<article>Indonesian VC firm <a href="https://www.dealstreetasia.com/tag/Convergence-Ventures/">Convergence Ventures</a> is raising a second fund of $50 million, according to a person familiar with the development.</article>

Indonesian VC firm <a href="https://www.dealstreetasia.com/tag/Convergence-Ventures/">Convergence Ventures</a> is raising a second fund of $50 million, according to a person familiar with the development.
Convergence Ventures declined to comment for this story in response to a request from DEALSTREETASIA.
The Jakarta-based firm closed its first fund, Convergence Capital I, at $30 million in 2016. The final amount was 20 per cent higher than its original target of $25 million.
Convergence&#8217;s debut fund had managed to attract some big names as strategic investors including China’s Baidu, Singapore’s Garena and Indonesia’s Emtek Group. It had also secured a powerful advisory board of investors from Silicon Valley, China and India.
Founded by Stanford graduate and entrepreneur Adrian Li, Convergence describes itself as an early-stage technology venture fund focused on investing in Indonesia’s digital disruptors.
According to its website, the firm has invested in 30 companies. Among those are some notable names including mobile point-of-sales startup Moka, which recently raised a $24-million Series B round, and P2P lender Koinworks, which raised a $16.5-million Series A in August.
Convergence is not the only Indonesian VC currently raising a second fund; Alpha JWC Ventures is seeking to raise $100 million for its second fund. Meanwhile, another local VC firm, Kejora Ventures, recently closed its second fund at just under $80 million.
These existing VC players are joined by a host of newcomers such as TNKapital, Kolibra Capital, Agaeti Venture Capital and Everhaus.
In August, this portal also reported of the establishment of Latitude Venture Partners, a VC arm of conglomerate Sinar Mas, with a $200-million corpus.
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<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/79999-79999/">Indonesia: Convergence Ventures leads pre-series A into HR startup Urbanhire</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/indonesia-alpha-jwc-100m-fund-101379/">Indonesia’s Alpha JWC seeks $100m for latest fund</a>

Indonesian venture capital firm Convergence Ventures is raising a second fund of $50 million, it closed its first fund, Convergence Capital I, at $30 million in 2016.

Indonesian VC Convergence Ventures said to be raising $50m second fund

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Indonesian VC Convergence Ventures said to be raising $50m second fund

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