Insignia Ventures Partners has raised $516 million for its latest fund, as the Southeast Asia-focused early-stage tech venture fund doubles down on investments in the region’s digital economy.

The five-year-old firm, which has backed over 70 companies, said the fundraising included $388 million for Insignia’s third fund, a $100 million pool of entrepreneurs investing alongside the main fund of $28 million invested in Annex Fund I.

Venture capital firms have been ramping up investments in Southeast Asia as consumers increasingly adopt digital platforms as the COVID-19 pandemic powers start-ups across many industries.

Insignia said its third fund was oversubscribed, with investors including sovereign wealth funds, university endowments and family offices from Asia, Europe and North America.

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Like their global peers, shares of Southeast Asian tech companies have fallen sharply since last year as investors hesitated over higher valuations and a slowing economy. Insignia’s portfolio includes Southeast Asian auto market Carro, Indonesia’s largest technology company GoTo and Indonesian digital investment platform Ajaib.