East Ventures has long been known as one of Indonesia’s longest-serving and most active seed-stage investors, but now it has officially moved up the food chain after it announced a final close of its growth fund at $200 million.
Called EV Growth, the fund is a joint venture between East Ventures, SMDV — the VC arm of Indonesian conglomerate Sinar Mas — and YJ Capital, which is associated with Yahoo Japan. The fund was first announced last year with a target of $150 million, but this final close has already surpassed that thanks to contributions from LPs that include SoftBank Group, Pavilion CapitaI and Indies Capital.
EV Growth is already active, with 40% of the fund deployed to date, according to East Ventures’ founding partner Willson Cuaca, who serves as partner for the new fund alongside Roderick Purwana from SMDV and YJ Capital’s Shinichiro Hori.
“We thought ‘There’s a gap … Read the rest