Indonesian venture capital firm Kejora Ventures has hit the final close of its joint fund with South Korean counterpart Intervest, in an oversubscribed fundraise which surpassed the original target of $100 million.
The fund brings together a group of prominent LPs such as Korea Development Bank, Korea Venture Investment Corporation, NH Investment & Securities and Industrial Bank of Korea. Other LPs include Barito Pacific Group of Indonesia, a leading commercial bank, and a pension fund from Southeast Asia.
The Kejora-InterVest Star Growth Fund provides capital of $5-10 million for each potential tech startup investment in their growth stage.
Prior to the final closing, the fund has already started making investments in various companies across the region. The latest and one of the notable investments is its participation in the $50-million Series A investment for SiCepat Ekspres, an up and growing last mile delivery in Indonesia – marking the largest Series A round recorded in Southeast Asia.
“With the final close, we are now putting all our focus on deploying the Fund,” said Kejora’s founding partner Sebastian Togelang. “We are looking into verticals in finance, logistics and education technology, though we keep our eyes open to the potential trends and other blooming industries. We also emphasize on collaboration amongst our portfolio to help each other grow even faster.”
As of March 2019, Togelang told DEALSTREETASIA that almost 30 per cent of the fund had already been deployed.
Other investments include financial marketplace startup C88 Group, Korea-based SmartStudy, the company behind the worldwide success of Baby Shark phenomenon, and fashion e-commerce company Sorabel.
The final close of the fund, which is Kejora’s third fund, comes over a year after the first close in December 2017, when it raised more than half of the targeted size at $60 million from limited partners including Korea Venture Investment Corp, a trust backed by Korea Development Bank and other investors.