KUALA LUMPUR, Dec 31 -- Singapore-based venture capital firm EV Growth has hit the hard cap of its first fund at US$250 million, exceeding the firm’s initial target of US$150 million. (US$1 = RM4.09)
According to a statement, this milestone is the result of its admission of new Limited Partners which include several Asian-based family offices and two of Asia’s largest sovereign wealth funds.
Some of its recent investments include Indonesia’s leading Edutech, Ruangguru (US$150 million Series C round) and regional cashback startup, Shopback (US$45 million round).
Other major follow on rounds in Indonesia also include the latest round of two unicorns, Tokopedia and Traveloka; SME lending, Koinworks; premium online-to-offline coffee chain, Fore Coffee; and leading media company, IDN Media.
Presently, EV Growth has deployed more than 50 per cent of its total funds in 20 deals. A total of 80 per cent of EV Growth’s portfolio companies are Indonesian, where the fund’s IRR stands at 36 per cent.
Managing partner of EV Growth and co-founder of East Ventures, Willson Cuaca, said: “We plan to deploy US$325 million for Southeast Asian startups combining active funds size, for both seed and growth stage.”
Launched in March 2018, EV Growth is a joint venture between East Ventures, SMDV and Yahoo! Japan Capital that focuses on providing growth capital to startups in Indonesia and the rest of Southeast Asia with an industry agnostic focus.
The company is led by three partners – Cuaca, Roderick Purwana from SMDV, and Shinichiro Hori from Yahoo! Japan Capital.
-- BERNAMA
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