Indonesia-focussed VC firm Kejora Ventures announced Wednesday that it has hit the first close of its Kejora Star Capital II Fund, raising about one third of the $80 million target. Post the final close, that is targeted for the year end, this will be the largest vehicles raised by Indonesian VC firms.
This portal had first reported in January last year that Indonesia’s Kejora was on the road to raise its second fund which has a target size of $80 million.
It has already started investing from this fund – both follow-up and new investments – and has committed capital to several startups from this vehicle including C88Fintech Group, Qareer Group Asia, Etobee, Investree, Pawoon and MoneyTable.
Sebastian Togelang, founding partner of Kejora Ventures, said that he was pleased with the fact that some investors from the company’s Fund I decided to re-invest. It showcases the firm’s commitment to building successful digital companies, he said. Going forward, it will maintain focus in identifying proven business models from developed markets and deploying it in Southeast Asia.
“We are happy with the performance and the growth of our portfolio companies where over 85% of our investments are performing well,” Togelang said.
“At Kejora, our aim is to connect top entrepreneurs with subject matter experts, cutting-edge technology, strong networks of professionals from around the world, thereby opening doors and providing access to investors and strategic partners. With our presence now in Thailand, the Philippines, Indonesia, and Singapore, we are confident that this will enable the startups to scale up at a rapid pace in Southeast Asia,” he added.
Kejora Ventures’ Fund I is currently performing at a 200% IRR, with over 29 investments in its portfolio, the company claimed. The company has recently set up its operations in Thailand, extending its presence from Indonesia, Singapore, and the Phillippines.
Kejora Ventures was started in 2014 by Sebastian Togelang along with entrepreneur Andy Zain. Togelang co-founded FinTech Association and currently acts as the Secretary General of the Indonesia Venture Capital and Startup Association (AMVESINDO). His partner, Zain, is the man behind the first mobile banking and mobile value added service in Indonesia.
Last year, Kejora recruited Reksoprodjo, who brings with him his 26 years of experience in investment banking and principal investment. Coming from a private equity background, Reksoprodjo is expected to inject fresh strategies, discipline, and next-level management skills into Kejora.
Read DEALSTREETASIA’s exclusive interview with Reksoprodjo here.