Insignia Ventures Partners has raised $516 million for its latest fund, as the Southeast Asia-focused early-stage tech venture fund doubles down on investments in the region’s digital economy.

The five-year-old firm, which has backed over 70 companies, said the fundraising included $388 million for Insignia’s third fund, a $100 million pool of entrepreneurs investing alongside the main fund of $28 million invested in Annex Fund I.

Venture capital firms have been ramping up investments in Southeast Asia as consumers increasingly adopt digital platforms as the COVID-19 pandemic powers start-ups across many industries.

Insignia said its third fund was oversubscribed, with investors including sovereign wealth funds, university endowments and family offices from Asia, Europe and North America.

• Cupid Hits Fresh 52-Week High on Rs 128 Crore Block Deal
• Ather Energy Slips Despite $200 Million Fundraise Buzz
• Shyam Metalics Slips Even as Q1 Volumes Surge
• Unihealth Hospitals Shares Hit 5% Upper Circuit on Plans to Raise Stake 
• Oswal Pumps, Shakti Pumps Rally on Solar Order Wins

Like their global peers, shares of Southeast Asian tech companies have fallen sharply since last year as investors hesitated over higher valuations and a slowing economy. Insignia’s portfolio includes Southeast Asian auto market Carro, Indonesia’s largest technology company GoTo and Indonesian digital investment platform Ajaib.