Singapore’s EV Growth makes final close of debut fund at $250m

Photo from EV Growth

Singapore-headquartered venture capital firm EV Growth announced that it has made the final close of its reopened first fund at $250 million, exceeding the initial target of $150 million.

DealStreetAsia reported in May that the firm, a joint venture between Sinar Mas, East Ventures, and Yahoo! Japan, has made a final close of the fund at $200 million.

The firm, however, reopened its inaugural VC fund in November due to the continued interest in the vehicle from potential limited partners, or investors.

“This milestone is the result of the firm’s admission of new LPs, which include several Asian-based family offices and two of Asia’s largest sovereign wealth funds, including Temasek,” the firm said.

The fund, which has secured commitments from investors including SoftBank Group Corp, Pavilion Capital, and Indies Capital, is already 50 per cent deployed in 20 deals.

Some of the fund’s recent investments include Indonesian edtech startup Ruangguru, beauty-tech firm Sociolla, regional cashback startup Shopback, Vietnamese e-commerce Sendo, Indonesian SME lender Koinworks, micro-retail tech startup Warung Pintar, mobile point-of-sale startup MokaPOS, co-working space provider CoHive, and on-demand warehouse startup Waresix.

EV Growth also joined investors, including Singapore’s GIC, backing a $420-million financing for Indonesian unicorn Traveloka. The firm said 80 per cent of its portfolio companies are Indonesia-based, where the fund’s IRR stands at 36 per cent.

“We plan to deploy $325 million for Southeast Asian startups combining active funds size, for both seed and growth stage,” said EV Growth managing partner Willson Cuaca.

Speaking at DEALSTREETASIA’s Indonesia PE-VC Summit 2019 in January, Cuaca had said that EV Growth would maintain the pace that East Ventures has recorded over the last couple of years, which is over a deal a month, and sometimes even a deal a week.

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.

Operating from Singapore, EV Growth shares its office with China and US-focused venture capital major GGV Capital. Other VC funds in the market include Vertex Ventures, which recently hit the first close at $230 million for its SEA and India fund, B Capital Group and Jungle Ventures.

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.