News worth knowing

Jungle announces a $600Mn fundraise, crosses $1Bn in AUM to become the first independent, Singapore-headquartered VC firm that invests across Southeast Asia and India, to reach this milestone

Fund IV totals $600 million, with $450 million for new investments and $150 million earmarked for follow-up investments in its portfolio companies. The fund’s close brings Jungle Ventures’ total assets under management to over $1 billion, which it says makes it the first independent, Singapore-headquartered venture firm that invests across Southeast Asia and India to hit this milestone.

Turtlemint raised $120 million in a round led by Amansa Capital, and Jungle Ventures to expand to new geographies, particularly the Middle East and Southeast Asia, as well as to invest in its distribution, underwriting, and claims technology.

Globally, social commerce is on the path to becoming a $1.2 trillion industry by 2025, however, the true growth story of social commerce is in Southeast Asia, where it is already worth more than $13 billion.

Founded in 2019 by Ankit Mahajan, Believe is a house of brands that makes Halal-certified beauty and personal care products targeted at Muslims. Raised $55 million in Series C funding from investors led by Venturi Partners and IIFL AMC. Existing investors Jungle Ventures, Accel, Alteria Capital, and Genesis Alternative Ventures also participated in the round.