Gobi Partners follows up on the Philippines with $10m early-stage Indonesia fund

Jakarta / Photo credit: 123RF

Gobi Partners has established a US$10 million venture fund dedicated to investing in early-stage startups in Indonesia.

Named Gobi-Agung Fund, the vehicle will make investments of up to US$1 million per ticket. It has already done its first deal, backing Fastwork – a freelancer platform founded by Silicon Valley alumni that has seen 1,100 percent revenue growth since December last year and employs more than 50 people across Indonesia and Thailand.

Another Silicon Valley veteran is heading up the new fund. Arya Masagung joined Gobi Partners as venture partner earlier this year. Previously, he co-founded US-based transportation startup Ebby and worked in business development at online marketplace Verlocal.

“We are in a unique position to be a bridge for startups in the region,” Masagung said, explaining the fund’s strategy. “By investing in both inbound and outbound companies, we will be able to utilize our regional ecosystem to its utmost potential.”

Kuala Lumpur-based Gobi Partners launched a similar early-stage vehicle in the Philippines, named Gobi Core Fund, last week.

See: Southeast Asia’s ‘funding barbell’ spurs new Gobi Partners fund

The firm described the new funds as “key components” of its overall strategy for Southeast Asia. Both will serve as “discovery funds” that will help it to identify longer-term investment opportunities in the region. They are also both being supported by the Meranti ASEAN Growth Fund – Gobi’s vehicle focused on investments at series B and above. In August 2017, the fund saw the first close of US$50 million, with a target of US$200 million.

“We can now engage earlier with entrepreneurs and build deeper relationships in the local venture ecosystems. At the same time, we can bring further follow-on funding and Gobi’s broader resources and networks,” said Gobi’s managing partner for ASEAN, Ku Kay Mok.