Antler, a Singapore-based early-stage venture capital firm, has on Tuesday announced the $72 million close of its second Southeast Asia fund, Antler SEA Fund II.

The new Fund will continue investing in early-stage tech-enabled companies in Southeast Asia with pre-launch, pre-seed, and seed capital, Antler said in statement.

According to the statement, over the next six to nine months, the fund targets to invest $27 million in 45 early-stage startups.

Part of the funding will support startups formed during Antler’s residency programs in Singapore, Indonesia, Vietnam, and Malaysia.

It is noted that the fund has already invested in promising companies like food supply chain technology platform Farmio, reproductive health and family planning platform Zora Health, app development platform for GenZ creators Clout Kitchen, and more.

“SEA Fund II marks the next chapter in Antler’s mission in backing founders from the earliest stages through their growth,

“As a global multi-stage investor, we believe there has never been a better time than now to build,” said Jussi Salovaara, Co-founder and Managing Partner of Antler.

“Technological advancements in artificial intelligence (AI), access to capital, and a growing market in Southeast Asia have created a remarkable environment for innovation and breeding global leaders,

“We are also grateful for the support of our investors as Antler continues to champion founders from inception through their growth with innovative solutions such as agreement for rolling capital (ARC),” he added.

It is noted that Antler SEA Fund II is supported by global and regional limited partners, with over 50 percent of the fund composed of institutional investors, including a sovereign wealth fund, pension fund, and university endowment.

The fund’s close comes amid quality deals and increasing investor appetite for early-stage investments, driven by rapid digitalization, rising middle class, and strong economic growth prospects across the region.

Cited Preqin, it said the data showed a significant increase in early-stage investments worldwide, with seed deal sizes rising by 112 percent and Series A deals up 31 percent on
average.

To support founders from the earliest stages of building to growth stage, Antler has introduced ARC, a newly launched fundraising initiative for early-stage founders to secure up to $600,000, including the initial investment, pro-rata follow-on, and ARC, within the first six to nine months of a company’s lifecycle.

Antler will also continue to invest up to $10 million of scale-up capital in growth-stage startups from Series A onwards through its emerging growth fund, Antler Elevate.

The $285 million fund invests globally in breakout companies, including within Antler’s early-stage funds.

Antler’s SEA Fund I has invested in 91 companies, including e-SIM marketplace Airalo, platform for refurbished electronic devices Reebelo, smart point-of-sale system provider Qashier, AI-driven financial data automation platform Bluesheets, and modern expense management solution Volopay.

Globally, Antler has invested in more than 1,000 startups across a wide range of industries and technologies. The firm the goal of backing more than 6,000 by 2030.

The firm has offices in more than 30 cities around the world, including Singapore, Jakarta, Ho Chi Minh, Kuala Lumpur, New York, London, Berlin, Stockholm, Bangalore, Seoul, Tokyo, Sydney, and more.

Malaysia’s KWAP invests $21M in Bateriku, Lapasar, Vynn Capital and Antler