Singapore-headquartered VC firm EV Growth has hit the close of its inaugural fund at US$200 million, exceeding its original US$150 million target.
Limited partners behind the fund include SoftBank, Pavilion Capital, Indies Capital, and other regional investors.
The team / Photo credit: EV Growth
Launched in March 2018, EV Growth provides series B and later-stage funding to startups in Indonesia and the rest of Southeast Asia, with an “agnostic industry focus.”
It’s a joint venture between Indonesia-based East Ventures, Yahoo Japan’s YJ Capital, and SMDV, the venture capital arm of Indonesian conglomerate Sinar Mas. And leading EV Growth are the top honchos of those VC firms – Willson Cuaca, Shinichiro Hori, and Roderick Purwana.
To date, EV Growth has deployed 40% of its fund to more than 12 deals, almost all of which are from Indonesia.
Those investments include beauty tech player Sociolla, multiplatform online media company IDN Media, mobile point-of-sale provider Moka, microretail tech startup Warung Pintar, and educational technology firm Ruangguru.
Cuaca says EV Growth’s fund deployment pace is just right. “We are glad that we could attract smart money within a short period of fundraising.”
For their part, Hori and Purwana expect to leverage their parents’ and their own networks to support EV Growth’s portfolio companies.
Editing by Eileen C. Ang
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