Convergence launches $25m Indonesia VC fund

Adrian Li and Donald Wihardja - partners at Convergence Accel

Convergence Accel, an early stage technology venture fund, focused on investing in Indonesia, has launched a $25 million fund to invest in startups as it aims to ride on the entrepreneurial boom in the country.

Indonesia boasts of the largest consumer markets in the region with close to 250 million potential customers. This, along with a growing economy and booming smartphone penetration offers untapped opportunities in its online and e-commerce space. The country also boasts of attractive emerging market demographics; with over a decade of strong sustainable growth, it is one of the most promising markets for technology investment today.

Convergence Accel traditionally looks for business models, which have shown successful implementation in more mature technology markets around the world such as the US and China.

The fund’s partners’, Adrian Li and Donald Wihardja, bring extensive entrepreneurial and operational experience to the fund and are advised by a group of US and China venture capitalists with significant investment track records, the VC said.

Convergence Accel will primarily seek to invest up to $500K into early stage technology companies based in Indonesia and reserve follow on funding for successful ventures. It may also invest in later stage ventures from other regions that identify Indonesia expansion as a strategic focus.

Its first target will be to invest in approximately 25-30 companies over the next five years.

Earlier this month, the fund along with group of investors, which included Ideosource and SMDV, had invested $ one million in Female Daily Network, an Indonesian beauty destination and community.

“We seek to back exceptional founders by leveraging our experience, network and resources to empower them to build long lasting and impactful businesses for Indonesia and the South East Asia region,” Convergence Accel said in a statement, and added: “Our advisory board and limited partners from the US, China and Indonesia have backed hundreds of technology businesses in the past decade with notable successes and bring deep local networks and resources in media and related industries to our founders.”

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.