Indonesian venture capital firm Kejora Ventures has hit the final close of its second flagship fund, Kejora Star Capital II, its founder and managing director Sebastian Togelang told this portal.
Togelang refused to disclose the exact amount for the final close but confirmed that it was slightly below the $80-million target as this portal had reported in August.
“We decided to close it because we already have a third fund – the $100 million fund,” he said, referring to Kejora’s joint fund with South Korean counterpart Intervest, which marked its first close in December, raising more than half of the targeted size, at $60 million.
Kejora Star Capital II, which hit its first close at a reported $21 million last year, targets investments in the fintech, HR, healthcare, media, logistics and education sectors.
While Kejora will continue to invest in seed-stage startups, primarily supplied by its Ideabox accelerator programme, the larger second fund will allow it to top up on its successful early bets, and even make fresh investments in growth-stage startups.
As of August, Kejora said the second fund has already backed 8-9 companies, including follow-on investments in the Series B round of P2P lender Investree and Series C round of fintech firm Cekaja.com.
With its second fund now officially closed, Kejora can start to fully focus its fundraising efforts on its $100-million fund with Intervest, which aims to close at the end of this year.
The fund, which has already received investments from a number of limited partners including Korea Venture Investment Corp, aims to back Korean startups that are looking to expand to Southeast Asia, as well as Southeast Asian startups with some “Korean perspective”.
Both of Kejora’s second and third funds mark a departure from the investments made from its first fund, which Togelang said has now been fully deployed. The first fund, the total corpus for which remains undisclosed, focused on early-stage companies and counts Pawoon, Sicepat Express and Etobee among portfolio companies.