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White Star Capital closes $360m Fund III, opens Singapore office

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VC investor White Star Capital has boosted its AUM to $750m thanks to a latest $360m fundraise for its third flagship fund. The firm also announced to open a new office in Singapore, two years after the opening of its Hong Kong office.

Fund III beat its initial target of $300m and doubled the size of its predecessor Fund II which was closed on $180m in 2018. It has already been tapped to invest in finn.auto, Percent, Flash Coffee, Novisto, 900.care and Numan and seeks to invest in emerging technology companies in the AI, digital health, fintech, foodtech, future of work, industrial technologies, mobility and wellbeing sectors.

The firm said Fund III attracted LPs from Canada, France, Germany, Guernsey, Japan, Monaco, Poland, South Korea, the U.K. and the U.S.

White Star planned to deploy initial investments between $5m and $15m in 15 to 20 startups across North America, Europe and Asia seeking financing at Series A and beyond.

Founder and managing partner Eric Martineau-Fortin said, “Our philosophy has always been to partner with founders who have global ambitions and support them through our deep networks and regional expertise across nine locations in North America, Europe and Asia.

With the opening of an office in Singapore, the firm has cemented its position as the partner of choice for founders building truly global businesses. Our funds are top-decile performers and our growing global team looks forward to building upon our proven global platform model.”

White Star had invested in more than 55 companies and had ten exits and two IPOs. The companies have gone on to collectively raise over $2bn.

Investments from the firm include Butternut Box, Clark, Dollar Shave Club, Drop, KeyMe and TIER Mobility.

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