Antler closes $72 million fund to double-down on Southeast Asia startups

The new fund will continue investing in early-stage tech-enabled companies in Southeast Asia with pre-launch, pre-seed, and seed capital.

Part of the funding will support startups formed during the Antler Residency Programmes held across Southeast Asia, where $6 million has been earmarked for Vietnam.

Open to startups with co-founders already in the early stages, as well as individuals with the experience and potential to become founders, the residency will provide unique access to a community of entrepreneurs, building expertise, a global network of institutional investors, and capital from day zero. The next cohort for Vietnam is scheduled to kick off in October this year.

The fund has already invested in promising companies like biodegradable bioplastic solution BUYO, silica-based thermal energy storage system Alternō, and supply chain and manufacturing platform for fashion brands Inflow, and more.

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

Antler SEA Fund II is supported by global and regional limited partners, with over half of the fund composed of institutional investors, including a sovereign wealth fund, pension fund, and university endowment.

The fund’s close comes amid quality deals and an increasing investor appetite for early-stage investments, driven by rapid digitalisation, rising middle class, and strong economic growth prospects across the region. Preqin data also indicates a significant increase in early-stage investments worldwide, with seed deal sizes rising by 112 per cent and Series A deals up 31 per cent 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 initiative for early-stage founders to secure up to $600,000, including the initial investment, pro rata follow-on, and ARC, within the first nine months of a company's lifecycle.

Antler will also continue to invest up to $10 million of scale-up capital in growth-stage startups from Series A onwards through its emerging growth fund, Antler Elevate. The $285 million fund invests globally in breakout companies, including within Antler’s early-stage funds.

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 fields.

Singapore’s venture capital funds covering all bases Singapore venture capital funds remain the most active investor in Vietnam, with ongoing investments into local startups and potential targets ranging from renewable energy to electric vehicles.

Singaporean venture capital firm Antler to set foot in Vietnam Singaporean early-stage venture capital firm Antler has recently unveiled plans to expand its presence to Vietnam within this year.

Success stories not hard to find at venture capital funds With a robust startup ecosystem and a growing pool of innovative entrepreneurs, Southeast Asia has become a hotbed for venture capitalists. Jussi Salovaara, co-founder and managing partner of Singaporean venture capital fund Antler, discussed with VIR’s Le Luu its comprehensive investment strategy to select the most promising startups, as well as their perspective on emerging trends.