Singapore-based venture capital firm Jungle Ventures has closed US$175 million in initial capital for its third fund, a source familiar with the development said.

According to the source, the VC expects its new fund to be oversubscribed in the next few months, to raise as much as US$220 million.

Investors that have reportedly backed the fund include institutions like Germany’s DEG, the World Bank’s International Finance Corporation, Singapore’s Temasek Holdings, and Cisco Investments.

John Kim, president of vacation rental site HomeAway, and the family office of Khoon Hong Kuok also participated.

Jungle Ventures’ new fund would target startups catering to millennials in Southeast Asia, as well as software firms helping small and medium-sized businesses adopt technology, said our source.

The source adds that the VC has done five series A and B deals out of the new fund: two in Indonesia, one in Malaysia, and a first investment in Vietnam.

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