Antler closes $72M SEA Fund II to double down on Southeast Asian startups from "Day Zero" to growth stage
Singapore, Tuesday, 13 August, 2024 - Antler, the global early-stage investor founded in Singapore and with offices in more than 27 cities around the world, today announced the close of its second fund, Antler SEA Fund II, raising $72M in capital. The new Fund will continue investing in early-stage tech-enabled companies in Southeast Asia with pre-launch, pre-seed, and seed capital.
Over the next six to nine months, the fund targets to invest $27M in 45 early-stage startups. Part of the funding will back startups formed during Antler’s residency programs in Singapore, Indonesia, Vietnam, and Malaysia.
Jussi Salovaara, Co-founder and Managing Partner of Antler, said, “SEA Fund II marks the next chapter in Antler’s mission in backing founders at the earliest stages through their growth. As a global multi-stage investor, we believe there has never been a better time than now to build. Technological advancements in AI, access to capital, and a growing market in Southeast Asia have created a remarkable environment for innovation and breeding global leaders. We are also grateful for the support of our investors as Antler continues to champion founders from inception through their growth with innovative solutions such as ARC.”
Antler SEA Fund II is supported by global and regional limited partners, with over 50% of the fund composed of institutional investors, including a sovereign wealth fund, pension fund, and university endowment.
The fund close comes amid quality deals and increasing investor appetite for early-stage investments, driven by rapid digitalization, rising middle class, and strong economic growth prospects across the region. Preqin data also indicates a significant increase in early-stage investment worldwide, with seed deal sizes rising 112% and Series A deals up 31% on average.
To support founders from the earliest stages of building to growth stage, Antler has introduced ARC (Agreement for Rolling Capital), a newly launched fundraising structure that helps founders from the early building stages to the growth phase by providing up to $250,000 in rolling capital. The initial Antler investment, pro-rata follow-on, and ARC enable early-stage founders to secure up to $600,000 within the first six to nine months of a company's lifecycle.
Through its emerging growth fund, Antler Elevate, the firm continues to provide scale-up capital from Series A onwards. Antler Elevate invests in breakout companies from Antler’s early-stage funds as well as category leaders outside Antler’s portfolio. The $285 million fund to support founders across Antler’s global footprint is managed from offices in London, Singapore, and New York.
Antler’s SEA Fund I has invested in 91 companies, including e-SIM marketplace Airalo, platform for refurbished electronic devices Reebelo, smart point-of-sale system provider Qashier, AI-driven financial data automation platform Bluesheets, and modern expense management solution Volopay. Globally, Antler has invested in more than 1,000 startups across a wide range of industries and technologies.
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