500 Startups, the venture firm that successfully backed ride-hailing startup Grab, is doubling down with a second fund focused on Southeast Asia.
Through the $50 million Durian II fund, Managing Partner Khailee Ng plans to invest in 200 seed-stage companies. Malaysia Venture Capital Management Bhd., the country’s largest venture capital firm, anchored the new fund, just as it did when the first debuted in June 2014.
The first Durian fund, named after the stinky tropical fruit popular in Southeast Asia, has made 500 Startups the most active early-stage investor in the region, participating in more than 26 percent of deals from its launch through to May 2016, according to CB Insights. Ng is searching for the next Grab after being an early backer of the app that is now said to be valued at more than $3 billion.
