Singapore-based Vertex Venture Holdings has raised US$230 million in the first close of its fourth Southeast Asian fund to invest in technology startups across the region and India, Bloomberg reports.

It plans to finalize the funding in the next few months, which could take it above the first close, said Chua Kee Lock, Vertex’s managing partner for Southeast Asia and India.

The venture capital arm of sovereign wealth fund Temasek Holdings, Vertex plans to continue backing early-stage technology for financial services, enterprise, and consumers in the region.

Most of the investors in its third fund, including Cathay Financial Holding Co., have backed the new one.

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