Facebook co-founder Eduardo Saverin, Temasek invest in Asian tech start-up fund

Facebook co-founder Eduardo Saverin.
Facebook co-founder Eduardo Saverin. PHOTO: BLOOMBERG

SINGAPORE (BLOOMBERG) - Facebook co-founder Eduardo Saverin and Temasek Holdings, Singapore's state-owned investment company, are among the main investors in a new venture capital fund that will take stakes in technology companies in Southeast Asia.

The Golden Gate Ventures Fund II LP has already raised US$35 million (S$47.72 million) and expects to gather an additional US$15 million, said Vinnie Lauria, managing partner of Singapore-based Golden Gate Ventures, in an interview on Tuesday.

"We took the step to bring in strong local partners for the fund," Lauria said, while declining to comment on how much Temasek and Saverin, who lives in Singapore, are investing. The third major investor is Monitor Capital Partners, a family office based in Belgium, according to Lauria.

Lauria said that part of the attraction for Temasek is the access the new fund will give to a range of early-stage investments, which will help Temasek assess the companies for further potential investments.

A Temasek spokesman confirmed its participation in Golden Gate Ventures, but declined to comment further. Saverin couldn't be reached for comment.

Golden Gate Ventures launched its first fund in 2012 and has so far invested in 20 Asian companies including Singapore online grocery firm RedMart Ltd and Carousell Pte, a Singaporean maker of applications.

Of the US$10 million committed to the first fund, more than half has been invested, Lauria said. The first fund's current valuation is more than four times the invested capital, he said.