September 19, 2019 / 3:10 AM / 3 months ago

Grab-backer Vertex closes fourth SE Asian fund at $305 mln

SINGAPORE, Sept 19 (Reuters) - Venture capital firm Vertex Ventures, the first major backer of ride-hailing giant Grab, said on Thursday it has completed the final close of its latest fund at $305 million to invest in Southeast Asian and Indian technology start-ups.

The firm aims to start deploying the fund before the end of the year, and will continue its strategy of investing in early-stage companies in the region across enterprise technology, financial technology and consumer internet.

The Vertex Ventures Southeast Asia and India Fund IV was backed by both existing and new limited partners, including sovereign wealth funds, financial institutions, corporates and family offices across Asia and Europe, it said in a statement.

Vertex had invested in Grab when it was a start-up. Seven-year-old Grab has grown to become the region’s biggest ride-hailing operation, valued at an estimated $14 billion, sources say.

It is one of six major funds in Vertex’s global network spread across China, Southeast Asia and India, the United States and Israel. Vertex Holdings, a subsidiary of Singapore state investor Temasek Holdings, is the anchor investor in each fund. (Reporting by Aradhana Aravindan in Singapore, Editing by Sherry Jacob-Phillips)

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