EV Growth Closes US$250 Million Fund
EV Growth, a Singapore headquartered venture capital firm, has hit the hard cap of its first fund at US$250 Million, exceeding the firm’s initial US$150 Million target. This milestone is the result of the firm’s admission of new Limited Partners (LPs) which include several Asian based family offices and two of Asia’s largest sovereign wealth funds.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191230005362/en/
EV Growth team. (Photo: Business Wire)
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 - Willson Cuaca from East Ventures, Roderick Purwana from SMDV, and Shinichiro Hori from Yahoo! Japan Capital.
EV Growth has invested across different sectors in Southeast Asia. Some of its recent investments included:
- Indonesia leading Edutech Ruangguru US$150 Million Series C round
- Indonesia leading Beauty-tech Sociolla US$40 Million Series D round
- Regional cashback startup Shopback US$45 Million round
- Indonesia supply chain logistic Warung Pintar US$27.5 Million Series B
- Indonesia trucking and warehousing platform Waresix US$14.5 Million Series A
Other major follow on rounds included the latest round of two Indonesian unicorns Tokopedia and Traveloka, Indonesia SME lending Koinworks, Indonesia premium online-to-offline coffe chain Fore Coffee, and Indonesia leading media company IDN Media.
Presently, EV Growth has deployed more than 50 per cent of its total funds in 20 deals. 80 per cent of EV Growth’s portfolio companies are Indonesian, where the fund’s IRR stands at 36 per cent.
Willson Cuaca, Managing Partner of EV Growth and co-founder of East Ventures said, “The inflection point in Southeast Asia is now and we are lucky to be here early. Our firm’s operating experience, deal velocity, local knowledge and regional networks have helped us capture some of the best deals in the region. We plan to deploy US$325 Million for Southeast Asian startups combining active funds size, for both seed and growth stage.”
By having two funds, East Ventures supports the start-up ecosystem and has been consistent, long term and founder friendly. In example, East Ventures has been a long-time supporter of Ruangguru where Willson Cuaca was a board member since the initial stage and participated in the company’s seed round in 2014. East Ventures assisted with the follow-on round and supported further through EV Growth fund by investing in its recent US$150 Million series C round.
“We are proud to have East Ventures as our partner. Willson Cuaca from EV Growth believed in us from the very beginning and gave us our first seed funding in 2014. We are thankful that EV Growth supported us and participated in our latest US$150 Million round. We continue to demonstrate a strong commitment to East Ventures and look forward to working together with them to reach even greater heights," added Adamas Belva Syah Devara, CEO and co-founder of Ruangguru.
About EV Growth
EV Growth is a joint venture between East Ventures, SMDV, and Yahoo! Japan Capital that is focused on providing growth capital to startups in Indonesia and the rest of Southeast Asia with an agnostic industry focus. EV Growth has one of the largest networks of companies and partners in the region and has invested in more than 20 portfolio companies since its first close in April 2018.
EV Growth aims to bridge the gap in VC growth funding with the ultimate goal of creating a well-diversified portfolio of Southeast Asia early growth tech stage leaders. Leveraging Sinar Mas' deep business knowledge and combined with East Ventures' reputation as one of the leading VCs with the largest seed and Series A portfolios in the region as well as Yahoo! Japan Capital's long experience in the Internet industry, EV Growth has unrivaled access and insight into upcoming trends and opportunities in the industry.
About East Ventures
Founded in 2009, East Ventures is an early-stage sector-agnostic venture capital firm. The firm has supported more than 170 companies in the Southeast Asian region that are present across Indonesia, Singapore, Japan, Malaysia, Thailand, and Vietnam.
An early believer in the startup ecosystem in Indonesia, East Ventures is the first investor of Indonesia's unicorn companies, namely Tokopedia and Traveloka. Other notable companies in the portfolio include Mercari, Warung Pintar, Fore Coffee, Disdus (acquired by Groupon), Kudo (acquired by Grab), Loket (acquired by Gojek), Tech in Asia, Omise, IDN Media, Ruangguru, MokaPOS, ShopBack, and CoHive.
In 2018, to further support and capitalize on the development of their ecosystem, East Ventures set up a growth stage fund named EV Growth. The following year, East Ventures was named the most consistent top performing VC fund globally by Preqin and the most active investor in SEA and Indonesia.
Gladys Nathania, Media Relation, East Ventures
Phone: +62 81319301170, email: Gladys@east.vc
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
HighRes Biosolutions and Novo Nordisk partner to transform drug discovery in automated Lab of the Future24.1.2020 17:00:00 EET | Press release
HighRes Biosolutions and Novo Nordisk A/S today announced that they will collaborate to design a state-of-the-art robotic platform for high-throughput biologics engineering and characterisation. The integration of a multi-system robotics platform with sophisticated software control architecture will enable a digital transformation and accelerated discovery for Novo Nordisk’s peptide and large molecule therapeutics research. “In order to maintain our leadership within biologics engineering we are investing in a fully automated and digital design platform. This investment is linked to our build-up in AI and advanced analytics and demonstrates Novo Nordisk’s commitment as a world leading biologics research company,” said Lars Fogh Iversen, senior vice president, Global Research Technologies, Novo Nordisk. The platform will comprise several highly automated and integrated cells for production, characterisation and functional analysis of thousands of biologic compounds every month. Its scop
Conquest Invests in 5 Greenfield Onshore Wind Parks Totalizing 43MW in the Flanders Region24.1.2020 15:37:00 EET | Press release
Conquest, acting through the Conquest Sustainable Infrastructure fund, announced the transaction was closed after an exclusive agreement had been reached with ENGIE Electrabel. Conquest acquires 51% of a portfolio expected to provide 111 GWh per annum of renewable power representing the annual electricity consumption of about 32,000 Belgian homes from early 2021 onwards. The projects benefit from 15 to 20-year green certificates local remuneration schemes, and thus generate yearly secured revenues. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200124005221/en/ Credit: Electrabel While the energy and digital transitions continue to drive the infrastructure sector, Conquest keeps building its diversified sustainable real asset portfolio in Western European markets. The success lies in years of collaboration and long-lasting partnerships with fellow industry experts who can notably facilitate access to new growth opportunities
Fluence Expands EMEA Footprint with Horticulture Partners in Papenburg, Germany24.1.2020 14:00:00 EET | Press release
Fluence by OSRAM (Fluence), a leading global provider of energy-efficient LED lighting solutions for commercial cannabis and agriculture production, announced today it is expanding its presence in the Emsland region of Germany through partnerships with growers and other horticulture specialists operating out of Papenburg. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200124005109/en/ Friedrich Schulz’s 5.5 hectare farm—which grows herbs year-round in addition to lettuce, peppers and chives—utilizing VYPR 2p fixtures. (Photo: Business Wire) Given Papenburg’s decades-long history of attracting horticulture experts, Fluence’s innovative lighting solutions for horticulture are a natural fit for the region’s tomato, cucumber, leafy greens and herb growers. Forging connections with Papenburg’s horticultural leaders Elektro Evers, an engineering firm specializing in greenhouse technology, is Fluence’s exclusive systems integrator
HCL Technologies Honors Global Goodwill Champions at the 2020 World Economic Forum in Davos24.1.2020 12:47:00 EET | Press release
HCL Technologies (HCL), a leading global technology company, today presented its Wave Maker Awards 2020, commemorating global goodwill champions from around the world. The award ceremony, which was held at the HCL Pavilion in Davos, celebrated organizations and individuals passionately committed to such noble causes as diversity & inclusion, education & community upliftment, environment & sustainability, and technology for change. Special guest at the awards was Australian cricket legend Glenn McGrath, who is also founder of the McGrath Foundation, which provides support for Australian women diagnosed with breast cancer and their families. The award recipients were; Lois Auta, Founder and Executive Director of Cedar Seed Foundation, which supports persons with disabilities to participate in all aspects of life; Chido Govera, Founder and Director of The Future of Hope Foundation (TFoHF), which supports marginal and vulnerable members of society through entrepreneurial and self-developme
Ipsen’s palovarotene clinical program in fibrodysplasia ossificans progressiva reaches prespecified interim analysis futility criteria24.1.2020 09:00:00 EET | Press release
Regulatory News: Ipsen (Euronext: IPN; ADR: IPSEY) today announced the decision to pause dosing patients in the global Phase III (PVO-1A-301) study designed to evaluate the efficacy and safety of palovarotene in patients with fibrodysplasia ossificans progressiva (FOP), as well as the ongoing Phase II (PVO-1A-202/204) extension studies. In both the Phase III and Phase II extension studies, palovarotene is dosed both chronically (daily) and episodically (during flare-ups). The decision to pause dosing patients in the trial is based on results of a futility analysis reviewed by the Independent Data Monitoring Committee (IDMC) as part of the prespecified interim analysis. The results of a futility analysis indicated that the Phase III FOP trial was unlikely to meet its primary efficacy endpoint (annualized change in new HO volume as compared with Natural History Studyi) upon completion. Despite the results of the prespecified interim analysis, signals of encouraging therapeutic activity w
Amazentis Announces the Launch of Timeline™ Cellular Nutrition at the World Economic Forum in Davos23.1.2020 23:56:00 EET | Press release
Amazentis announces the debut of Timeline, a next generation nutrition product designed to promote healthy aging, as part of the Swiss Food & Nutrition Valley in the House of Switzerland at the World Economic Forum in Davos, Switzerland. Given the increase in the aging population globally -- according to a 2019 Deutsche Bank study, there are more people on Earth older than sixty five than younger than five for the first time -- it is imperative for consumers to take proactive measures to maintain a high quality of life, for as long as they live. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200123005820/en/ (Photo: Business Wire) Timeline contains the proprietary nutrient Mitopure™, a highly pure form of Urolithin A. After a decade of rigorous research by leading scientists around the world, Mitopure has been shown to help counter age-associated cellular and muscular decline by revitalizing the mitochondria, the powerplants
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom