(L-R) AC Ventures’s Founding Partners Michael Soerijadji, Pandu Sjahrir and Adrian Li
AC Ventures (ACV), an early-stage venture capital firm headquartered in Jakarta, announced today it has achieved 70 per cent of its US$80-million third fund to make the first close at US$56 million.
ACV III Capital will continue to invest in Indonesia-focused, early-stage technology ventures operating in e-commerce, fintech, MSME enabling technologies and digital media-enabled services.
The fund targets first cheques of up to US$3 million in companies from seed to Series A.
Also Read: The DNA of a successful early stage entrepreneur
The fund has already made investments in nine companies, including Shipper, Kargo, Stockbit, BukuWarung, ESB, Co-Learn, KitaBeli, Aruna and Soul Parking. In total, it plans to invest in 30 ventures over the next three years.
“Our fund LPs include leading digital and strategic corporates, local Indonesian conglomerates, as well as technology entrepreneurs who have scaled billion-dollar businesses,” Managing Partner Adrian Li said.
ACV is a new fund formed as the result of a merger between Agaeti Ventures (AV) and Convergence Ventures (CV) in April this year.
Its founding partners are Li, Michael Soerijadji and Pandu Sjahrir, who have a combined experience of investing in over 80 ventures in the past six years, including PayFazz, Moka (acquired by gojek) and Warung Pintar.
Sjahrir, who represents Indies Capital in the partnership, is on the board of gojek and is Chairman of Sea Indonesia.“We continue to double down on Indonesia as it has established its potential of creating billion-dollar tech-enabled businesses, and is ripe for further growth as supported by long-term structural changes such as a young rising middle-class, fast-growing broad-band internet penetration and increasing internet adoption in all industries,” said Soerijadji.
Also Read: Indonesian VC firms Convergence and Agaeti merge to form AC Ventures
ACV’s ambition is to leverage their industry insights, support services and global network to empower exceptional founders to build disruptive and impactful businesses for Indonesia and across the Southeast Asia region.
Consequently, the VC firm has launched several founder-support initiatives, including ACV’s Leadership Speaker Series, which features local leaders sharing guidance on how to navigate the economic and business impact of COVID-19.
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Disclaimer: Convergence Ventures is an investor in Optimatic Pte Ltd, the owner of e27
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