Cocoon Capital, a seed investor in Southeast Asia, has raised USD 22 million for its second fund, targeting the enterprise tech market in the region. The new fund will specifically focus on medtech, fintech, insurtech, and deeptech startups.
It is supported by investors such as Jani Rautiainen, co-founder of PropertyGuru, as well as Stein Jakob Øie, Lazada’s former president.
The venture capital firm revealed it has already invested in the logistics platform Kargo Myanmar through the new fund.
Alongside the launch of its second fund, Cocoon Capital said it will partner with local accelerators and co-working spaces to host regular public mentoring hours in Singapore, Ho Chi Minh City, Hanoi, Manila, Bangkok, Jakarta, and Yangon.
The mentoring hours are meant to help grow the local entrepreneurial ecosystems by providing a much-needed support network that is lacking in the region, said Will Klippgen, managing partner at Cocoon Capital in a press release.
Since its founding in 2016, Cocoon Capital has focused on early stage deeptech and B2B companies across Southeast Asia. The company has funded 12 startups, including adtech company Hiip, medtech platforms See-mode and MyDoc, and e-commerce fulfillment startup Anchanto.
This second fund from Cocoon Capital suggests that the firm, like others, has identified Southeast Asia as a hotbed for tech startups. Recently, Jungle Ventures secured USD 175 million in the first close for its third fund, which was believed to be the largest in the region for an early stage venture capital fund. Monk’s Hill Ventures and Golden Gate Ventures have also gone on to raise additional capital during their latest funding rounds.