Golden Gate Ventures, Hanwha Eye $200 Million Fund

(Bloomberg) -- Golden Gate Ventures is teaming with South Korea’s Hanwha Asset Management Co. to raise $200 million to fund technology startups across Southeast Asia, people familiar with the matter said.

The pair have already secured about $80 million of commitments from investors for the envisioned vehicle, which will target the series B capital raising rounds of consumer tech platforms around the region, the people said, asking not to be named because they aren’t authorized to discuss details publicly.

The latest fund underscores a more active role by Seoul-based Hanwha Asset, which has $80 billion under management. It invested more passively in the past via Singapore-based venture capital houses. Founded in 2011, Golden Gate Ventures has backed Southeast Asian startups including classifieds app Carousell, Jakarta-based health care platform Alodokter, car marketplace Carro and peer-to-peer lending service Funding Societies.

To contact the reporters on this story: Yoolim Lee in Singapore at yoolim@bloomberg.net;Sohee Kim in Seoul at skim847@bloomberg.net

To contact the editors responsible for this story: Edwin Chan at echan273@bloomberg.net, Robert Fenner

©2019 Bloomberg L.P.