Established in 2018, EV Growth was a joint venture between East Ventures, Sinar Mas-backed SMDV, and Yahoo! Japan Capital. Apart from providing growth capital to startups in Indonesia, the fund also invests in Southeast Asia with an industry agnostic focus.
The fund raised $250 million for EV Growth Fund I in 2019, exceeding its initial target of $150 million. It has invested in over 20 startups in Southeast Asia such as Traveloka, Grab, Gojek, Sociolla, Ruangguru, Shopback, Stockbit, and Fuse.
East Ventures said EV Growth Fund I generated IRR of 27 per cent as of December 31, 2020, with an early exit, namely the sale of MokaPOS to Gojek.
EV Growth was earlier reported to be raising its second fund in the first quarter of this year, with the size likely be similar to the first fund. Operating from Singapore, it shares its office with China- and US-focused venture capital major GGV Capital.
As part of the restructuring, Roderick Purwana, partner at EV Growth, will be appointed as managing partner of East Ventures. David Tendian will be appointed as the operating partner at SMDV while Shiniciro Hori will remain on the EV Growth investment committee.
The SMDV team will also join East Ventures, which is expected to have the largest venture team in the region with over 60 staff members and eight partners.
The partners include Melisa Irene (Seed Partner), David Audy (Operating Partner), Triawan Munaf (Venture Adviser), and Koh Wai Kit (Venture Partner).
“We have very strong synergy between the EV Growth and East Ventures ecosystem. This new arrangement will strengthen efficiency and enable us to run with more boldness and speed,” East Ventures co-founder and managing partner Willson Cuaca said.
Purwana, meanwhile, believes the arrangement will better position EV Growth for the future as part of the East Ventures platform.
“The alignment would allow our founders for more unencumbered access in the combined ecosystem, capabilities, and network,” he added.
East Ventures, which has launched six funds in the last seven years, is one of the VC pioneers in Indonesia and among the 10 most consistent top-performing VC fund managers in the world.
The firm has scored 30 notable exits over its last three funds and claims to have provided seed investment to 70 per cent of Indonesian startups that have gone on to raise Series A funding.