JAKARTA – Early-stage tech investment firm East Ventures announced that it has reached the first close on a new venture fund for innovative startups in the region.
The new seed fund, which has a target of $88 million, is designed for digital companies emerging in the post-lockdown aftermath of the COVID-19 pandemic. It will be the firm’s eighth investment vehicle to date.
As the world has slowed down in the time of COVID-19, businesses in the region continue to struggle and lives have been changed forever. Local entrepreneurs are forced to rethink how they operate, understand what is truly essential, and learn how to live with less physical contact.
As a result, many are now accelerating to the point where they’re leap-frogging into digital transformation and bypassing years of the usual adoption process.
East Ventures’ latest fund is attracting global and regional institutional investors.
East Ventures’ management team believes new global conditions have provided unprecedented clarity for startup decision-makers.
“The pandemic has created a chance for a new breed of entrepreneurs to think about new problems and how to solve them in efficient ways via technology,” says East Ventures’ Managing Partner Willson Cuaca. “We remain optimistic about the future of Southeast Asia’s digital economy, and we’re particularly bullish on the Indonesian market. We feel the current situation proves our core hypothesis that great founders will find a way to make their companies thrive, even in times of crisis. Great people withstand the test of time.”
Representing approximately 40% of the region’s economy, Indonesia’s internet economy has progressed rapidly — starting as a humble e-commerce-based game and blooming into an everyday staple that touches all industries.
Regionally, venture capital has become a relatively new asset class for investors. East Ventures has established an outstanding track record as one of the first movers. The firm has grown its portfolio value significantly and assisted in the successful exits of multiple companies. – BusinessNewsAsia.com