East Ventures Books 8 Trillion Rupiah Funds, Majority for Advanced Funding
East Ventures announced the acquisition of funding of $550 million (8 trillion Rupiah) from various investors. The names of the investors were not detailed, the only one mentioned was Z Holding Group. In addition, it is supported by previous investors with a re-up rate of 120%.
In an official statement, East Ventures Co-founder & Managing Partner Willson Weather said that his party has now transformed itself from an early stage investor to a multi-stage investor, as well as an efficient and strong platform to support entrepreneurship.
Of the total funds raised, $150 million will be allocated for early-stage funding and $400 million for advanced-stage funding.
“We are very optimistic about Indonesia, but still pay attention to global market conditions. We have built a track record of strong returns for more than a decade and now the flywheel effect of the ecosystem has begun. East Ventures is in the right position to ride it,” he said, Tuesday (10/5).
There is Significant Growth
Further, East Ventures has experienced significant growth in its portfolio, with more than 200 startups from early and advanced stages.
Later, managed more than $1 billion AUM (Asset Under Management) and recorded a follow-up fund of $6.7 billion. Claimed, the company recorded more than $86 billion in GMV in aggregate based on its portfolio.
East Ventures Managing Partner Koh Wai Kit also added, “We are grateful for the strong support from sovereign wealth, institutional investors, corporations, family offices, and other limited partners globally.”
He also continued, “As we continue our journey from institutionalization, we will do our best to drive meaningful values for our partners in Southeast Asia’s technology ecosystem.”
One of the investor representatives from this round, Z Holding Group, also gave his speech, represented by Shinichiro Hori.
He said, “[..] As Z Holdings Group, we are honored to double our investment in East Ventures through this new fund. We are excited to continue working together to build the future of Southeast Asia’s technology ecosystem.”
East Ventures has launched various strategic initiatives to support the progress and development of Indonesia as a whole, including supporting digital transformation through the East Ventures annual report – Digital Competitiveness Index.
It also ensures sustainable investment and practices by becoming the first venture capital in Indonesia to sign the Principles of Responsible Investment (PRI), a network of investors supported by the United Nations, as well as being actively involved in strategic initiatives to support stakeholders, including government, stakeholders. business people, and society.
This funding round was more than double the amount announced by the company at the start of the pandemic, in June 2020. At that time, East Ventures targeted the 8th fund to raise $88 million in funds from various LPs, including Pavilion Capital and Adams Street Partners.
The focus is on injecting additional capital for startups that emerged post-lockdown after the Covid-19 pandemic.
Implement ESG Initiative
Previously, the company launched the “Sustainability Report 2022” to describe the impact it has successfully created -along with its ecosystem – by involving the Environmental, Social, and Governance (ESG) framework and practices in achieving a brighter future. sustainable and inclusive.
This report is part of his work with more than a decade of working with hundreds of entrepreneurs in achieving the improvement of society as a whole.
East Ventures Managing Partner Roderick Purwana added, in implementing ESG practices and frameworks in the investment process, his party prepared a team with global and regional experience in multi-industry.
Under the Investment Committee, the group strengthens ESG leadership to oversee ESG compliance, policies, investment processes and standards.
Then, developed a Sustainable Investment Network (Sustainable Investment Network) to measure, track and improve the impact of its portfolio on the environment, economy and society. For its sustainability investment strategy, East Ventures applies two approaches – Doing Good and Avoiding Harm.