SINGAPORE (Reuters) – Golden Gate Ventures, a Singapore-based venture capital firm, said on Tuesday it has partnered with South Korea’s Hanwha Asset Management to invest together in Southeast Asian start-ups in areas such as marketplaces and financial inclusion technologies.

The firms are seeking to raise about $200 million for their fund, according to a source familiar with the matter.

Golden Gate and Hanwha will invest in startups at the ‘series B’ stage, the venture firm said in a statement. The region’s series B deal sizes typically range from $15 million to $30 million.

Funding by venture capital firms in Southeast Asian start-ups had risen to a record as of the first eight months of last year, surpassing the total investments made in 2017.