.

The fund will invest about US$3 million to US$6 million in each company, including any follow-on funding, Anurag Srivastava, a co-founder at Jungle Ventures, told Reuters.

Jungle Ventures' previous funding round in 2012 saw three exits, including Twitter Inc's acquisition of Indian mobile phone marketing start-up ZipDial early this year.