Cocoon Capital, a Singaporean venture capital firm, has raised $22 million for its second fund, surpassing the initial target of $20 million.

Cocoon Capital said its latest fund was backed by Vulpes Innovative Technologies Investment Co., Creandum, Playfair Capital, PropertyGuru among others.

The firm added that Fund II will target the enterprise technology market, especially startups within medical technology, financial technology, insurance technology and general deep technology.

More so, the second fund is expected to focus on seed rounds across 25 to 30 investments and will adopt a wider market target to include emerging markets such as Indonesia, Vietnam, the Philippines, and Myanmar.