Alpha JWC Ventures raises US$433 million for Fund III, investors include World Bank's IFC

ALPHA JWC Ventures has raised US$433 million (S$583.3 million) at the close of its third fund, with investors World Bank's International Finance Corporation and Morgan Stanley Alternative Investment Partners, coming on board.

In a press statement on Tuesday (Nov 9), the Indonesia-focused venture capital firm (VC) says it now has about US$630 million in assets under management across its three funds. The firm targets early and growth-stage investments in the island archipelago and Southeast Asia.

"We have been working tirelessly to be a trusted partner to our founders. With this larger fund, we will be able to double down on our efforts in driving our mission to support our founders as they create scalable and sustainable companies in Indonesia and the region." said Jefrey Joe, co-founder and general partner, Alpha JWC Ventures,

Fund III will remain focused on Indonesian startups and founders, but will also support Alpha JWC in its ongoing regional expansion. The VC has been making investments in Singapore, Malaysia, Vietnam, Thailand and the Philippines over the past five years.

The third fund has already been deployed into 7 companies in financial technology (fintech), business-to-business (B2B) and small and medium enterprise (SME) solutions in Indonesia, Singapore and Vietnam. This includes e-commerce roll-up company, Una Brands.

The VC is also aiming to increase its investment size to up to US$60 million across different stages of funding. Building on its successful portfolio companies such as Indonesian buy now pay later startup Kredivo and Indonesian investing app Ajaib, Alpha JWC is looking to fund innovative fintech solutions and emerging business segments such as direct-to-consumer brands, software-as-a-service and B2B services.

"IFC's partnership with Alpha JWC Ventures underscores our long-term commitment to Indonesia's economic development and digital transformation. Alpha JWC's focus on innovative technology-enabled businesses is key, as these investments help enable long-term development and have the power to transform lives," said Kim-See Lim, IFC regional director for East Asia and the Pacific.

Read more:

• E-commerce roll-up company Una Brands raises US$15m in Series A funds
• Sequoia India, Alpha JWC lead US$25.4m Series A round for Indonesia online marketplace
• Indonesia's Alpha JWC Ventures closes US$123m tech fund