East Ventures destroys target for sixth fund with $75m final close

A heavily oversubscribed fundraise has seen Southeast Asian venture capital firm East Ventures reach more than double its initial target for the final close of its sixth fund.

The $75m vehicle surged past its initial $30m goal thanks to institutional backing from LPs including Pavilion Capital, Adams Street Partners, and Temasek, as well as Asian family offices including Indonesia-based Sinarmas Group, Triputra Group and Emtek Group.

Indonesia-based East said it planned to stay bullish on providing seed to Series A funding for startups from all sectors and industries in the region.

The latest raise comes a year after the firm cemented its commitment to continuously support its portfolio companies through the launch of its $200m joint growth fund, EV Growth.

Willson Cuaca, managing partner of East Ventures, ​said, “We are overwhelmed by the support given by our investors and decided to expand, but hard limit, the fund to $75m.

“We could have raised more but we wanted to maintain certain disciplines in this euphoria era.

“It is important to the ecosystems that the value creation velocity matches with valuation expectations and this will translate to how our fund performs to our stakeholders – founders, business partners and LPs.

“What really matters to us is to be known as the best performing fund instead of the biggest fund in Southeast Asia.”

Notable exits for East to date include selling Disdus to Groupon in early 2011 after just a year of investment.

Two years ago a pair of East Ventures-backed companies were acquired by Southeast Asian unicorns, with Grab acquiring Kudo and Go-Jek picking up Loket.

Earlier this year East Ventures portfolio business Bridestory was acquired by Indonesia based unicorn Tokopedia.

The firm has a number of FinTechs in its portfolio. Last year, the firm supported the $32m round of Bitcoin and cryptocurrency mobile wallet BRD.

Copyright © 2019 FinTech Global

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