East Ventures raises $75m from Temasek, Meituan-Dianping CEO, and more

Indonesian venture capital firm East Ventures announced that it has closed its latest fund at US$75 million, more than double its initial US$30 million target.

The oversubscribed fund – East Ventures’ sixth – is backed by a mix of high net worth individuals like Meituan-Dianping CEO Wang Xing, Facebook co-founder Eduardo Saverin, and Razer co-founder Kaling Lim; institutional investors like Temasek; and Indonesian family offices Sinarmas Group and Emtek Group.

(Disclosure: East Ventures is an investor in Tech in Asia. See our ethics statement for more info)

The East Ventures team during a company outing. Photo credit: East Ventures

“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,” says Willson Cuaca, the managing partner of East Ventures. “What really matters to us is to be known as the best performing fund instead of the biggest fund in Southeast Asia.”

The firm plans to continue investing in Southeast Asia, particularly Indonesia. Through this sixth fund, it has invested in multiple new verticals, including SME inclusion, new retail, and healthcare.

The firm’s latest three funds have cumulatively notched 30 exits. One recent exit is wedding services marketplace Bridestory, which was acquired by Tokopedia.

To date, East Ventures has invested in over 160 startups to date, with more than US$4 billion in follow-on rounds. Its portfolio companies include Indonesian unicorns Traveloka and Tokopedia, as well as growth-stage startups like Ruangguru, Sociolla, and IDN Media. The firm has also launched projects that were incubated internally, such as Warung Pintar and Fore Coffee.

It launched EV Growth, a US$200 million joint growth fund with Yahoo Japan’s YJ Capital and the venture capital arm of Sinarmas, last year.