Regional venture capital (VC) firm Gobi Partners launched its new early-stage fund, the Gobi-Agung Fund, in Indonesia today. The fund size reaches US$10 million, with ticket sizes up to US$1 million for each deal.
The Venture Partner that will helm the fund is Arya Masagung, who joined the firm this year to oversee their early-stage investment strategy in Southeast Asia, with a focus on the Indonesian market.
The University of San Fransisco graduate has previous experiences as Co-Founder in Ebby, a Silicon Valley startup that provides corporate transportation services, and as a business development executive at Verlocal, a hyperlocal marketplace.
“Indonesia is in the middle of a growth spurt. No longer is Indonesia a local market, instead we believe it is an international one. Just look at Southeast Asia today, and we’ll find that most of the unicorns are Indonesian companies. Given Gobi’s experience as a regional player, we are in a unique position to be a bridge for startups in the region. By investing in both inbound and outbound companies, we will be able to utilise our regional ecosystem to its utmost potential in creating value for these companies. With this two-fold strategy, we will ride the waves of Indonesia’s emerging economy,” said Masagung.
The Gobi-Agung Fund has already made its first investment in Fastwork, a Southeast Asian freelancing platform headquartered in Indonesia, that was founded in 2015 by a group of engineers and entrepreneurs from Silicon Valley and New York. The company has grown 1,100 per cent in revenue since December 2017, and is currently employing more than 50 people for its operations in Indonesia and Thailand.
The launch of Gobi-Agung fund is a part of key components of Gobi’s overall strategy for ASEAN. Right before the launch of Gobi-Agung fund for Indonesia, the VC firm also launched Gobi-Core Fund in the Philippines.
Both investment vehicles will serve as discovery funds for the firm and will be backed up by Gobi Partners’s Meranti ASEAN Growth Fund.
“We can now engage earlier with entrepreneurs and build deeper relationships in the local venture ecosystems. At the same time, we can bring further follow-on funding and Gobi’s broader resources and networks. Most importantly, we can share some of the lessons that we have learned,” said Ku Kay Mok, Gobi Managing Partner for ASEAN.
Image Credit: Gobi Partners