Adrian Li and Donald Wihardja from Convergence Accel

Adrian Li and Donald Wihardja from Convergence Accel

Convergence Accel has launched with a US$25 million fund focussed on investing in early-stage technology companies in Indonesia.

The partners, Adrian Li and Donald Wihardja, bring entrepreneurial and operational experience to the fund and are advised by a group of venture capitalists from the US and China. The team also brings strong and experienced networks from the US, China and Indonesia that will help portfolio companies from fund raising to operational expertise, as well as accessing strategic business relationships.

“We wanted to build a venture capital firm from the perspective of an entrepreneur and provide a more-than-capital approach to supporting the founders,” said Li, who has previously started Internet companies in China and Indonesia.

“For example, as an entrepreneur, finding  great talent was always a number one challenge (for me); hence, we will create dedicated in-house recruitment resources focussed on helping our portfolio build the best teams,” he added.

Wihardja, who has started, invested and operated technology-related ventures in Indonesia since the late 90s and was formerly Head of IdEA’s (Indonesia Ecommerce Association) Research team said, “As the largest economy in Southeast Asia with strong fundamentals and fast adoption of technology; Indonesia represents one of the most compelling investment opportunities in the coming decade.”

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The fund will primarily seek to invest up to US$500,000 in early-stage technology companies based in Indonesia and reserve follow on funding for successful ventures. The fund may also invest in later stage ventures from other regions that identify Indonesia expansion as a strategic focus.

Bob Xu Xiaoping, Founder of ZhenFund and Advisor to Convergence Accel said, “The potential to leverage experience from China’s Internet revolution to identify great opportunities in Indonesia and support entrepreneurs is tremendous.” He has invested in the early rounds of several US listed China Internet ventures including Jumei, Light in the Box and Jia Yuan.

While the fund’s target is to invest in approximately 25-30 companies over the next five years, Convergence Accel’s goal is to not only support its portfolio, but also help build the entire Indonesian technology ecosystem through knowledge sharing, community building and empowering entrepreneurs to create value through successful and sustainable businesses.