BEENEXT Closes Two Funds at US$160M, Looks Closely At Indian and Japanese Startups

BEENEXT

BEENEXT has allocated over two-thirds of the corpus to Indian startups

Singapore-based venture capital firm BEENEXT has closed two new funds focusing on digital transformation at a total of $160 million, the firm announced in a statement yesterday.

The company did not disclose names of the investors, but said that they include major American institutional investors, Japanese corporations, global family offices, and angel investors.

A chunk of the funding mandated for investment in its newly launched BEENEXT Emerging Asia Fund of $110 million, which focuses on early-stage digital tech startups in India and Southeast Asia geared towards “innovation and growth in the new normal,” the statement noted.

“Now more than ever, we feel the need to nurture the entrepreneurial ecosystem to ensure we bounce back as a strong community of founders,” BEENEXT Founder and Managing Partner Teruhide Sato said in the statement about the impact of Covid-19 on startups.

About 50% of the Emerging Asia Fund will be allocated exclusively to Indian startups, in the ecommerce, fintech, healthtech, agritech, edtech, artificial intelligence and data segments, the statement said.

It added that the Indian market has been one of BEENEXT’s focus areas ever since its 2015 launch. India is the firm’s biggest recipient outside Southeast Asia, and BEENEXT has invested in 72 Indian startups so far (over a third of its portfolio), the statement said.

“BEENEXT has always believed in building businesses together with founders and fellow local co-investors to have a lasting impact. We look forward to co-creating and growing together with more start-ups in India,” Sato said in the statement.

Its second fund of $50 million will be focused on Japanese software-as-a-service (SaaS) startups, the statement noted. Both the funds were announced in late 2019.

It also said that the funds will help connect founders from across the world to networking and partnership opportunities through BEENEXT’s founders’ community.

Some of the firm’s portfolio companies include Singapore-based fashion Ecommerce platform Zilingo, Japanese human resource SaaS company SmartHR, and Indian digital payments app BharatPe.

Earlier this year, BEENEXT led investments in Singapore-based Universal Identity and Trust System solutions provider Credify via a $1 million seed round, and Indian logistics tech startup Loadshare through its $13.3 million Series B.

Its latest investment was in a $500,000 Series A for India-based wealth management service provider Cube. The round was led BEENEXT’s portfolio company CitrusPay’s Founder and Chairman Satyen Kothari, who also founded Cube.

It has also previously invested in startups such as Singapore-based B2B fintech startup Wallex who recently closed their Series A, and Indian tech-enabled logistics aggregator Shiprocket who raised $13 million in a Series C earlier this month.

Header image by rupixen.com on Unsplash

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

CEOs That Crashed and Burned in 2022

CEOs That Crashed and Burned in 2022

As 2022 draws to a close, it is time to sit back and reflect on events that have unfolded this year—the good, the bad and the ugly. We saw massive layoffs in the tech space and a devastating crypto market crash with one crypto company going down after another. You must have seen article after article talking about the situation with Luna and Celsius as well as the recent bankruptcy filings of FTX and BlockFi.

TOKEN2049 London Recap

TOKEN2049 London Recap

TOKEN2049 London is the second part of the greater annual TOKEN2049 event. Every year, the event is held in both Singapore and London, bringing together a wide variety of Web3 participants from developers, thought leaders, founders and investors.

How Charming Men Get Away with Fraud

Bernie Madoff vs. FTX: How Charming Men Get Away with Fraud

The recent FTX scandal has all the trappings of a Netflix drama series where the business tycoon—once lauded for his power moves—is brought down by greed, selfishness and the judiciary system (The Wolf of Wall Street, much?). The CEO of crypto exchange FTX, Sam Bankman-Fried, has come into the spotlight for bringing about the downfall of FTX and his other company Alameda Research. In November 2022, he filed for bankruptcy for both companies after a devastating collapse in the public eye.

New to the Forex Market The Ultimate Toolkit for Success

New to the Forex Market? The Ultimate Toolkit for Success

Foreign exchange trading can be a tricky business. When it comes to choosing what tools will be the most effective in your forex trading journey, there are a few aspects to consider. Whether you are a brand-new trader or a seasoned veteran, some of these tools will always be handy to help you not only find the diamonds in the rough but also stay focused on your goals.

Looking Back on the Top Skincare Trends of 2022

Looking Back on the Top Skincare Trends of 2022

Going makeup free during the COVID-19 pandemic has whipped up interest in skincare, with people spending more on in-clinic aesthetic treatments and buying more skincare products. As of 2022, revenues in the beauty and personal care industry have reached US$534 billion. Of this, the skincare segment makes up a total revenue of US$153.30 billion, growing at a CAGR rate of 5.19% in the next five years.

Is It Ethical to Be “Overemployed”

Is It Ethical to Be “Overemployed”?

According to the American Bureau of Labor Statistics of August 2022, more than 7.5 million workers in the U.S. are overemployed, that is, they hold more than one job. With the pandemic leading to an increase in remote working and making people concerned about job safety, it doesn’t take a genius to see why people would choose to work multiple jobs.