East Ventures, an Indonesia-focused VC company, said today that the final closure of its newest fund raised a total of US $550 million.
According to Willson Cuaca, Co-Founder and Managing Partner of East Ventures, the business will invest $150 million in early-stage ventures and $400 million in growth-stage deals.
“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.
East Ventures, based in Singapore, is a multi-stage investor that has financed over 200 seed and growth-stage firms in Southeast Asia since its founding in 2009. It was the first to invest in Tokopedia and Traveloka, two unicorns. Ruangguru, SIRCLO, Kudo (acquired by Grab), Loket (acquired by Gojek), Tech in Asia, Xendit, IDN Media, MokaPOS (bought by Gojek), ShopBack, KoinWorks, Waresix, and Sociolla are among the other significant startups in the portfolio.
East Ventures claims to have grown significantly, with more than 200 portfolio firms progressing from seed to growth stage. The business has raised $6.7 billion in follow-on capital for its portfolio firms, with an AUM of over $1 billion.
The VC company also stated that its portfolio generated annualized GMV of more over US $86 billion. Every practice and use of the funding will involve sustainability considerations.
East Ventures has implemented a number of key projects to aid Indonesia’s overall advancement and development. They include promoting digital change through its annual East Ventures and joining the Principle of Responsible Investment (PRI), an UN-supported network of investors, to ensure sustainable investment and practices.
