Indonesia’s East Ventures said to close sixth VC fund at over $70m

Willson Cuaca at DEALSTREETASIA's Asia PE-VC Summit 2017 in Singapore. Photo: DEALSTREETASIA

Southeast Asia’s most prolific venture capital firm East Ventures is learnt to have raised over $70 million for its sixth fund, more than double an initial target of $30 million, to invest in technology startups in the region, particularly Indonesia.

Increased demand from Limited Partners (LPs), or investors, led to East Ventures doubling the fund size, multiple industry sources confirmed.

The sixth fund, which was launched in late 2017, is East Ventures’ largest fund to date. The firm headed by Willson Cuaca had announced and closed its fifth fund in 2017, for which it had garnered $27.5 million.

When contacted, Cuaca declined to comment for this story.

East Ventures, which has launched six funds in the last seven years, is one of the VC pioneers in Indonesia. The firm claims to have provided seed investment to 70 per cent of Indonesian startups that went on to raise Series A funding.

The VC firm is among the 10 most consistent top performing VC fund managers in the world, per Preqin data. Besides, it is the only firm in Southeast Asia to feature among the six VCs globally to have three funds ranked in Preqin’s top quartile, along with the likes of Benchmark Capital.

Its portfolio companies include Tokopedia, Traveloka and Ruangguru. A prolific investor, it recently announced participation in funding rounds for Lubna.io, 7.5 Degree, Stockbit, Triplogic, Advotics, as well as Kedai Sayur. Focused largely on seed to Series A deals, East Ventures has a joint growth fund, called EV Growth, through which it makes follow-on investments in its portfolio companies.

EV Growth Fund, a joint venture between Sinar Mas, East Ventures and Yahoo! Japan, recently made a final close at $200 million, exceeding its $150-million target. The fund secured commitments from investors including SoftBank Group Corp, Pavilion Capital and Indies Capital.

Per the latest report by Google and Temasek, the internet economy in SEA is expected to grow to $240 billion by 2025. Indonesia magnifies the opportunity set within Southeast Asia’s internet economy, not just because of its large population, but also because of a large headroom for technological penetration across multiple verticals.

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.