East Ventures takes leadership in EV Growth following its co-GP restructure

East Ventures has announced that it’s set to lead EV Growth as part of a change in the Indonesia-focused fund’s co-general partner structure.

Photo credit: EV Growth

EV Growth was formed in 2018 as a joint venture of East Ventures, SMDV, and ZVC (formerly Yahoo Japan Capital). It raised a total of US$250 million in its first fund in December 2019 to provide growth capital to startups in Indonesia and the rest of Southeast Asia.

Its portfolio consists of 20 firms from across the region, including Sociolla, Ruangguru, Waresix, KoinWorks, Shopback, Stockbit, Fuse, Tokopedia, Traveloka, Grab, and Gojek. It claims to have generated an internal rate of return of 27% by 2020, with an early exit from the sale of Moka POS to Gojek.

Following this development, Roderick Purwana, partner at EV Growth and managing partner at SMDV, will be appointed as managing partner of East Ventures. The EV Growth team and part of the SMDV team will also join the venture capital firm.

David Tendian will be appointed as operating partner at SMDV while Shiniciro Hori will remain on EV Growth’s investment committee.

East Ventures claimed that once the deal is completed, it will command the largest venture team in Southeast Asia, with over 60 staff members and eight partners, including Melisa Irene (seed partner), David Audy (operating partner), Triawan Munaf (venture adviser), and Koh Wai Kit (venture partner).

SMDV and ZVC said they will continue to support and work closely with East Ventures and its ecosystem.

Founded in 2009, East Ventures provides multi-stage investment, including seed and growth, to over 200 companies in Southeast Asia. Some of its portfolio companies include Tech in Asia, Ruangguru, Warung Pintar, Kudo (acquired by Grab), Loket (acquired by Gojek), Xendit, and IDN Media.