MassMutual's VC arm launches second South-east Asia fund worth US$100m

MASSMUTUAL Ventures (MMV), the venture capital arm of the Massachusetts Mutual Life Insurance Company (MassMutual), has launched its second South-east Asia fund worth US$100 million.

The addition of this fund, provided by parent company MassMutual, brings MMV's total capital under management in South-east Asia to US$150 million across two funds managed by Singapore-based MassMutual Ventures Southeast Asia (MMV SEA).

MMV SEA invests in early and growth-stage companies in the digital health, financial technology and enterprise software sectors, according to the press statement. On top of investing in companies in South-east Asia, the team will also seek opportunities in Hong Kong, India, Australia and New Zealand to widen its investment reach, it said on Tuesday. 

The team is led by two managing directors - a former Goldman Sachs executive director Ryan Collins, and Anvesh Ramineni, who was previously OpenSpace Ventures' head of investments. Mr Ramineni said the new, larger fund will allow MMV SEA to invest in 15 to 20 more companies. It will also enable the team to support the fund's portfolio companies further as they grow.

The first US$50 million fund for South-east Asia was launched in November 2018. MMV SEA said at the time that it would invest in 10 to 15 startups over the next three years and target Series A and Series B round investments in digital health, fintech, insurtech and enterprise software.

The new South-east Asia fund brings MMV's total capital under management to US$350 million, comprising two US funds of US$100 million each, and the two South-east Asia funds.  

MMV was launched in 2014 and has backed nearly 40 companies in North America, Europe, Israel, and South-east Asia - seven of which are part of MMV SEA's current portfolio. MMV SEA also works with other MassMutual entities in the region.