Venture capital investor Gobi Partners has reportedly held a first close on its new Meranti ASEAN growth fund by hauling in $50m, putting it a quarter of the way to its $200m target.
The fund will target startups in the cloud-based technology, FinTech and Muslim-focused tech sectors across South East Asia. It plans to invest up to $20m in 15 companies when the fund hits a final close, according to Asian media reports.
It will hold series B and C rounds in the hope of rounding up another $150m.
Three LPs, Malaysia Venture Capital management, Korean Home Shopping and CKM, have so far backed the fund.
The latest vehicle will be the firm’s eighth since it started in 2007.
Gobi currently has a portfolio of businesses across Hong Kong and China.
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