US investment firm Capria invests in Jakarta-based AC Ventures

US-based investment firm Capria Ventures has made its first limited partner (LP) investment in Indonesia, backing early-stage venture capital firm AC Ventures, according to a statement.

AC Ventures became Capria’s fifth fund manager partner in Asia, the US firm said. Capria has previously backed general partners including Singapore-based Genesis Alternative Ventures, India’s Arkam Ventures and Unitus Ventures, and Dubai-based Global Ventures.

AC Ventures is raising its third fund and plans to hold a final close at $120 million by this year, according to Capria. In May, the International Finance Corporation said it was considering a $16 million commitment to the fund.

Managing $300 million in assets, the Jakarta-based VC firm has funded Indonesian companies such as Shipper, Stockbit, Aruna and Eden Farm, from its third vehicle.

“Capria will also look to co-invest directly in the portfolio companies, alongside AC Ventures, in breakthrough solutions with global potential,” said Dave Richards, co-founder and managing partner of Capria Ventures.

AC Ventures was formed in 2019 as a result of a merger between Convergence Ventures and Agaeti Capital Ventures. Together, they have invested in more than 100 startups since 2014, and have scored several exits.

The firm’s latest fund has already seen over 25 follow-on financing rounds into its portfolio companies since its 2020 first close, delivering over 2.5X gross return on invested capital in unrealised gains, Capria said.

“With global pools of capital chasing late-stage deals, to successful public market listings of Indonesian unicorns, a predictable exit ecosystem has also been established,” the US investor added.

Indonesia is home to seven unicorns including super app Gojek, online travel agent Traveloka, digital payments firm OVO and GoPay, online marketplaces Tokopedia and Bukalapak, and most recently fintech Xendit.

The market’s internet economy has been growing at 49% per year since 2015, and it also has the biggest stock exchange in Southeast Asia. “Liquidity is not an issue,” Capria said.

Capria invests in “soonicorn” companies across the world’s emerging markets, as well as in fund managers in these regions.

Earlier this year, Richards told DealStreetAsia that his firm was looking to invest in Vietnam, as well as frontier markets of Bangladesh, Nepal, and Cambodia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.