VC firm East Ventures closes US$550m fund for startups targeting Indonesia
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Megan Cheah
VENTURE capital (VC) firm East Ventures on Tuesday (May 10) closed its latest fund for startups targeting Indonesia at US$550 million.
As a multi-stage fund, US$150 million will be allocated to early-stage deals, while US$400 million will be used for growth-stage deals.
The fund was supported by existing investors, such as Softbank-backed internet company Z Holdings, with a re-up rate of 120 per cent.
East Ventures managing partner Roderick Purwana said Indonesia is among the fastest-growing digital economies in South-east Asia due to the continuous support from stakeholders.
“We believe the strong initiatives made by the relevant stakeholders, such as from the government in promoting digitalisation through G20 presidency, will further elevate the tech ecosystem and create even greater investment opportunities in Indonesia,” he added.
East Ventures had previously invested in several Indonesian unicorns, including travel booking platform Traveloka, and Tokopedia, which has since merged with ride hailing firm Gojek to form GoTo.
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