SeedPlus, the early-stage investment firm backed by Singapore’s Jungle Ventures, has closed its debut fund at a total of SG$25 million, or approximately $18 million.
The firm also announced that Cisco and Eight Roads Ventures, the investment arm of Fidelty, have joined IFC and Indian business magnate Ratan Tata among the fund’s LPs. It added that the fund was over-subscribed.
The firm is seeking five to six deals per year, with a check size of SG$500,00 to SG$1 million (US$360,000-$725,000) per deal. Beyond investments, it plays a more hands-on role with its companies than is conventional, while it has connections with Series A+ investors since Jungle Ventures and Accel are among its backers.
We first wrote about SeedPlus when the firm was announced last May, and it has completed five investment deals since then, the most recent being Singapore-based elderly care startup Homage. One of its portfolio, Moglix, has already closed its Series A round and is currently raising its Series B, which is an early validation of the SeedPlus investment thesis, partner Tiang Lim Foo told TechCrunch.