Kejora, Intervest to close $100m Southeast Asia fund by 2018-end

Kejora senior team. Photo by Kejora Ventures

Indonesian venture capital firm Kejora Ventures says it is looking to hit the final close of its $100-million joint fund with South Korean counterpart Intervest by the end of this year.

The first close of the fund came in December, raising 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.

Since the first close of the InterVest Star Southeast Asia Growth Fund I, the co-managers have deployed less than $10 million in investments, Kejora Managing Partner Eri Reksoprodjo told DEALSTREETASIA.

Earlier reports had suggested that the joint fund aimed to help Korean startups expand in Southeast Asia. However, Reksoprodjo said the fund will also be targeting regional startups, ideally with some “Korean perspective”.

“It doesn’t have to be a Korean company but can be a regional company that may see Korea as a market, or use Korean technology. Principally, by mandate, this is a Southeast Asian fund, not Korean fund,” he said.

He added that the fund is open to companies from any sector but will be focusing only on growth-stage companies.

Kejora is also eyeing a final close for its $80-million second fund next month. The venture capital firm, which counts Etobee, Pawoon and Unionspace among its portfolio companies, said it will target ticket sizes of between $3 million and $5 million from the second fund, significantly higher than the first fund’s $100,000-200,000 ticket size.

Both funds mark a departure from the VC firm’s previous investments that primarily focused on early-stage funding. Kejora’s steady shift into growth-stage funding was already visible in some of its latest investments such as P2P lender Investree’s Series B round and Cekaja.com’s Series C round.

The Southeast Asia fund with Kejora makes Intervest one of the first South Korean venture firms to turn its attention to the region that is home to over 600 million people.

Last year in August, South Korea-based accelerator and fund network SparkLabs Group launched a $50-million fund called SparkLab Ventures to invest in both South Korean and Southeast Asian startups.

Earlier this year, Korea Investment Partners partnered with Singapore’s Golden Equator Capital to launch an S$120-million ($87-million) venture fund to make Series A and B investments in high-growth technology companies in Southeast Asia.

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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.