Global VC firm Antler has successfully raised $72 million for its Southeast Asia-focused Fund II, more than doubling its first fund despite a challenging fundraising environment. Co-founder Jussi Salovaara attributes this success to Antler’s structured company-building approach, broad regional presence, and strong portfolio performance, with startups raising over $350 million in follow-on funding. While LPs are becoming more selective, early-stage investing shows promise. Antler emphasizes governance and operational oversight to de-risk investments, focusing on sectors like AI and fintech. The firm anticipates gradual liquidity events and aims to position startups for successful exits through capital efficiency and strategic growth.