JAKARTA. East Ventures has announced the closing of its sixth investment fund worth US$ 75 million, 2.5 times higher than the venture capital firm's initial target of US$ 30 million.
The oversubscribed investment fund was supported by several investors consisting of high net worth individuals (HNWIs), Asian family offices, fund of funds, and sovereign wealth funds.
HNWIs participating in the fund include Meituan-Dianping CEO Wang Xing, Facebook co-founder Eduardo Saverin, and Razer co-founder Kaling Lim. Institutional investors taking part in the fund include Pavilion Capital, Adams Street Partners, and Temasek, while family offices involved include the Sinarmas Group, the Triputa Group, and the Emtek Group.
"We could have raised more but we wanted to maintain certain disciplines in this euphoria era. It is important to the ecosystem that the value creation velocity matches with valuation expectations," said East Ventures managing partner Willson Cuaca in an official statement, Wednesday (21/8).
Read more at: https://www.dealstreetasia.com/stories/east-ventures-sixth-fund-75m-150651/
East Ventures has invested in over 160 Indonesian startups, which in total have pocketed over US$ 4 billion, excluding the company's investment in Grab. 30 of East Ventures-funded startups have also been acquired by major companies or launched initial public offerings, such as Disdos which was acquired by US-based Groupon in early 2011 less than a year after East Ventures had invested in the company. (AM/MS)