Indonesia-focused VC firm East Ventures announced today it has raised a total of US$550 million in the final close of its latest fund.
The firm will allocate US$150 million for early-stage deals and US$400 million for growth-stage deals, according to Willson Cuaca, Co-Founder and Managing Partner of East Ventures.
“We have been transforming ourselves from a seed-stage investor into a multi-stage investor and becoming an efficient and robust platform to support entrepreneurship,” he added.
“Digitalisation in Indonesia has become more robust, with a 73.7 per cent internet penetration rate in 2021 and equal digital competitiveness across the regions shown by the increased EV-DCI score from 2020 to 2022. We also saw the IPOs of some of Indonesia’s largest tech companies in recent times, a significant milestone in paving the way for other startups in the country to follow suit. We believe the strong initiatives made by the relevant stakeholders, such as the government, in promoting digitalisation through G20 Presidency, will further elevate the tech ecosystem and create even greater investment opportunities in Indonesia. At East Ventures, we will continue to double down our investments in Indonesia,” said East Ventures Managing Partner Roderick Purwana.
Also Read: East Ventures forms new US$88M seed fund for startups weathering COVID-19, announces first close
Founded in 2009, Singapore-headquartered East Ventures is a multi-stage investor that has backed over 200 seed- and growth-stage companies in Southeast Asia. It is the first investor of unicorns Tokopedia and Traveloka. Other notable companies in the portfolio include Ruangguru, SIRCLO, Kudo (acquired by Grab), Loket (acquired by Gojek), Tech in Asia, Xendit, IDN Media, MokaPOS (acquired by Gojek), ShopBack, KoinWorks, Waresix, and Sociolla.
East Ventures claims that it has experienced significant growth, with more than 200 portfolio companies graduating from seed to growth stages. The firm, which manages over U$1billion in AUM, has attracted US$6.7 billion in follow-on funding for its portfolio companies.
The VC firm also said it recorded more than US$86 billion of annualised GMV in aggregate by its portfolio. The firm will also incorporate sustainability aspects in every practice and usage of the funds.
East Ventures has launched many strategic initiatives in supporting the overall progress and development of Indonesia. They include supporting the digital transformation through its annual East Ventures and ensuring the sustainable investment and practices by signing the Principle of Responsible Investment (PRI), a UN-supported network of investors.
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