EV Growth, a Singapore headquartered venture capital firm, has hit the hard cap of its first fund at US$250 Million from an initial $150 Million target - Photo by the Company

JAKARTA (TheInsiderStories) – EV Growth, a Singapore headquartered venture capital firm, has hit the hard cap of its first fund at US$250 Million from an initial $150 Million target, said the company on Dec. 30. This milestone is the result of the firm’ admission of new Limited Partners, which include several Asian based family offices and two of Asia’ largest sovereign wealth funds such as Temasek Group.

Launched in March 2018, EV Growth is a joint venture between East Ventures, SMDV and YJ Capital, that focuses on providing growth capital to startups in Indonesia and the rest of Southeast Asia with an industry agnostic focus. The company is led by three partners – Willson Cuaca from East Ventures, Roderick Purwana from Sinar Mas Digital Ventures (SMDV), and Shinichiro Hori from YJ Capital.

EV Growth has invested across different sectors in Southeast Asia. Some of its recent investments included for Edutech Ruangguru ($150 Million Series C round with General Atlantic and GGV Capital), Beauty-tech Sociolla ($40 Million Series D round with Temasek), and regional cashback startup Shopback ($45 Million round with Rakuten and EDBI).

Then, Vietnam e-commerce Sendo ($61 Million Series C round with Softbank Ventures Asia and Thailand’s Kasikornbank), Indonesia’ SME lender Koinworks ($16.5 Million round), Warung Pintar ($27.5 Million Series B round with Vertex and Pavilion Capital), MokaPOS ($24 Million round with Sequoia Capital), CoHive ($13.5 Million Series B round with Korean’ Stonebridge Ventures), also Waresix ($14.5 Million Series A).

Other major follow on rounds included the latest round of two Indonesian unicorns Tokopedia and Traveloka, leading insurance-tech Fuse, Indonesia’s Starbucks challenger Fore Coffee, leading Indonesia SME SaaS Mekari, regional prop-tech 99.co, Indonesia’s leading media company IDN Media and payment company Xendit.

Presently, EV Growth has deployed more than 50 percent of its total funds in 20 deals. 80 per cent of the portfolio companies are Indonesian, where the fund’ IRR stands at 36 per cent.

“The inflection point in Southeast Asia is now and we are lucky to be here early. We plan to deploy US$325 Million for Southeast Asian startups combining active funds size, for both seed and growth stage,” said Cuaca.

This year, the Southeast Asian venture capital firm focused to be injected into the logistics sector, content for all sectors, and local products.

He noted, “The total funds prepared for next year and the following years are around $325 million from its sixth fund $75 million and $250 million growth fund.”

To date, East Ventures has supported more than 300 startup founders and helped develop more than 160 startups including two Indonesian unicorn startups of around $4 billion, Cuaca explained.

He went on, the company still look for up to 10 new start-ups to be funded by the end of the year. Until October 2019, there have been announced 22 funding. Of these 14 of them are new portfolios, Cuaca said.

Cuaca explained East Ventures is open to all vertical start-up and early-stage funding. But in 2019, East Venture focuses on new retail, e-commerce enabler, fintech, and digital solutions for small and medium enterprises. However, he did not specify the total investment that had been disbursed to the start-ups. Likewise, the start-up target will be invested until the end of this year.

Two months ago, East Ventures announced has closed its sixth fund at $75 million, with support by prominent startup founders helping to surpass the fund’s initial $30 million targets.

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. Earlier this year, East Ventures and SMDV duet injected a startup of Fore Coffee worth $8.5 million.

Today, Fore Coffee, a technology-based coffee network that uses 100 percent of Indonesia’s best Arabica coffee beans, announced to expand in 1,000 locations throughout the archipelago with total fund around $9.5 million. The startup also officially announced a strategic partnership with Airy, the most accommodation network operation in Indonesia.

Some start-up portfolios that have been funded by East Ventures are Ride Jakarta, start-up companies in the fields of lifestyle, Waresix, Julo (fintech), Phi Integration (big data) and EV Hive. Then there are Nodeflux (AI), Mechanic (automotive), Moladin (automotive), Sweetescape (service), Cicil (tekfin), Katadata (media), Language.ai (AI), Member.id (service), and Fore Coffee (service).

by Linda Silaen, Email: linda.silaen@theinsiderstories.com