Southeast Asian VC firm East Ventures announced today it has closed its sixth fund at US$75 million, exceeding its initial target of US$30 million.
Investors in the new fund include Wang Xing (CEO of Meituan-Dianping), Eduardo Saverin (Co-founder of Facebook), and Kaling Lim (Co-founder of Razer), besides Pavilion Capital, Adams Street Partners, and Temasek.
Several Asian family offices including Indonesia-based Sinarmas Group, Triputra Group, and Emtek Group also backed this fund. Existing LPs also invested.
According to a Reuters report, the family offices of Alibaba Group’s Co-founder Eddie Wu also backed the new fund.
With this, East Ventures will continue to support the Southeast Asian startup ecosystem, particularly Indonesia.
Willson Cuaca, Managing Partner of East Ventures, said: “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.”
The sixth fund has already invested in several companies in multiple verticals, including Wahyoo, Stockbit, AllSome Fullfillment, Katadata, Cicil, Mekari, Kedai Sayur, Advotics, The FIT Company, Nalagenetics.
Established a decade ago and managed by Cuaca, Batara Eto, and Taiga Matsuyama, East Ventures is an early-stage fund focused on Southeast Asia and Japan. Over several years, East Ventures has invested in over 160 companies in Indonesia, Singapore, Japan, Malaysia, Vietnam, and Thailand.
Its other portfolio companies include Traveloka, Tokopedia, ShopBack, Ruangguru, Sociolla, IDN Media, Waresix, and MokaPOS. In the past three years, the firm also introduced several internal projects such as CoHive, Warung Pintar, and the most recent Fore Coffee.
In 2017, two of its companies were acquired by Southeast Asian unicorns — Grab acquired Kudo and Go-Jek acquired Loket. In 2018, a successful SaaS company merger and acquisition happened through Sleekr acquisition to Jurnal and Talenta, which are both East Ventures’ portfolios.
In 2019, another East Ventures’ portfolio company Bridestory was acquired by Indonesia based unicorn Tokopedia.
Last year, the VC firm launched a US$200 million joint growth fund, called EV Growth, for the market.
East Ventures was recently named one of the most consistent top performing VC fund managers in the world by Preqin.