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IFC to back $300 mn Fund IV of Jungle Ventures

IFC to back $300 mn Fund IV of Jungle Ventures
Photo Credit: 123RF.com
30 Apr, 2021

The International Finance Corporation (IFC), which is the investment unit of World Bank, will be a limited partner in Jungle Ventures Fund IV, with a commitment of $25 million.  

Additionally, IFC is considering a delegated authority co-investment envelope for an additional amount of up to $25 million for potential co-investments with the fund in its portfolio companies, according to a disclosure.  

The Singapore headquartered venture capital firm, which backs companies in early and growth stages, looks to raise $300 million as part of its Fund IV. The Southeast Asia focused fund will deploy the capital in 15-20 early stage startups across consumer internet, fintech, business to business (B2B), and small and medium enterprise (SME) technology focused companies.

“Jungle is presently focused on investing out of its current fund. In line with our internal policies and MAS guidelines, we do not comment on forward-looking fundraising for Jungle or our startups," the company said in response to TechCircle's queries on the latest fund.

The fund typically participates in Series A and B funding rounds, with a cheque size of around $10 million. In India, it recently led a $17 million round in overseas education guidance and financing platform Leap. It also invested an undisclosed amount in insurance technology platform Turtlemint as part of a growth funding round in March.  

The fund announced the final close of its $240 million Fund III in October 2019 and has been deploying capital from it since. Nearly 30% of the fund’s corpus is used to back Indian startups.  

Read: Jungle Ventures’ David Gowdey on Series B, enterprise software bets in India  

As deal momentum picks up after a slow year, multiple India focused funds are in the running to back growth stage companies. Accel’s $550 million India fund that was announced in 2019 and Lightspeed India’s $275 million fund that was announced in August 2020, among others, are in line to deploy capital.