Antler closes US$72m SEA Fund II on SEA startups from day zero to growth stage

• Invest in tech-enabled companies, focusing on Singapore, Indonesia, Vietnam, Malaysia
• US$$3mil is earmarked to be invested in Malaysian startups over the next few months

Antler, the global early-stage venture capital firm with offices in more than 30 cities around the world including Kuala Lumpur, announced the US$72 million (RM318.3 million) close of its second Southeast Asia fund, Antler SEA Fund II. The new fund will continue investing in early-stage tech-enabled companies in Southeast Asia with pre-launch, pre-seed, and seed capital.

Over the next few months, the fund targets to invest US$27 million (RM119.4 million) in 45 early-stage startups. Part of the funding will support startups formed during the Antler Residency Programs held across Southeast Asia, where a total of US$3 million (RM13.3 million) has been earmarked for Malaysia.

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 Malaysia is scheduled to kick off in October this year.

The Fund has successfully invested in multiple promising companies in Malaysia, including diagnostic solutions provider Biogenes Technologies, construction projects management platform COEX, and AI-powered B2B procurement platform for corporate gifting and merchandise MessengerCo, 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. As a global multi-stage investor, we believe there has never been a better time than now to build. 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.”

Antler SEA Fund II is supported by 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 amid quality deals and increasing investor appetite for early-stage investments, driven by rapid digitalization, 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% and Series A deals up 31% 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 RM2.65 million, 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 RM44.21 million of scale-up capital in growth-stage startups from Series A onwards through its emerging growth fund, Antler Elevate. The RM1.26 billion 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 industries and technologies.

Antler Malaysia has opened applications for their third cohort in Malaysia starting in October 2024. Startups seeking funding or simply, the best talents with aspirations to build the most defining companies of tomorrow, are encouraged to apply here.