The venture firm has reached a $50m first close for its latest fund, which is targeting a $200m close, securing GS Shop as a limited partner.
China-based venture capital firm Gobi Partners has raised $50m for the first close of its Meranti ASEAN Growth Fund, having secured capital from limited partners including e-commerce firm GS Shop, E27 reported on Wednesday.
Gobi has set a $200m target for the fund’s final close, and has also recruited investment firm CKM and Malaysia Venture Capital Management as LPs.
Founded in 2002, Gobi invests in companies developing technology or operating services spanning IT, digital media and the convergence between telecommunications, media and technology.
The firm has seven offices across China and Southeast Asia, and Meranti ASEAN Growth Fund, which focuses on growth-stage companies located in the countries that make up the Association of Southeast Asian Nations (ASEAN), is its ninth fund.
The fund will look to invest between $5m and $20m per deal, in at least 15 companies, and South Korea-headquartered GS Shop will assist it with deals in North Asian markets like Japan, China and its home country.
Gobi has already made its first investment through the new fund, leading a $27m series B+ round for Indonesia-based women’s fashion e-commerce platform Sale Stock on Wednesday.
