Singapore's Golden Gate partners Hanwha to invest in South-east Asia start-ups

SINGAPORE (REUTERS) - Golden Gate Ventures, a Singapore-based venture capital firm, said on Tuesday (March 19) it has partnered South Korea's Hanwha Asset Management to invest together in South-east Asian start-ups in areas such as marketplaces and financial inclusion technologies.

The firms are seeking to raise about US$200 million for their fund, according to a source familiar with the matter.

Golden Gate and Hanwha will invest in start-ups at the "series B" stage, the venture firm said in a statement. The region's series B deal sizes typically range from US$15 million to US$30 million.

Funding by venture capital firms in South-east Asian start-ups had risen to a record as of the first eight months of last year, surpassing the total investments made in 2017.