Antler Closes $72M Fund to Double Down on Southeast Asia Startups
Antler, a leading Singapore-based VC, has just closed its second Southeast Asia fund, raising $72 million to focus on startups in Singapore, Indonesia, Vietnam, and Malaysia. This news comes at a crucial time for startups in the region, as funding has been on the decline.
According to Jussi Salovaara, a co-founder of Antler, the current market environment offers unique opportunities for early-stage investments. Unlike during boom times, the current downturn filters out weaker players, allowing truly innovative and resilient startups to secure funding and emerge successfully. Antler's focus is on supporting founders committed to long-term growth and sustainable business models.
The second SEA fund will target pre-launch, pre-seed, and seed money stages, with plans to allocate $27 million to 45 early-stage startups within the next six to nine months. Antler also aims to invest in around 300 startups through this fund, supporting companies created during its residency programs.
Southeast Asia presents diverse opportunities, with significant potential in fintech, health startups, and AI businesses. The region's growing middle-class population and young demographic drive demand for consumer-focused technology and B2B solutions. Antler will also invest in growth-stage startups through its new fund, Antler Elevate, and provide rolling capital to support early-stage companies.
More than 50% of the fund's capital comes from institutional investors, including sovereign wealth funds and pension funds. Antler has already invested in companies like Farmio, Zora Health, and Clout Kitchen through the second fund.
With offices in over 30 cities and funds across the globe, Antler is expanding its presence in Southeast Asia and other key markets in the Asia Pacific. The latest fund is three times the size of its previous fund, reflecting the growing interest in the region's startup ecosystem. Antler's investments in innovative companies across various sectors demonstrate its commitment to supporting entrepreneurship and driving growth in Southeast Asia.