Indonesia's AC Ventures seals first close of new fund at $56m

From left to right : AC Ventures' founding partners Michael Soerijadji, Pandu Sjahrir, and Adrian Li. Photo by : AC Ventures

Indonesian venture firm AC Ventures (ACV) announced on Monday that it has raised $56 million for the first close of its ACV III Capital LP Fund, which is targeting a total of $80 million.

The venture firm, which was formed from the merger of two early-stage venture capital firms Agaeti Ventures and Convergence Ventures in April, plans to invest the first close in 30 of Indonesia’s high-potential ventures over the next three years, according to the press statement.

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