It’s a troublesome marketplace for enterprise capital, however Square Peg Capital is plowing forward with its give attention to Australia (the place it’s based mostly), Southeast Asia and Israel. The agency introduced right this moment that it has closed its fifth fund totaling $550 million. This brings its complete raised throughout all funds to about $1.6 billion.
Sq. Peg has invested in additional than 60 firms, and returned over $580 million to its traders throughout 11 exits at an IRR of 42%. Its counts Australian superannuation funds like Hostplus and AustralianSuper amongst its backers, and different LPs embrace new and returning traders from household places of work, establishments and endowments.
A part of Sq. Peg’s new capital will likely be used for its core enterprise fund, which invests in seed to Collection B startups. It’ll additionally spend money on the later phases of its best-performing portfolio firms by means of its Alternatives Fund.
Sq. Peg has a rising footprint in Southeast Asia, the place companions Tushar Roy and Piruze Sabuncu are based mostly. Roy told TechCrunch in April that Southeast Asia is the agency’s fastest-growing geographical footprint. Half of its final $275 million fund, Fund 3, was invested in Southeast Asia. The agency is targeted on 5 key areas within the area: shopper web, fintech, edtech and the way forward for work, healthtech and SaaS.
A few of Sq. Peg’s investments so removed from Southeast Asian embrace LottieFiles, Doctor Anywhere and FinAccel. It’s new fund has additionally invested in recruitment automation platform Kula and open source Firebase alternative Supabase.
Portfolio firms from different areas embrace Canva, Airwallex and ROKT in Australia, and Fiverr and AIDoc from Israel.
In a press release, Sabuncu stated, “We already know the potential Southeast Asia presents once we take a look at the essential macro numbers, however the previous couple of years have confirmed which you can construct world companies from this area, or create new enterprise fashions that may disrupt the way in which folks entry numerous companies—whether or not or not it’s lending, schooling or healthcare.”