East Ventures raises US$250 million for new Growth Plus fund

INDONESIA-FOCUSED venture capital firm East Ventures has secured US$250 million for the final close of its Growth Plus fund.

The newly-launched fund will double down on growth portfolio companies within East Ventures’ ecosystem that demonstrate strong potential, the firm announced on Tuesday (May 16).

East Ventures previously raised US$585 million for its two Seed and Growth funds.

The Growth Plus fund will invest in five to 10 companies from East Ventures’ existing Growth fund, said managing partner Willson Cuaca.

The fund close comes as layoffs in the Indonesian and wider South-east Asian startup ecosystem continue, with startups on the prowl for potential acquisitions.

Amid the global venture slowdown, Asia-Pacific funds fell by a record 48.8 per cent in aggregate capital raised in 2022 on bearish sentiments from Chinese investors.