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Eight Roads Ventures, the investment arm of financial giant Fidelity International, is moving into Southeast Asia where it sees the potential to plug the later stage investment gap.

The firm has funds across the world including the U.S, China and Europe, and it has invested nearly $6 billion in deals over the past decade. The firm has been active lately — it launched a new $375 million fund for Europe and Israeli earlier this year — and now it has opened an office in Singapore, where its managing partner for Asia, Raj Dugar, has relocated to from India.

The firm said it plans to make early-growth and growth stage investments of up to $30 million, predominantly around Series B, Series C and Series D deals. The focus of those checks will be startups in the technology, healthcare, consumer and financial services spaces. Already, it has three investments across Southeast Asia — including virtual credit card startup Akulaku, Eywa Pharma and fintech company Silot.

There’s a huge amount of optimism around technology and startups in Southeast Asia, where there’s an emerging middle-class and access to the internet is growing. A report from Google and Singapore sovereign fund Temasek forecasted that the region’s ‘online economy’ will grow to reach more than $200 billion. It was estimated to have hit $49.5 billion in 2017, up from $30.8 million the previous year.

Despite a growing market, investment has focused on early stages. A number of VC firms have launched newer and larger funds that cover Series B deals — including Openspace Ventures and Golden Gate Ventures — but there remains a gap further down the funding line and Eight Roads could be a firm that can help fill it.

“Southeast Asia has several early-stage and late-stage funds that cater well to the start-ups and more mature companies. The growth-stage companies, looking at raising Series B/C/D rounds have had limited access to capital given the lack of global funds operating in the region. We see phenomenal opportunity in this segment, and look forward to helping entrepreneurs as they scale their business, providing access to our global network of expertise and contacts,” Eightroad’s Dugar said in a statement.