Kejora targets growth-stage startups with $80m fund for Southeast Asia

Kejora and its partners (L-R): Andy Zain (Managing Partner), Barry Pangestu (Advisory Committee), Sebastian Togelang (Founding Partner), Chatchaval Jiaravanon (Advisory Committee), Phengpian Laogumnerd (Venture Partner), Tridbodi Arunanondchai (Entrepreneur In Residence).

Kejora, a VC firm and startup hub in Indonesia, today announced a new venture fund for Southeast Asian startups.

Its target size is US$80 million and about a third of it has been secured at this point, says Sebastian Togelang. Sebastian leads the fund along with partners Andy Zain and Eri Reksoprodjo.

The average amount Sebastian wants to allocate to individual startups per round is in the US$2 million to US$5 million range. “We can support series A or B, and even seed,” he says.

The fund, which goes by the moniker Kejora Star Capital II, is the VC firm’s second.

While angel and seed-stage funding opportunities have grown substantially over the past five years, the air gets thinner for those growing beyond that phase. This makes this fund a valuable addition to Southeast Asia’s startup ecosystem.

Tech in Asia’s data for Southeast Asia shows that series A deals are growing at a lower pace than seed deals, which means it’s especially tough for seed-stage startups to find follow-up money.

Only a few other VCs with eyes on the region have an investing profile similar to Kejora’s second fund. These include Venturra Capital, Golden Gate Ventures, and Gobi Partners .

Looking at Thailand

Among Kejora Star Capital II’s backers are Barito Pacific Group, an Indonesian conglomerate; the Charoen Pokphand family, which runs a massive Thai conglomerate; and Germany’s Hubert Burda Media.

Kejora has strengthened its regional reach with a new focus on Thailand. The team has also opened a new office in Bangkok.

Kejora’s new headquarters in Thailand. Photo credit: Kejora.

Doubling down