Global venture capital (VC) firm Antler, known to incubate nascent startups from day zero, announced that it has made the final close of its second Southeast Asia fund at $72 million.
The new fund, Antler SEA Fund II, will continue to invest in early-stage tech-enabled companies in the region with pre-launch, pre-seed, and seed capital, per the announcement.
The final close of Fund II comes about five years after Antler raised $30 million for the first Southeast Asia-focused fund. Fund I has deployed in 91 companies, including Singapore marketplace Reebelo, global e-SIM marketplace Airalo, and Indonesian B2B payments platform Brick.
The latest fund, supported by global and regional limited partners, will invest about $27 million in 45 early-stage startups and support startups formed during the Antler Residency Programs held across Southeast Asia.
Fund II has already invested in multiple companies in Malaysia, including diagnostic solutions provider Biogenes Technologies, construction projects management platform COEX, and AI-powered B2B procurement platform for corporate gifting and merchandise MessengerCo, among others.
“SEA Fund II marks the next chapter in Antler’s mission of backing founders from the earliest stages through their growth. As a global multi-stage investor, we believe there has never been a better time than now to build,” said Jussi Salovaara, co-founder and managing partner of Antler.
In 2023, around 90% of Antler’s Southeast Asia investments were in day zero startups and the remaining 10% were in pre-seed and seed stages.
This year, the firm plans to allocate 80% to day zero startups and the rest to pre-seed and seed stages, including follow-on investments in existing portfolio firms.
Antler said it will also continue to invest up to $10 million of scale-up capital in growth-stage startups from Series A onwards through its emerging growth fund, Antler Elevate.
The $285-million fund invests globally in breakout companies, including within Antler’s early-stage funds.
Founded in 2017, Antler manages more than eight funds and has made more than 1,140 investments globally. It has invested in over 300 Southeast Asian startups since its launch in Singapore in 2018.
In an interview with DealStreetAsia in January, Markus Bruderer, partner at Antler Singapore, who handles investments and operations in Southeast Asia, said the firm is looking to allocate more to seed rounds and follow-on investments this year in the region.