<article>Indonesian VC firm <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Convergence+Ventures" target="_blank">Convergence Ventures</a> has announced the final close of Convergence Capital I with over $30 million in commitments, or 20% higher than the original target of $25 million.</article>

Indonesian VC firm <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Convergence+Ventures" target="_blank">Convergence Ventures</a> has announced the final close of Convergence Capital I with over $30 million in commitments, or 20% higher than the original target of $25 million.
DEALSTREETASIA has <a href="http://www.dealstreetasia.com/stories/exclusive-convergence-ventures-to-close-25m-final-fund-this-week-54567/" target="_blank">first reported</a> this development last month.
The fund &#8211; founded by Stanford graduate and entrepreneur Adrian Li &#8211; has already invested in over 17 seed and early stage startups, many of which have raised up-rounds demonstrating clear market leadership, the firm said.
These companies include local restaurant review and search directory <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Qraved" target="_blank">Qraved</a> and social dating application Paktor, which recently closed its last round led by Yahoo Japan.
Meanwhile, the fund’s strategic partnerships include regional and local players such as China’s <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Baidu" target="_blank">Baidu</a>, Singapore’s <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Garena" target="_blank">Garena</a> and Indonesia’s <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Emtek+Group" target="_blank">Emtek Group</a>. It has also acquired a powerful advisory board of investors from Silicon Valley, China and India. Recently appointed to the firm’s advisory board are Justin Kan, partner at Y Combinator, and Manik Arora, Founder of IDG Ventures India.
Co-founder and managing partner of Convergence Ventures, Adrian Li, said that his company strategy is to invest in early stage mobile and internet ventures, and actively work with them through a platform of internal support services.
“Convergence Ventures seeks to empower and support entrepreneurs beyond the capital we invest to create clear market leaders for the Indonesian and Southeast Asian market. For example, this year alone, our recruiting team has already placed 15 key strategic hires into our portfolio.” said Adrian.
Indonesia’s rapidly rising middle class is estimated to surpass $141 million by 2020, and drive the country’s e-commerce market size to over $130 billion within the next five years. On top of that, Indonesia records a fast growth of smart phone adoption in the region, which is estimated to reach 100 million users by 2020.
This has created conducive conditions to invest into mobile and internet ventures.
Convergence believes that in many aspects, Indonesia is replicating the remarkable opportunities to invest into disruptive internet opportunities that was seen in China over 10 years ago or India five years ago.
Donald Wihardja, the fund’s partner and deputy chair of <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=AMVESINDO" target="_blank">AMVESINDO</a>, said that Indonesia will increasingly become the “focal point” for these opportunities in the region.
“With the planned government support and initiatives for entrepreneurs and investors, we are confident the industry’s development will continue to accelerate,” he said.
Convergence Ventures Fund I plans to invest into a total of 30 early stage ventures with a continued focus on the most disruptive digital and mobile opportunities in Indonesia.
Convergence’s current portfolio includes Female Daily Network (FDN), a media portal and forum for beauty products and cosmetics; Xfers, a payments gateway focused on bank transfers for small and medium sized enterprises, and ADSKom, an advertising technology company.
Other companies that have been backed by Convergence are virtual personal assistant YesBoss, budget hotel chain Nida Rooms, and dating platform Paktor, all of which have strong operations and traction in Indonesia.
Going forward, Convergence also aims to leverage its strong relationships in China to bring strategic partnerships and new investors to Indonesia-based startups.
In June, Convergence organised a visit for seven members of the China Angels &#8211; a small group of highly influential and successful entrepreneurs and investors. These individuals include Li Kai Fu, Founder &amp; CEO of Sinovation Ventures, Cai Wen Sheng, Chairman of Meitu, and Xu Xiao Ping, Founder of Zhen Fund.
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Indonesian VC firm Convergence Ventures has announced the final close of Convergence Capital I with over $30 million in commitments. 

Convergence Ventures closes $30m Indonesia-focussed VC fund

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Convergence Ventures closes $30m Indonesia-focussed VC fund

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