Singapore-based early-stage venture capitalist (VC) Jungle Ventures has closed its third fund at USD 240 million, according to a media statement released today.

Jungle Ventures announced the first close of its third fund in April this year, when it raised USD 175 million from Temasek, IFC, DEG, and Cisco Investments.

This latest round of fundraising saw the participation of Bualuang Ventures, the corporate VC fund of Bangkok Bank, and Dutch development bank FMO, alongside existing investors from the first close of the fund.

According to the VC, out of the USD 240 million, USD 40 million was raised in a separately managed account for investments in innovative technology and digital-driven consumer businesses across Southeast Asia.

Jungle Ventures III will be used to invest in “regional category leaders”, which are companies with demonstrated potential to become industry leaders. So far, the VC has done five deals out of the new fund although it only revealed four of them—Indonesian e-commerce platform Sociolla, Vietnamese software platform KiotViet, Indonesian logistic startup WareSix, and Indian artificial intelligence startup Engineer.ai. The fifth undisclosed one was an investment in Malaysia.

According to Crunchbase, Jungle Ventures has made 68 investments in total and has had seven exits, most notably India-based Zipdial, which was acquired by Twitter. In Southeast Asia, it has invested in Thailand-based Pomelo Fashion as well as Indonesia-based Kredivo and Reddoorz.

Jungle Ventures previously had two funds. The company raised its USD 10 million debut fund in 2012 and USD 100 million in 2016 for the second fund.

Standing at USD 240 million, Jungle Ventures’ third fund is among the biggest in the region. Other comparable funds are Vertex Venture Holdings’ USD 305 million new fund for Southeast Asia and India, Singapore-based Insignia Ventures Partners’ USD 200 million second fund, Malaysian state company Petronas’ USD 350 million corporate venture capital (CVC) fund, as well as Indonesian state-owned bank Bank Rakyat Indonesia’s USD 250 million CVC fund.