Singapore-based venture capital firm Golden Gate Ventures is reportedly preparing to raise its second fund to focus on Series A rounds in Southeast Asian tech businesses.
The $40m fund is expected to launch within 12 months, said the Asian Venture Capital Journal, citing a source with knowledge of the situation.
The firm’s first fund, which closed at $10m last year, has invested in three e-commerce companies, TradeGecko, RedMart and Coda Payments.
Last year Golden Gate Founder told the publication that there was a deficit in Series A funding in Asian tech startups.
He said, “Asia is a maturing market so a lot of the money available has been at the seed stage.
“Once portfolio companies need to do a Series A round there aren’t a lot of people to turn to.”
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