Early-stage VC firm East Ventures has raised US$550 million in the final close of its latest fund.
The East Ventures team / Photo credit: East Ventures
The firm will allocate US$150 million for early-stage deals and US$400 million for growth-stage deals, said co-founder and managing partner Willson Cuaca.
East Ventures also aims to ensure sustainability with the usage of the funds.
“We are very bullish about Indonesia yet mindful of the global market condition. We have built a strong return track record for more than a decade, and as the ecosystem flywheel effect kicks in, East Ventures is well positioned to ride on it,” Cuaca said.
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The firm’s portfolio has experienced significant growth, with more than 200 companies moving from seed to growth stages. It has over US$1 billion in assets under management, recording more than US$86 billion of annualized gross merchandise value in aggregate by its portfolio. It has also attracted US$6.7 billion in follow-on funding for portfolio companies.
East Ventures’ latest funds received strong support from existing investors, with a re-up rate of 120%.
Managing partner Roderick Purwana said that Indonesia is among the fastest-growing digital economies in Southeast Asia. Some of the country’s largest tech companies have recently gone public, paving the way for other local startups to follow suit.
Recent investment rounds led by East Ventures include US$1 million into quick commerce firm Bananas and US$3 million into real estate NFT startup Fraction. The VC also invested in Nusantics, a genomics tech firm that develops Covid-19 test kits.
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Editing by Miguel Cordon and Eileen C. Ang
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