(Bloomberg) — Indonesia-focused venture capital firm East Ventures closed its latest fund at $550 million to back tech startups in Southeast Asia’s largest economy.
The fund will allocate $150 million for early-stage deals and $400 million for growth-stage investments, said Willson Cuaca, co-founder and managing partner of East Ventures.
Founded in 2009, the Singapore-based firm has bet on more than 200 startups including e-commerce pioneer Tokopedia, which merged with ride-hailing and delivery giant Gojek before the combined company GoTo Group went public in Indonesia last month.
East Ventures raised what it says is a record Indonesia-focused VC fund as a global selloff of tech stocks intensifies. The Federal Reserve warned of deteriorating liquidity conditions across key financial markets amid rising risks from the war in Ukraine, monetary tightening and high inflation in a semi-annual report published Monday.
“We’ve been through these cycles before and we’re more than ready to embrace it,” Cuaca said in an interview. “With a well-educated digital generation, fundamentals in Indonesia are still good.”
The firm has more than $1 billion of assets under management and said it has helped to draw $6.7 billion in follow-up funding for its portfolio companies, which include online learning platform Ruangguru, e-commerce firm SIRCLO, digital payments firm Xendit, logistics startup Waresix and Moladin, a used-car marketplace.
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