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.
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.
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.
Apple May Bring Major Design Changes To Entry-Level iPad
The changes aren’t skin deep, of course, and the next base iPad is expected to sport changes that may make it more appealing to the casual consumer. At the top of that list is the anticipated switch from the Lightning connector to USB-C, something that all other iPad models have already received. This would not only open up the entry-level iPad to more use cases like hooking up external displays but would also break compatibility with plenty of accessories, particularly the first-gen Apple Pencil.
The first Apple Pencil charges using a Lightning port, but with this connector gone from the upcoming iPad, what would no longer be possible. Given its expected switch to flat edges, it’s likely that the iPad 10 will support the second-gen Apple Pencil. That, in turn, means the days of the original Apple Pencil are numbered, and it wouldn’t be surprising if Apple immediately halts its production.
With the changes to the design and Lightning port would also come a change to the one other legacy connector that has been present since the first iPad: the 3.5mm headphone jack, which will supposedly be making its exit from the iPad this year. If that rumor proves true, Apple’s transition away from wired headphones — at least as far as a direct connection goes — will be complete. These changes also mean that accessory makers will have to alter their designs, as well, especially case manufacturers. The magnetic Smart Cover’s design, for example, no longer has a place in this flat-edged world.
BMW Is Testing Electric Cars With Four Motors For Its Fiercest M EVs
The company’s M xDrive four-wheel drive system is currently in the testing phase, but has already produced some very promising results. The system gives each wheel its own electric motor and runs through a “highly integrated control unit” that takes action based on the driving conditions and the driver’s choices. Along with the driving surface, several other factors are taken into consideration, including accelerator pedal position, steering angle, longitudinal and lateral acceleration, and wheel speeds. All of this is continually monitored and the optimal amount of power and torque is given to each wheel. The decisions the control unit makes are put into action within milliseconds.
BMW has already tested this technology and claims it delivered a number of benefits, including “significantly higher cornering speeds” even in tough conditions, like rain-soaked or snow-covered roads. A specific example the company gave involved the control unit eliminating understeer by temporarily giving more power to the rear outside wheel. The motors also recoup energy when braking. This has been a common feature on many EVs and hybrids for several years, but BMW’s experimental drive train may be the first to optimize energy recovery on all four wheels.
The concept is being tested out on a modified BMW i4 M50 with the front end based around an adapted body strut concept taken from an M3/M4 chassis, and a radiator unit configuration modeled on current high-performance sports cars. The test car is designed to have high torsional rigidity during dynamic driving situations.
The Truth About Porsche’s Complicated Model Number System
Why did it start with the number seven? According to the book “Porsche, Excellence Was Expected” by Karl Ludvigsen, the designers didn’t want Wanderer to “think they were a bunch of novices.” And if you want to get really technical, the very first car Ferdinand built was the Egger-Lohner C2 Phaeton (designated P1) in 1898. Remember, literally every project the company worked on received a successively higher number, from axles to suspensions, gearboxes, and even tractors. Yes, Porsche designed an even slower vehicle than the Volkswagen Thing.
In 1932 came type 22, its first Grand Prix car, the 16-cylinder Auto Union race car. For Porsche, the race was indeed on as figuratively as it was literally. Dr. Ing. h.c. F. Porsche GmbH worked on all sorts of things, from steering components for Citroën and Fiat to axels, plane and motorcycle engines, and yes… the type 60 KdF-Wagen for Volkswagen (and Hitler), which would go on to fame as the VW Bug. However, the system got a little wonky during World War II, when many numbers in the 200 range were simply skipped over (via Ingenieurbüro Kukuk).
By 1948, its internal numbering system had gotten up into the mid-300s. In June of that year, the first vehicle that displayed the official Porsche name rolled into existence with the now iconic Porsche 356, according to the automaker. But it came with a new wrinkle: as the 356 evolved with the latest technological advances, each subsequent model was designated with letters (A, B, C). Alphabet soup with your zip codes, anyone?
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