U.S. venture capital firm investing in Asia seeks $1bn for funds


CEBU, Philippines — Goodwater Capital, a U.S.-based venture capital firm that has been an active investor in Asia, has filed to raise a total of $1 billion for two new funds that will likely continue to invest in global early- and growth-stage consumer tecg startups.

The filings come about a year after the company, which has backed many of the world’s tech giants, including Facebook, Coupang and Kakao, raised $1 billion to support early- and growth-stage startups operating in the consumer tech space globally.

The firm is looking to raise $600 million for Goodwater Capital V, and another #400 million for Goodwater Infinity III, according to filings with the U.S. Securities and Exchange Commission.

Last year, aside from raising $1 billion for Goodwater Capital IV and Goodwater Infinity II, the company also secured $500 million to support late-stage “hypergrowth” companies. It raised $350 million for Goodwater Capital II in 2018 and $241.6 million for Goodwater Infinity I in 2019. Overall, it has raised a total of $2.1 billion across eight funds.

Founded seven years ago, the U.S. investor has made investments in over 25 countries, with more than 140 companies powering $150 billion in annualized financial and e-commerce services.

“We believe consumer technology is the most powerful force on Earth, shaping global culture and transforming the global economy in unprecedented ways, “Goodwater Capital said in an earlier announcement.

Goodwater Capital’s investments, which had primarily been focused on South Korea, has ramped up in South and Southeast Asia since the start of 2021. It invested in over a dozen Asian tech companies last year, eight of which are from India and Southeast Asia.

The company’s transactions in Asia before 2021 were in South Korean and Japanese tech businesses, such as fintech companies Toss and Kyash, property technology firm Dongnae and media startup Spoon Radio.

In Southeast Asia, Goodwater Capital’s investments include Vietnamese fintech startups Momo and Nano Technologies, Vietnamese e-commerce firm Kilo and Indonesian fintech company Bukuwarung.

Eric Kim, co-founder and managing partner at Goodwater Capital, earlier told DealStreetAsia that Vietnam is a unique market with impressive entrepreneurs.

“Were very impressed with the entrepreneurs in the market,. great entrepreneurs make great products. That’s why we’ve been more and more active in Vietnam,” Kim said.

The venture capital firm is also open to opportunities in health technology, educational tech, social media, transportation and housing.

SOURCE: asia.nikkei.com