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.