KUALA LUMPUR (Aug 13): Global venture capital firm Antler announced on Tuesday that it closed its second Southeast Asia fund at US$72 million (RM324 million), with a key focus to invest in start-ups in Southeast Asia.

In a statement on Tuesday, Antler said Antler SEA Fund II targets to invest US$27 million (RM124 million) in 45 early-stage start-ups over the next few months.

“Part of the funding will support start-ups formed during the Antler Residency programmes held across Southeast Asia, where a total of US$3 million (RM13 million) has been earmarked for Malaysia,” it added.

Antler SEA Fund II is supported by global and regional limited partners, with over 50% of the fund composed of institutional investors. In July, Antler announced its entry into Malaysia through a partnership with sovereign wealth fund Khazanah Nasional Bhd.

The fund has successfully invested in several companies in Malaysia, including diagnostic solutions provider Biogenes Technologies Sdn Bhd, construction projects management platform COEX, and AI-powered B2B corporate gifting platform MessengerCo.

“SEA Fund II marks the next chapter [of] Antler’s mission in backing founders from 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,” Jussi Salovaara, co-founder and managing partner of Antler, said.

The fund’s close comes amid increasing investor appetite for early-stage investments, driven by rapid digitalisation, rising middle class, and strong economic growth prospects across the region, said Antler.

Antler Malaysia has opened applications for its third cohort in Malaysia, starting October this year.

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, artifical intelligence (AI)-driven financial data automation platform Bluesheets, and modern expense management solution Volopay. Globally, Antler has invested in more than 1,000 start-ups across a wide range of industries and technologies.