Southeast Asian venture firm East Ventures has closed its sixth fund at $75 million, beating its initial $30 million target. The fund’s backers includes Pavilion Capital, Adams Street Partners and Temasek.
Jakarta, 22 August 2019 – Southeast Asian venture capital firm East Ventures announced today the close of its sixth fund at $75 million, exceeding more than double the firm’s initial $30 million target. This oversubscribed fund is supported by a diverse set of strong backers of high net worth individuals (HNWI), Asian family offices, fund of funds, and several sovereign wealth funds.
The HNWI are Wang Xing (CEO of Meituan-Dianping), Singapore-based Eduardo Saverin (Co-Founder of Facebook), and Kaling Lim (Co-Founder of Razer). Institutional investors joining the fund include Pavilion Capital, Adams Street Partners, and Temasek, as well as the Asian family offices including Indonesia-based Sinarmas Group, Triputra Group, and Emtek Group. Existing LPs are joining as well to support the fund.
With the new fund, the firm cemented its commitment to continuously support the Southeast Asian startup ecosystem, particularly Indonesia. Leveraging on its local expertise, the firm will stay bullish to provide Seed to Series A funding for startups from all sectors and industries.
The participation to the sixth fund has been driven by the success of the previous 3 funds with 30 notable exits including Disdus’ exit to US-based Groupon back in early 2011 that happened after just less than 1 year of investment. In 2017, East Ventures-backed companies were acquired by 2 Southeast Asian unicorns: Grab acquired Kudo and Go-Jek acquired Loket. In 2018, a successful SaaS company merger and acquisition happened through Sleekr acquisition to Jurnal and Talenta, which are both East Ventures’ portfolios. In 2019, another East Ventures’ portfolio company Bridestory was acquired by Indonesia based unicorn Tokopedia.
Established a decade ago, East Ventures is the VC pioneer in Indonesia managed by Willson Cuaca, Batara Eto, and Taiga Matsuyama. It is the most consistent top performing VC fund managers in the world according to the latest Preqin’s report and is the only Southeast Asian firm to have all three funds ranked in Preqin’s top quartile featured alongside four other VCs globally. The firm also crowned as the most active investor globally per Crunchbase data last year.
East Ventures’ dedication to delivering results for its investors are paralleled only by its mission to support the country’s growth with empowering local small-to-medium businesses and building the local ecosystem. To date, the company has invested in over 160 startups with more than $4 billion follow-on round (excluding Grab’s funding) that is channeled to Indonesia and organically contributed to Indonesia digital infrastructure foundation. Last year, the firm also cemented its commitment to continuously support its portfolio companies and to build the digital infrastructure of Indonesia with the launching of its $200 million joint growth fund, EV Growth.
Willson Cuaca, Managing Partner of East Ventures, says, “We are overwhelmed by the support given by our investors and decided to expand, but hard limit, the fund to $75M. We could have raised more but we wanted to maintain certain disciplines in this euphoria era. It is important to the ecosystems that the value creation velocity matches with valuation expectations and this will translate to how our fund performs to our stakeholders; founders, business partners and LPs. What really matters to us is to be known as the best performing fund instead of the biggest fund in Southeast Asia.”
Through the sixth fund, East Ventures has invested in multiple new verticals: SME inclusion, new retail, fintech, news and media, healthcare, supply chain and digital transformation. This include investment into Wahyoo, Stockbit, AllSome Fullfillment, Katadata, Cicil, Mekari, Kedai Sayur, Advotics, The FIT Company, Nalagenetics.
As a shareholder in 3 unicorns in Southeast Asia, the firm has constructed a fast-growing portfolio including Traveloka, Tokopedia, Kudo (now Grab), Loket (now Gojek), ShopBack, Ruangguru, Sociolla, IDN Media, Waresix, and MokaPOS. In most cases, East Ventures is the first investor in these companies. In the past 3 years, the firm also introduced several internal projects such as CoHive, Warung Pintar, and the most recent, Fore Coffee.
Co-founder and CEO of Tokopedia, William Tanuwijaya, says, “East Ventures is one of our very first investors and we thank them for believing in our vision and mission since the early days. Over the years, the foundation of our trust is strengthened throughout the good and bad times. Willson understands our struggle because he has been with us since the beginning. We are not only a business partner but also a close friend. We wish East Ventures a great success with their new fund and Tokopedia is always part of East Ventures’ big family.”
Co-founder and CEO of Traveloka, Ferry Unardi, says, “The support we received from East Ventures during Traveloka’s formation years proved to be invaluable to the success of our company. Willson and East Ventures have always been a reliable and loyal partner we can count on through thick and thin. Our relation with East Ventures has gone beyond commercial partner, but we forged a strong friendship. To other East Ventures portfolios, we feel like one big family.”
Co-founders of Ruangguru, Adamas Belva Devara and Iman Usman, comments, “As our very first investor, East Ventures has been instrumental in Ruangguru’s journey. They have been very active in connecting us with other investors, players, stakeholders, and potential partners. They also have been a great support to founders and always available anytime we need. More importantly, they care about what we do and the impact we are trying to make above all the metrics that we have to hit.”
Co-Founder and CEO of IDN Media, Winston Utomo, express his gratitude, “East Ventures plays a very significant role in IDN Media’s journey. Besides expanding our connection to a broader network, East Ventures helps us grow to become a world-class company with strong fundamentals. Today, IDN Media successfully impacts more than 50 million Millennials and Gen Z in Indonesia every month. This will never happen without the tremendous help and support from East Ventures. Thank you for everything, East Ventures. Thank you for believing in our vision to positively impact society. One step at a time, for a better Indonesia.”
Co-founder and COO of Sociolla, Christopher Madiam, says, “Since day one, Willson has been our biggest supporter and a great mentor to us as a startup. Throughout our ups and downs in running our company, he has always been there to support us. For us, he’s more like a friend than investor. We have witnessed the positive impact that he has brought to the startup ecosystem and also to each individual founders in our EV circles. I believe with his capabilities and experiences, he can extend the potential of the industry and grow it much further. Once again, congratulations for the new fund and looking forward to many more years of great partnership.”
Co-Founder and CEO of ShopBack, Henry Chan, said, ”We are thankful to have met East Ventures early in our journey. Willson and EV team have awesome networks of partners, local/global investors and insights that increases the chances for an early stage startup to succeed. East Ventures is also fast in investment decision-making and with founder-friendly terms, it saves precious time and effort for us, founders.”
Managing Partner of GGV Capital, Jixun Foo, explains, “I have known Willson since 2013; He is an outright down to earth and no-nonsense guy. We share similar candidness and I enjoy working with him, as well exploring opportunities together.”
According to a report from Google and Temasek, Indonesia has the largest internet user base in Southeast Asia with 150 million users and the largest internet economy in the region with $27 billion in 2018. It is also the fastest growing with 49% CAGR from 2015 to 2018 and is poised to grow to US$100 billion by 2025.
The new fund will further East Ventures’ mission of building the digital infrastructure in Indonesia and creating opportunities for young digital entrepreneurs to build long and sustainable companies in Southeast Asia.
About East Ventures
East Ventures is an early-stage venture fund focused on Southeast Asia and Japan, particularly Indonesia. Over several years, East Ventures has invested in hundreds of companies in Indonesia, Singapore, Japan, Malaysia, Vietnam, and Thailand. The majority of East Ventures’ portfolio firms have been able to raise follow-on financing rounds.
East Ventures has a strong track record in developing pan-Asia tech-ecosystems and backing startups in their early days. Success cases include companies such as Tokopedia, Traveloka, Warung Pintar, Disdus (acquired by Groupon), Kudo (acquired by Grab), Loket (acquired by Go-Jek), Tech in Asia, Omise, IDN Media, Ruangguru, MokaPOS, ShopBack, Fore Coffee, and CoHive. http://east.vc