Korea Investment Partners Southeast Asia (KIPSEA), a Singapore-based venture capital firm, has raised US$60 million for its first fund focused on Southeast Asia, according to TechCrunch.

Investors Samsung Life Insurance, Korea Development Bank, Korea Growth Investment Corporation, Woomi Global, Mirana Ventures and Korea Investment & Securities.

KIPSEA’s sector-agnostic fund, which focuses on seed to Series B startups, will invest US$2 million to US$3 million in startups, especially with plans to expand into South Korea.

Additionally, KIPSEA will set aside a small percentage of the fund for South Korean companies expanding into Southeast Asia.

About 60% of the fund will be allocated to first investments, with the rest reserved for follow-up investments.

South Korean internet giant Kakao, with its own digital bank arm, is one of over 900 companies in KIPSEA’s portfolio.