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Jungle Ventures hits $175M first close on its third fund for Southeast Asia – TechCrunch

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Southeast Asia’s startup ecosystem is set to get a massive injection of funds after Jungle Ventures reached a first close of $175 million for its newest fund, TechCrunch has come to learn.

Executives at the Singapore-based firm anticipate that the new fund, which is Jungle’s third to date, will reach a final close of $220 million over the coming few months, a source with knowledge of the fund and its plans told TechCrunch. If it were to reach that figure, the fund would become the largest for startup investments in Southeast Asia.

Jungle Ventures declined to comment.

An SEC filing posted in December suggested the firm was aiming to raise up to $200 million with the fund. Its last fund was $100 million and it closed in November 2016. Founding partners Anurag Srivastava and Amit Anand started the fund way back in 2012 when it raised a (much smaller) $10 million debut fund.

Digging a little deeper, our source revealed that the new Jungle fund includes returning LPs World Bank affiliate IFC and Cisco Investments — both of which invested in Jungle’s $18 million early-stage ‘SeedPlus’ fund — and Singapore sovereign fund Temasek. One new backer that we are aware of is German financier DEG although we understand that Jungle has spent considerable time fundraising in the U.S. market, hence the SEC filing. Beyond Europe and the U.S, the firm is also said to have pitched LPs in Asia — as you’d expect — and the Middle East.

Jungle is focused on Series A and Series B deals in Southeast Asia with the occasional investment in India or the rest of the world where it sees global potential. One such example of that is Engineer.ai, which raised $29.5 million last November in a round led by Jungle and Lakestar with participation from SoftBank’s AI unit DeepCore.

Jungle Ventures founding partners (left to right): Anurag Srivastava and Amit Anand

The meat and drink of the fund is Southeast Asia, and past investments there include cloud platform Deskera (most recent round $60 million), budget hotel network Reddoorz (raised $11 million last year), fintech startup Kredivo (raised $30 million last year) and digital fashion brand Pomelo, which has raised over $30 million from investors that also include JD.com.

In India, it has backed b2b sales platform Moglix and interior design startup Livspace among others. Past exits include Travelmob to HomeAway, Zipdial to Twitter, eBus to IMD and Voyagin to Rakuten.

We understand that the new fund has already completed five deals. Jungle’s pace of dealmaking is typically half a dozen investments per year, and we understand that will continue with fund three.

Executives at the fund are bullish on Southeast Asia, which is forecast to see strong growth economic growth thanks to increased internet access and digital spending. A much-cited report from Google and Temasek issued last year predicts that the region’s ‘digital economy’ will triple to reach $240 billion from 2025.

A 2018 report from Temasek and Google predicts significant growth in Southeast Asia’s digital economy

Other major VC funds in Southeast Asia include Vertex Ventures ($210 million fund), Golden Gate Ventures — $100 million and a $200 million growth fund — Openspace Ventures ($135 million), and EV’s $150 million growth fund.

There’s also B Capital from Facebook co-founder Eduardo Saverin which recently passed $400 million for the first close of its second fund, although that doesn’t invest exclusively in Southeast Asia, and Sequoia which has a $695 million fund for India and Southeast Asia. Other global names that you might see cutting deals in the region include Burda, which has a local presence and starts at Series B, TPG Global and KKR.

Update 04/29 19:50 PST: The original version of this article has been updated to correct that Jungle invests in around a dozen companies per year, not per month.

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The BMW XM’s Boldest And Brightest New Options, Ranked

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Thank heavens BMW resisted the urge to grab the new XM with eye-searing paint colors. Instead, it has the typical blacks, whites, and grays, but it does have a bright red (Toronto Red Metallic) and a deep blue (Marina Bay Blue metallic) hue at no extra cost. The eccentric madness of options starts with the wheels — the XM’s 23-inch M Light alloys in gold (pictured above), which is a unique touch for a large SUV. Thankfully, you can have the same wheels in a more subdued steel gray option, and the standard 22-inch rollers are not that bad.

The BMW XM gets a standard Merino cowhide upholstery with a black-on-black theme, but the $1,500 Sakhir Orange leather option is worth every penny, standing out even more with a combined black accent. For $1,000 more, however, the Silverstone gray leather with a vintage coffee ceiling and door panels is a refreshing aesthetic. However, BMW’s vintage coffee interior theme looks best with the Deep Lagoon teal leather upholstery (pictured above), which costs the same at $2,500.

BMW wants XM buyers to go crazier with its NightGold Metallic exterior trim, a no-cost styling option that matches well with the gold wheels. The package includes a gold-metallic accent band that runs from ahead of the A-pillars and wraps around the side windows (pictured above), the outer border of the front kidney grilles, and the rear diffuser. Another no-cost option is M Sport Brakes with blue or red calipers, and exclusive M logos.

With base prices starting at $160,00, the all-new BMW XM is a big, bold, powerful SUV that screams money and privilege. It exists in a world littered with Lambos, Aston Martins, Maybachs, Bentleys, and Rolls-Royces, but none feels more forward-looking as the XM.

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This Jet-Powered Soviet Airliner Had A Unique (But Dangerous) Design

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As any aviation enthusiast will tell you, the name “de Havilland” is synonymous with the history of the jet engine. The British de Havilland Comet was the first of its kind — a jet airliner that would revolutionize air travel and pave the way for other airliners to follow. Its first prototype launched in 1949, according to the Royal Air Force Museum. After two disasters, the result of structrual deficiencies, the Comet 1 was retired.

But the Soviet Union unleashed its own jet airliner: the Tupolev TU-104. The body of a TU-16, another Soviet bomber, was adapted to add more passenger space inside, and the aircraft switched from a military to a commercial capacity. 

In authorities’ zeal to put the Soviet stamp on the history of global jet travel, about 10,000 staff members worked on the plane, and its flight debut occurred several weeks earlier than originally intended. This seemed to mean, though, that testing wasn’t as rigorous as it could have been, and the aircraft was plagued by problems as a result.

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Apple’s Vision Pro Headset Is Also A 3D Camera

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According to Apple, all of the videos and photos captured using the Vision Pro’s 3D camera will offer a more immersive experience compared to content captured with ordinary content. That’s not to say that you can’t experience your existing Photos library with the headset, however, and Apple notes that panoramas can be viewed wrapped around the user — though only if those panoramas were captured with an iPhone, by the sounds of it.

The content appears within large windows placed in the user’s own environment, meaning the videos are watched on a large virtual screen that, in a way, is like a huge living painting positioned in one’s living room or office. These videos can be played alongside other apps available on the Apple Vision Pro, and they include expected controls like the ability to scrub through the videos, pause videos, expand photos to larger sizes, and similar. To no one’s surprise, the camera and headset both play well with other Apple products like FaceTime, as well.

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