EV Growth dissolves co-GP structure, East Ventures takes control & management

East Ventures managing partner Willson Cuaca speaks at DEALSTREETASIA's Indonesia PE-VC Summit 2019 in Jakarta

Southeast Asia-based venture capital firm East Ventures announced on Wednesday that it will take control and assume management of EV Growth, an Indonesia-focused growth fund.

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.

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.