Southeast Asian venture capital firm East Ventures has closed its sixth fund at US$75 million, with support by prominent startup founders helping to surpass the fund's initial $30 million targets - Photo: Pingpoint.

JAKARTA (TheInsiderStories) – Southeast Asian venture capital firm East Ventures has closed its sixth fund at US$75 million, with support by prominent startup founders helping to surpass the fund’s initial $30 million targets, the company announced today (08/21). With the new fund, the firm cemented its commitment to continuously support the Indonesian startup ecosystem.

Those investors include Facebook co-founder Eduardo Saverin, Alibaba co-founder Eddy Wu, Meituan-Dianping chief executive Wang Xing, Dianping founder Zhang Tao, and Razer Inc co-founder Kaling Lim. Institutional investors include Temasek, the Singapore government-owned investment firm, Pavilion Capital and Adams Street Partners. The prominent family-controlled Sinarmas, Triputra and Emtek groups also joined in.

East Ventures co-founder Willson Cuaca said in a statement: “We are overwhelmed by the support given by our investors and decided to expand, but hard limit, the fund to $75 million. We could have raised more but we wanted to maintain certain disciplines in this euphoria era. We saw more money than good startups.”

With the new fund, the firm cemented its commitment to continuously support the Southeast Asian startup ecosystem, particularly Indonesia. Leveraging on its local expertise, the firm will stay bullish to provide Seed to Series A funding for startups from all sectors and industries.

East Ventures had previously invested in South-east Asian unicorns Traveloka, Tokopedia, Grab, Gojek, and ShopBack. It was recently named by Preqin as one of the world’s most consistently top-performing venture capital fund managers based on fund returns as at the third quarter of 2018. Its biggest exit was from online-to-offline startup Kudo, which Grabs acquired in a deal reportedly worth more than $100 million.

The participation to the sixth fund has been driven by the success of the previous 3 funds with 30 notable exits including Disdus’ exit to US-based Groupon back in early 2011 that happened after just less than 1 year of investment. In 2017, East Ventures-backed companies were acquired by 2 Southeast Asian unicorns: Grab acquired Kudo and Go-Jek acquired Loket.

In 2018, a successful SaaS company merger and acquisition happened through Sleekr acquisition to Jurnal and Talenta, which are both East Ventures’ portfolios. In 2019, another East Ventures’ portfolio company Bridestory was acquired by Indonesia based unicorn Tokopedia.

Established a decade ago, East Ventures is the VC pioneer in Indonesia managed by Willson Cuaca, Batara Eto, and Taiga Matsuyama. It is the most consistent top performing VC fund managers in the world according to the latest Preqin’s report and is the only Southeast Asian firm to have all three funds ranked in Preqin’s top quartile featured alongside four other VCs globally. The firm also crowned as the most active investor globally per Crunchbase data last year.

East Ventures’ dedication to delivering results for its investors is paralleled only by its mission to support the country’s growth with empowering local small-to-medium businesses and building the local ecosystem. To date, the company has invested in over 160 startups with more than $4 billion follow-on round that is channeled to Indonesia and organically contributed to Indonesia digital infrastructure foundation.

Last year, the firm also cemented its commitment to continuously support its portfolio companies and to build the digital infrastructure of Indonesia with the launching of its $200 million joint growth fund, EV Growth.

Through the sixth fund, East Ventures has invested in multiple new verticals: SME inclusion, new retail, fintech, news and media, healthcare, supply chain, and digital transformation. This includes investment into Wahyoo, Stockbit, AllSome Fulfillment, Katadata, Cicil, Mekari, Kedai Sayur, Advotics, The FIT Company, Nalagenetics.

According to a report from Google and Temasek, Indonesia has the largest internet user base in Southeast Asia with 150 million users and the largest internet economy in the region with $27 billion in 2018. It is also the fastest growing with 49 percent CAGR from 2015 to 2018 and is poised to grow to $100 billion by 2025.

The new fund will further East Ventures’ mission of building the digital infrastructure in Indonesia and creating opportunities for young digital entrepreneurs to build long and sustainable companies in Southeast Asia.

Written by Lexy Nantu, Email: lexy@theinsiderstories.com