Khailee Ng today published a new post on his LinkedIn profile announcing the name change of 500 Durians to 500 Southeast Asia.
Khailee wrote: “In our first seven years, we invested in over 250 early-stage companies including Bukalapak, Carousell, FinAccel, Carsome, Grab, and many others that now define tech entrepreneurship in the region.”
Below you can find the press release from 500 Southeast Asia:
SINGAPORE, 12 August 2021 — Leading global venture capital firm 500 Startups and its regional funds 500 Southeast Asia (formerly 500 Durians) are marking a major milestone as active VCs since 2014 in a region with an ever dynamic ecosystem.
As one of the fastest-growing internet economy in the world, Southeast Asia is at an inflection point, earning global attention for its rising share of the world’s unicorns. Half of those USD$1 billion+ companies announcing plans to go public in 2021 and 2022 are 500 Southeast Asia portfolio companies. They include Grab, Bukalapak, Carsome, Prenetics, FinAccel and Carousell, all part of the firm’s first generation of investments. According to public reports, Grab could be shaping up to be the world’s biggest SPAC, and Bukalapak has become the largest IPO in Indonesia’s history.
“We began our investing practice here seven years ago with the audacious belief that Southeast Asia would birth some of the largest and most innovative startups. At the time, we chose the Durians name, because our funds had a distinctly local flavor,” said Vishal Harnal, Managing Partner at 500 Startups Southeast Asia. “Now we have multiple companies individually valued at more than USD$1 billion that have announced plans for listing on global stock exchanges. We’re incredibly proud of our founders and how far the region has come.”
500 Southeast Asia is nurturing its ‘next generation’ of portfolio companies, of which 15 have been reported to be worth more than USD$100 million each. Collectively, it has made investments in approximately 250 companies, which have gone on to raise a total of USD$20 billion.
With the accelerating growth in the ecosystem, 500 Southeast Asia is also increasing its commitment to founders. It remains dedicated to seed stage investing, cutting checks of up to USD$500,000, but is now open to larger follow-on checks of up to USD$5 million, as well as potential investments through special-purpose vehicles, such the USD$21.2 million vehicle it previously executed for Carousell.
500 Southeast Asia will continue its primary focus on Indonesia, Malaysia and Singapore, and may also invest in the broader Southeast Asia region. Its current investment themes include fintech, healthcare, the creator economy, the ‘All-Commerce’ ecosystem, human and machine productivity, rural digitization, and sustainable cities.
The firm believes that startups in fast-growing economies like Southeast Asia play a role not only as innovators, but as future stewards of society. To support this, it has started incorporating environmental, social and governance (ESG) considerations into its investment practices, guiding founders with their ESG journey.
“The relationships we have built with the broader ecosystem is the foundation for 500 Southeast Asia’s next phase of growth. There is a growing realization of societal interconnectedness and responsibility. We want our entrepreneurs to create returns on investment that drive returns to society. We’re in this together,” said Khailee Ng, Managing Partner at 500 Startups.
For details on 500 Startups’ journey and plans in Southeast Asia, visit http://sea.500.co/new