Firms & Funds

Seed investor Antler collects $285m for growth fund

The Antler Elevate fund will provide scale-up capital from Series A onwards to early-stage companies that show compounding growth.

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Antler, a prolific seed investor, has raised $285 million for an emerging growth fund, according to an announcement.

The Singapore-based firm did not disclose the names of investors in the new fund, but LPs in previous Antler funds include the International Finance Corporation (IFC) and Norwegian Investment Fund (Norfund), according to Venture Capital Journal research.

The Antler Elevate fund will provide scale-up capital from Series A onwards to early-stage companies that show compounding growth. So far, the fund has invested more than $70 million in 30-plus companies, including Airalo, a marketplace for electronic SIMs, and Earlytrade, a liquidity marketplace for the construction sector.

“Our mission at Antler is to be a long-term partner for the founders we work with, supporting them with capital, talent, mentorship, and network all the way from day zero to exit,” partner Martell Hardenberg said in a statement. “Antler Elevate is a natural progression for Antler as our portfolio expands. It enables us to offer continued support throughout the growth journey of exciting companies globally, extending our support beyond the Seed stage up to Series C.”

Antler operates as business incubator, start-up accelerator and seed-stage venture firm. It had $500 million in assets under management as of June 30, 2022, according to a case study about the firm published by the UN’s Principles for Responsible Investment.

The firm operates globally, with offices in 25 cities across six continents, including Austin, New York, London, Berlin, Stockholm, Bangalore, Jakarta, Singapore, Seoul, Tokyo and Sydney.

Antler boasts that since 2018, it has invested in “more than 600 start-ups across a wide range of industries and technologies, with the goal of backing more than 6,000 by 2030.”

Among the firm’s recent funds is Antler East Africa Fund I, which closed on $13.5 million in March 2022. Investors in that fund include IFC, which committed $2 million, and Norfund, which committed 14.2 million Norwegian Krone ($1.3 million), according to VCJ research.

Antler is currently raising at least two new funds, Antler Brasil Fund I, which has an undisclosed target, and Antler US Fund I, which has raised $35 million toward an undisclosed target, VCJ research shows.