AC Ventures, a Southeast Asia-focused VC firm, has reached the first close of its fifth fund, which has a target of US$250 million.
AC Ventures’ Managing Partners (from left) Michael Soerijadji, Helen Wong, Adrian Li, and Pandu Sjahrir / Photo credit: AC Ventures
Not only has the fund raised 65% of its capital target, but it has also already invested in five startups. These include SkorLife’s US$2.2 million round, Ideal’s US$3.8 million fundraise, and Atma’s US$5 million deal, with AC Ventures being the first institutional investor to back these three startups.
TechCrunch first reported on the development.
Since 2014, AC Ventures has invested in over 120 tech firms across Southeast Asia, which include the likes of Xendit, Bibit, Carsome, and Onic Esports. The VC firm said it currently has over US$500 million in assets under management.
The company has also made several new hires. It recently brought on Helen Wong, who was previously with Qiming Ventures and GGV Capital, as a managing partner.
A key hiring focus appears to be for a value creation team that can help the operations of AC Ventures’ portfolio startups. Hires made for this team include former Sea Group CSO Alan Hellawell as a senior advisor and venture partner, as well as former Tech in Asia Indonesia chief English editor Leighton Cosseboom as head of PR and communications.
The firm is also focusing on improving its ESG best practices, having appointed ex-Potato Head Group director of sustainability Lauren Blasco as its new head of ESG. She will be helping the firm’s portfolio startups improve their ESG impact and implement relevant strategies.
See also: Indonesia’s Upturn parts ways with founder, shifts to venture builder model
Editing by Miguel Cordon and Lorenzo Kyle Subido
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