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Indonesian VC firm East Ventures raises US$550m to focus on SEA startups

Indonesian VC firm East Ventures raises US$550m to focus on SEA startups
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Jakarta, Indonesia – East Ventures, an Indonesian venture capital firm, has raised US$550 to focus on growing its portfolio by focusing on startups based in Southeast Asia, including locally in Indonesia.

The firm is managing over US$1b in assets under management and attracted US$6.7b in follow-on funding for the portfolio companies. East Ventures recorded more than US$86b of annualised GMV in aggregate by its portfolio. The firm will also ensure the incorporation of sustainability aspects in every practice and usage of the funds.

Willson Cuaca, co-founder and managing partner at East Ventures, said, “We are very bullish about Indonesia yet mindful of the global market condition. We have built a strong return track record for more than a decade and as the ecosystem flywheel effect kicks in. East Ventures is well-positioned to ride on it. We have been transforming ourselves from a seed-stage investor into a multi-stage investor and into becoming an efficient and robust platform to support entrepreneurship. We will allocate US$150m for early-stage deals and US$400m for growth-stage deals.”

Meanwhile, Roderick Purwana, managing partner at East Ventures, commented, “As Indonesia navigates and comes to terms with the post-pandemic era, rising digital adoption has pushed for advances in many sectors in the ecosystem. During this time, thanks to the continuous support from all relevant stakeholders, Indonesia is among the fastest-growing digital economies in Southeast Asia. Digitalization in Indonesia has become more robust, with 73.7% of internet penetration rate in 2021 and more equal digital competitiveness across the regions as shown by the increased EV-DCI score from 2020-2022.” 

He added, “We also saw the IPOs of some of Indonesia’s largest tech companies in recent timesー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 digitalization 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.”

East Ventures has launched many strategic initiatives in supporting the overall progress and development of Indonesia, including supporting the digital transformation through its annual East Ventures – Digital Competitiveness Index report; and ensuring the sustainable investment and practices by being the first venture capital in Indonesia to sign the Principle of Responsible Investment (PRI), a UN-supported network of investors, and actively involved in many strategic initiatives to support the stakeholders, including government, business players, and society as a whole.

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