Singapore headquartered venture capital firm, EV Growth, announced that it has hit the final close of its first fund at US$200 million, exceeding the firm’s initial US$150 million target. Supporting the fund are partners like SoftBank Group Corp., Pavilion CapitaI, Indies Capital, and other regional investors.

EV Growth is a joint venture between East Ventures, SMDV, and YJ Capital Inc. and was launched in March 2018. It stated that it aims to provide growth capital to industry-focussed startups in Indonesia and the rest of Southeast Asia.

EV Growth is led by three partners representing each original venture – Willson Cuaca from East Ventures, Roderick Purwana from SMDV, and Shinichiro Hori from YJ Capital Inc.

So far, EV Growth has backed startups from different sectors, including beauty tech Sociolla, multi-platform online media company IDN Media, mobile point-of-sale player Moka, micro-retail tech Warung Pintar, and edutech, Ruangguru. 40 per cent of its total fund has gone to 12 deals thus far, with 90 per cent of them are Indonesian startups.

“We set up EV Growth to capture some of the best startups from Indonesia, including but not limited to portfolios of East Ventures. The timing, fund size, and fund deployment pace are right and we are glad that we could attract smart money within a short period of fundraising,” said Willson Cuaca, Partner of EV Growth.

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Commenting on SoftBank Group Corp.’s involvement in this first fund, Shinichiro Hori, Partner of EV Growth, said, “We are excited to have YJ Capital Inc.’s parent company, SoftBank Group Corp., as well as many of the key regional investors onboard. As a joint venture fund, we aim to bring value to our portfolio companies by leveraging the network and capabilities of the partners, our parent companies and affiliates, and our investors with experience in global markets.”

SMDV’s rep in EV Growth, Roderick Purwana, also Partner of EV Growth also shared a similar sentiment “The combination of the three firms, allows us to leverage further the network of Sinar Mas group to support a growing ecosystem of tech companies in Indonesia and the region.”