(Bloomberg) -- MassMutual Ventures, the corporate venture capital arm of Massachusetts Mutual Life Insurance Co., has launched a $100 million second fund to invest in digital health-care, fintech and enterprise software startups in Southeast Asia.

It brings MassMutual Ventures’ capital under management to $350 million, including $150 million spread between the two Southeast Asian funds. The Boston-based company has backed almost 40 companies in North America, Europe, Israel and Southeast Asia.

“This additional capital will allow us to invest in more startups in the region that have the ability to generate positive returns,” Doug Russell, head of MassMutual Ventures, said in a statement.

Read more: MassMutual Extends Startup Bet as Haven Life Unit Acquires Quilt

MassMutual Ventures Southeast Asia is led by two Singapore-based managing directors, Ryan Collins and Anvesh Ramineni. With the second fund, they plan to invest in an additional 15 to 20 companies and further support existing portfolio firms.

Their fund is the latest fund to be launched for the fast-growing region, driving an influx of money as U.S. investors play catch-up with Chinese firms. Vulcan Capital, the investment firm of late Microsoft Corp. co-founder Paul Allen, opened its first international office in Singapore in August, armed with an initial $100 million to sprinkle across Southeast Asian startups.

To contact the reporter on this story: Yoolim Lee in Singapore at yoolim@bloomberg.net

To contact the editors responsible for this story: Edwin Chan at echan273@bloomberg.net, Colum Murphy

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.