Antler has closed its $72 million Southeast Asia Fund II to invest in early-stage tech startups across the region, with a focus on fostering innovation through its Residency Programs and new ARC initiative.
13 August 2024 – Antler, a prominent global early-stage venture capital firm with a presence in over 30 cities, including Kuala Lumpur, has announced the successful close of its second Southeast Asia fund, Antler SEA Fund II, at $72 million (MYR 324 million). This new fund is dedicated to investing in early-stage, tech-enabled companies across Southeast Asia, providing pre-launch, pre-seed, and seed capital.
In the coming months, Antler SEA Fund II plans to deploy $27 million (over MYR 124 million) into 45 early-stage startups. A portion of this funding, amounting to $3 million (over MYR 13 million), is allocated specifically for startups emerging from Antler’s Residency Programs across Southeast Asia, including Malaysia. These programs are designed to support both startups with existing co-founders and individuals with the potential to become founders, offering access to a unique entrepreneurial community, global investor networks, and capital from the very beginning. The next residency cohort in Malaysia is scheduled to begin in October 2024.
Antler Malaysia recently launched its second cohort in July 2024, welcoming 68 experienced and diverse founders into the Residency Program. The program has already seen significant success, with investments in innovative Malaysian companies such as Biogenes Technologies, COEX, and MessengerCo.
Jussi Salovaara, Co-founder and Managing Partner of Antler, stated, “SEA Fund II represents a pivotal step in our ongoing mission to support founders from the earliest stages through to growth. With technological advancements in AI, increased access to capital, and a burgeoning market in Southeast Asia, now is an ideal time for innovation and the development of global leaders.”
Antler SEA Fund II is backed by a mix of global and regional limited partners, with over 50% of the fund composed of institutional investors, including a sovereign wealth fund, pension fund, and university endowment. The fund’s close comes at a time of rising investor interest in early-stage ventures, driven by rapid digitalization, a growing middle class, and robust economic growth in the region.
To further support early-stage founders, Antler has introduced ARC (Agreement for Rolling Capital), a new fundraising initiative allowing startups to secure up to $600,000 (over MYR 2.7 million) within the first nine months of their lifecycle. Antler will also continue to invest up to $10 million (MYR 46 million) in growth-stage startups through its emerging growth fund, Antler Elevate, which focuses on scaling breakout companies globally.
Antler’s first Southeast Asia fund has already invested in 91 companies, including notable startups such as Airalo, Reebelo, Qashier, Bluesheets, and Volopay. Globally, Antler has supported over 1,000 startups across diverse industries and technologies. Applications are now open for the third cohort of Antler Malaysia, starting in October 2024, inviting aspiring entrepreneurs and startups seeking funding to apply.
