Temasek's Vertex raises US$230m for fourth South-east Asia fund

Fund will invest in tech startups across the region and India; most investors of third fund backing new oneBinance Asia, a cryptocurrency exchange platform, is among Vertex's earlier investments.VERTEX Venture Holdings raised US$230 million in the first close of its fourth South-east Asian fund to back technology startups across the region and India.

Most of the investors in its third fund, including Cathay Financial Holding, have backed the new one.After the success of its bet on ride-hailing app Grab, now South-east Asia's most valuable startup, Vertex plans to continue backing early-stage technology for financial services, enterprises and consumers in the region.The net internal rate of return of its third South-east Asian and Indian fund, which started in 2016, was 45.

"The reality is that there are some concerns about the trade war and valuations and the fundraising environment is getting harder."

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