AC Ventures announced the first close of its early stage fund focused on Indonesia, securing over 70% of its targeted US$80 million.
Photo credit: AC Ventures
The company was formally established in the third quarter of last year with the merger of Indonesian VC firms Agaeti Ventures and Convergence Ventures. AC Venture previous said that, in particular, it aims to back companies in areas such as ecommerce, digital content, and fintech, as well as those serving micro, small, and medium-sized enterprises.
Called ACV III Capital LP, its new fund aims to invest up to US$3 million in companies in their seed to series A stages, according to a statement. It has already invested in more than nine companies, including Shipper, Kargo, Stockbit, BukuWarung, ESB, Co-Learn, KitaBeli, Aruna and Soul Parking.
It secured US$56 million in the first close, which it aims to direct into 30 “high-potential ventures” in Indonesia over the next three years.
“Our goal is to utilize our combined resources to invest in scalable companies that tap into high-potential sectors, solving local problems through technology as well as empowering communities around us,” said Managing Partner, Adrian Li.
According to the exec, the fund’s limited partners include digital and strategic companies, local conglomerates, and tech entrepreneurs.
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Li is one AC Venture’s founding partners. He is joined by Michael Soerijadji from Agaeti, and Pandu Sjahrir from Indies Capital. In total, the group has a track record of investing in over 80 early-stage startups throughout Indonesia and Southeast Asia. They currently lead a team of 12 based in Jakarta.
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