Vertex Growth Fund of Vertex Venture Holdings has recently raised US$290 million for its inaugural fund, exceeding its target of US$250 million.
This funding round is led by Vertex Venture, the Singapore-based VC arm of investment firm Temasek Holdings.
Singapore-headquartered Vertex Growth offers growth capital to global startups, especially those emerging from the early-stage portfolio across the Vertex network.
It currently has about 200 companies in its early-stage portfolio.
The firm will invest about US$10 million to US$15 million in each startup, typically in the third and fourth round of funding.
This is a huge sum compared to US$3 million to US$4 million by affiliate funds in early rounds, according to DealStreetAsia.
To date, Vertex Growth have backed startups like Grab, Waze and Mobike.
Vertex Growth offers investors early access to next-generation technology, said managing director Tan Hock Chuan.
“We continue to see healthy interest, particularly from corporates who invest with a view to gain insights on innovation themes that may be relevant to their core businesses,” he added.
Featured Image Credit: Vertex Growth Fund