Temasek's Vertex adds Kasikornbank as investor in VC fund

Vertex Ventures, the venture capital arm of Temasek Holdings, has secured Thailand's Kasikornbank as an investor in its new South-east Asian fund.

This is the first time Vertex, an early backer of South- east Asia's biggest ride-hailing start-up Grab, is raising money from a Thai investor.

Vertex has had two funds focused on South-east Asia in the past, fully funded by investment firm Temasek.

The latest move underscores its effort to forge ties with partners outside Singapore to find the next billion-dollar start-up. Financial institutions like Kasikornbank are also seeking ways to invest in new tech companies.

The Bangkok-based bank recently set up Beacon Venture Capital to invest in VC funds and start-ups.

Vertex Ventures SEA III, which is scheduled to close by November, has already exceeded its target size of US$150 million (S$204 million), according to the firm. Other investors in the third fund include Taiwan's Cathay Life Insurance.

Since having its first close in November last year, Vertex has backed Singapore-based financial technology startups Validus and Turnkey Lender.

Vertex plans to allocate 75 per cent of its new fund to South-east Asia and the remaining 25 per cent to India.

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A version of this article appeared in the print edition of The Straits Times on September 01, 2017, with the headline 'Temasek's Vertex adds Kasikornbank as investor in VC fund'. Print Edition | Subscribe