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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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Pixel Pass introduces Google’s new way to buy its phones

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Many consumers, especially in the US, prefer to buy their phones from their mobile carriers, not really out of loyalty to the network. More often than not, it’s the subsidies and financing options that soften the blow when buying a new and more expensive smartphone. Manufacturers have, of course, started offering such options to convince people to buy phones directly for them, and Google’s new Pixel Pass takes that idea a bit further by putting Pixel 6 buyers knee-deep in its services for a long time.

As leaked before, Pixel Pass is Google’s answer to Apple One, but it comes with a unique twist. Both subscription programs revolve around each company’s services covering music streaming, gaming, and cloud storage. The difference is that Google is throwing in a Pixel 6 or Pixel 6 Pro with that subscription.

Of course, another way of seeing it is that Google is offering its services as a bundle for buying a Pixel phone under a financing option. Pixel Pass lets you get a Pixel 6 for $45 a month or a Pixel 6 Pro for $55 per month, with an option to upgrade to a new phone after two years. In a way, this mirrors Apple’s own iPhone upgrade program, though, for 24 months instead of Apple’s 12.

The services that are included in Pixel Pass pretty much bundle Google’s most notable subscription offerings. There’s a 200GB Google One tier, both YouTube Premium and YouTube Music Premium, and Google Play Pass (which might be too easy to confuse with Pixel Pass). There’s also device protection courtesy of Preferred Care coverage.

Pixel Pass is available on Google Store, where you can get an unlocked Pixel 6 to use on any network. Alternatively, buyers can also get it through Google Fi with a phone plan and get a $5 discount on the monthly fee. Pixel Pass subscribers can cancel anytime, but they will have to pay the remaining value of the Pixel phone at its regular price.

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Pixel 6 Magic Eraser removes uninvited people from photos

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A few years ago, Google teased the almost magical ability that would allow people to remove “distracting objects” from photos, whether they be a fence or innocent bystanders. While that functionality has been available on some photo editing software like Photoshop, it was far from automatic nor convenient for mere mortals. It took more than four years for that moment to finally come, and Pixel 6 owners can now confidently take photos even when they know there are people or things lurking in the background.

Almost everyone who has tried to take a photo with a smartphone or a digital camera will have experienced the photobombing phenomenon at one point or another. It doesn’t even have to be people, even, as power lines and animals can sometimes get in the way of a perfect shot. A lot of the time, we’re unable to move these objects or wait for them to step out of the frame, but a Pixel 6 can now let you magically remove those after the fact.

It couldn’t be easier than simply loading up the photo in Google Photos and letting the app suggest what objects to remove from the background. You could also manually select the Magic Eraser tool and circle or brush over specific objects you want to be exorcised from the photo. All it takes is a few taps and doesn’t require any photo editing skills at all.

Of course, the secret sauce is Google’s favorite machine learning, which predicts what pixels would have looked like without those obstacles. It then tries to fill those in and erase distracting objects and people to produce what should have been the perfect moment. This seemingly magical ability does require some heavy ML and AI processing, which is why Google had to wait for its Tensor chip to become a reality in order to bring it to its Pixel phones.

That is also why Google Photos’ Magic Eraser is available only the Pixel 6 and Pixel 6 Pro starting October 28. The good news is that it will work on any photo you give it, including old ones taken using non-Pixel phones.

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Brave privacy browser ditches Google in favor of its own search engine

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Brave, the company behind the privacy-centric web browser by the same name, is betting big on its own search engine. Brave browser now defaults to the company’s search engine, offering it in the place of Google for users in select markets like the US, Canada, and the UK. Users in other countries will also see the change soon.

Brave announced the big change today, one that comes only a few months after the company rolled out its privacy search engine for anyone to use. Unlike the major search engine, Brave’s search engine doesn’t include user tracking, making it a more appealing option for the company’s users. Users in the US, UK, and Canada will now default to Brave Search instead of Google.

In addition, users in Germany will now default to Brave Search instead of DuckDuckGo and users in France will default to the privacy search engine instead of Qwant. Brave says it plans to rollout this default search engine change in other countries over “the next several months.” If you don’t want to wait, you can also manually change the Brave Browser’s default search engine to Brave Search.

The change applies to the latest versions of Brave browser on desktop, Android, and iOS, assuming you live in one of the aforementioned countries. As expected, users can still manually change the default search engine, so if you’d prefer to stick with Google, DuckDuckGo, or one of the alternatives, that remains an option.

In addition to the default browser change, Brave says it is also launching the Web Discovery Project for users who want to contribute to Brave Search. Under this, users can anonymously share data with the company for improving the search engine’s quality and coverage, Brave says, without the risk of the data being linked back to specific devices or users.

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