Indonesia’s Kejora Capital said to be in the market to raise $300m for new fund

Jakarta traffic. Photo by ekoherwantoro on Unsplash

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.

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.