Global tech investment firm Partech Ventures has announced raising €120 million (about $127 million) for its fourth seed fund that will invest in Europe, the US, and Southeast Asia.
The latest fund, Partech Entrepreneur IV, will invest at pre-seed and seed stages in about 50 startups as a lead investor or co-investor, with initial cheques ranging from €300,000 to €3 million. The fund will also reinvest until Series B, Partech said.
Partech said it will not limit to specific industries, markets, or models for the oversubscribed fund, which has seen support from financial institutions, multinational corporations, family offices, and 100 entrepreneurs, of which 35 were funded by it in the past.
“We are convinced that spotting the future leaders of new emerging categories often requires a broad scope and a genuine open-mindedness towards what the most talented founders come up with,” said Romain Lavault, general partner at Partech.
Partech, which has offices in San Francisco and Paris, raised $100 million for Partech Entrepreneur III in 2020 and another $107 million for its previous seed fund.
The previous funds have already invested in a number of Asian companies, including one-click checkout platform Beam Checkout, Vietnamese proptech startup Homebase, Singapore fintech startup Fazz, insurtech startup Igloo, and Indonesian payment unicorn Xendit, among others.
The firm’s current portfolio includes 210 companies in 40 countries.
In Southeast Asia, early-stage rounds continue to dominate the funding scene. According to DealStreetAsia’s compilation, seed rounds took the lead in October with 21 deals.
The largest seed funding deal was Singapore-based crypto custody platform Rakkar Digital’s $10-million funding from SCB 10X, the corporate venture capital arm of Thailand’s SCBX Group.
There were also 12 Series A rounds in October, lower than the 15 deals registered in September. Crypto platform Pillow’s $18-million funding was the largest in this funding series, followed by digital payroll platform Skuad’s $15-million investment.