Dutch venture capital firm Orient Growth Ventures has marked the closure of its second India and Southeast Asia (SEA) fund at $90 Mn.
Orient is a limited partner in venture capital firms, including, Blume Ventures, Jungle Ventures and Chiratae Ventures among others.
According to the firm, the latest fund is backed by both existing and new limited partners, including European high net worth individuals, tech entrepreneurs and family offices from Europe and Singapore.
Citing the firm’s founder and managing partner Rinze Verbeek, Economic Times reported that the firm aims to use the fund to increase its investment portfolio in India by backing more early-stage VCs in India.
“Similar to our first fund, this second fund also concentrates on early-stage venture capital opportunities in India and Southeast Asia. While our first fund did include some investments outside of these regions, we have grown increasingly convinced of the promising development within India and Southeast Asia’s VC ecosystems,” Verbeek said.
According to Verbeek, the VC firm has planned to increase its focus on India and neighbourhood citing the highly attractive market opportunities caused by the robust economic growth and maturity of the country’s VC ecosystem.
He also said that though Orient is not focussed on any specific sector, it has observed high interest in the electric vehicle (EV), climate and agritech spaces.
According to the report, Orient’s first India and SEA focussed fund worth $25 Mn was raised in 2020. It is tracking a 23% rate of return but it is pertinent to note that the fund is still at its early stages. Thus, Orient looks at the upcoming years to achieve its target.
After a period of drought in the investment, the ecosystem seems to have started showing signs of revival in 2024 with fund launches and closures.
The first fund of the year was closed by Bengaluru-based Upekkha at $15 Mn with a target of $40 Mn which is its second such fund in two years.
Following this, GrowthCap Ventures marked the first close of its maiden fund at INR 20 Cr, which aims to focus on the fintech, deeptech and software-as-a-service (SaaS) sectors.
Recently, Mumbai-based Cactus Venture Partners announced the final close of its maiden early-stage fund at INR 630 Cr ($75.8 Mn) from which funds have already been invested in Kapture, Vitraya, AMPM, Auric, Lohum and Rubix.