AC Ventures targets new US$80m Indonesian startup fund

[SINGAPORE] AC Ventures, an Indonesia-focused venture capital (VC) firm, said it completed the first close of a planned US$80 million technology investment fund.

The Jakarta-based company raised US$56 million at the first close, according to its partners. The fund will invest in about 30 early-stage startups in areas including e-commerce and financial technology in the next three years.

AC Ventures was established in 2019 after two homegrown Indonesian VC firms - Agaeti Ventures and Convergence Ventures - merged to create scale. Its three founding partners are Pandu Sjahrir and Michael Soerijadji, previously general partners of Agaeti Ventures, and Adrian Li, the former founder of Convergence Ventures. Together, they have backed more than 100 tech ventures.

The firm will have a strategic alliance with Indies Capital, an alternative asset manager with more than US$600 million of assets under management where Mr Sjahrir serves as a managing partner. One of its funds, Indies Pelago, invests in late-stage technology startups in South-east Asia.

With the new fund, AC Ventures plans to make an initial investment of as much as US$3 million in each startup. It has put money into companies such as logistics startup Kargo and BukuWarung, a bookkeeping app built for 60 million micro-merchants in the country.

"With AC Ventures, we can invest across the spectrum - from very early-stage, to growth and late-stage startups," Mr Sjahrir said in an interview. "The Covid-19 era has shown entrepreneurs with grit, and investment companies that can put capital to work."

A NEWSLETTER FOR YOU

Monday, 3.30 pm

Garage

The hottest news on all things startup and tech to kickstart your week.

Sign Up

BLOOMBERG