Indonesian venture capital firm Kejora Capital is in the market to raise $300 million for a new fund, according to sources close to the matter.
The fund, which will focus on follow-up investments for the firm’s portfolio companies, is said to have already received a commitment from several limited partners (LPs) or investors in VC funds.
Sebastian Togelang, founder and managing director of Kejora Capital, did not directly confirm the $300-million new fund but told DealStreetAsia that the firm is preparing to launch several funds across sectors.
“We are constantly expanding our capacity to participate and invest in promising companies,” he said.
Kejora’s portfolio companies include Indonesian last-mile delivery startup Sicepat Expres, which raised $170 million in a Series B funding round in March. Sicepat is set to join Indonesia’s unicorn club soon. Recently, it acquired 5.68% shares of PT Digital Mediatama Maxima Tbk, a cloud-based digital marketing platform.
Malaysia’s drone-based solutions provider Aerodyne Group is also in Kejora’s portfolio bag. The firm raised about $100 million in its Series C funding round in June as it gears up to launch its IPO, earliest by 2023.
The VC firm has backed at least 35 companies across Indonesia, Malaysia, Singapore, Thailand, the Philippines, Korea, and Hong Kong. Its other prominent portfolio companies include Thai startup Pomelo and Indonesian fintech firm Kredivo, which is said to be weighing various options, including a public listing in the US via a special purpose acquisition company (SPAC).
Togelang, however, said Kejora is in no rush to make any exit decision even as its portfolio values have been growing rapidly. The objective, he added, is to maximise investor value, including a healthy MOIC and IRR.
The fundraising comes about a year after Kejora launched SBI Kejora Orbit Fund I, a $30-million early-stage technology fund that focuses on investment in Indonesia. The fund was in partnership with Internet-based Japanese financial services major SBI Holdings.
Orbit Fund invests between $200,000 and $3 million per ticket size in areas such as supply chain, education, medical, consumer goods and retail, agriculture, financial technology, and digital media.
In 2019, the Indonesian venture investor raised over $100 million for its joint fund with South Korean counterpart Intervest. The Kejora-InterVest Star Growth Fund provides capital of $5-10 million for each potential tech startup investment in their growth stage.
Kejora’s flagship fund, Kejora Star Capital, secured a total of about $40 million for Fund I and Fund II, which closed in 2014, and $2016, respectively.
On its website, the firm said it is an industry-agnostic investor that covers funding rounds from Seed to Series C, with typical investment size of $200,000 to $20 million.
Kejora Capital joins other Indonesian VC firms that are raising fresh capital this year. SALT Ventures, for instance, is raising a second fund with a target corpus of $20 million.
Last month, Jakarta-based VC Alpha JWC filed to raise $300 million for a new fund that will seek investment opportunities in the seed to Series B stages across various sectors.
In the first quarter of this year, Southeast Asia-based VC firms held a final close for five funds, raising $694 million in total proceeds. The number of funds closed was the highest in a quarter since the COVID-19 pandemic hit the region at the start of 2020, according to DealStreetAsia’s report.