Seed fund and startup accelerator 500 Startups is raising a $10 million micro fund, dubbed 500 Durian, for the Southeast Asia region, reports TechCrunch, quoting an SEC filing for the new fund. The firm has also signed up Malaysia-based entrepreneur Khailee Ng as a venture partner, says the report.
Earlier, last November, the firm started raising a $5 million India-focused fund called 500 StartupWallah, according to an SEC filing. This followed its formal entry into the Indian market with the appointment of Pankaj Jain as venture partner. The firm’s India portfolio includes MyGola, Teliport.me, CucumberTown and PriceBaba.
Founded in early 2010, the Mountain View, California based 500 Startups has invested in over 400 startups and about 20 per cent of its portfolio is outside the US market. Apart from the US and India, it also invests in Brazil, Japan and Mexico. It typically invests up to $250,000 per company. In April last year it raised its second fund with a $50 million corpus, which followed a $30 million debut fund raised in 2011.
Read earlier posts on 500 Startups in India
- Vinod Khosla, 500 Startups, Mohandas Pai back Unitus Seed Fund
- ZipDial raises second round from 500 Startups
- 500 Startups plans $5 mn India fund 500 StartupWallah
- GazeMetrix, InstaMojo, TradeBriefs, WalletKit in 500 Startups next batch
- 500 Startups sets up shop in India
Image credit: 500 Startups