Indonesia-based sector-agnostic venture capital firm East Ventures recently welcomed Wesley Tay as its new principal to oversee seed-stage investments. Separately, Malaysian car e-commerce platform Carsome has collaborated with Electrum and pledged its expansion in the archipelago.
Wesley Tay joins as new principal
Wesley Tay, a former member of the Singapore Economic Development Board’s (EDB) corporate management leadership, has been named as the new principal at East Ventures, according to a statement.
In his new capacity, Tay will bring his decade-long experience and network to oversee East Ventures’ seed-stage investments. Tay will be based in Singapore.
Tay holds a Bachelor’s degree from the London School of Economics and a Master’s degree in Middle Eastern Studies from the School of Oriental and African Studies, University of London.
Prior to his tenure as acting vice-president of venture capital at EDB, Tay was a fund manager at Temasek’s subsidiary Pavilion Capital where he focused on SEA directs and fund-of-funds, according to his LinkedIn profile.
“As we enter the new year, we are glad to welcome Wesley to further strengthen the East Ventures team in empowering the tech and digital ecosystem across Southeast Asia. Wesley has always been part of the family, and we are excited to work even more closely in addressing the opportunities ahead,” said Willson Cuaca, co-founder and managing partner at East Ventures.
Carsome to expand in Indonesia’s new capital
Carsome has deepened its presence in Indonesia by committing to expanding its business in the country’s planned Nusantara capital, the firm said on Tuesday.
Carsome has also teamed up with Electrum to explore collaboration on sustainable mobility solutions. Electrum is a joint venture between TBS Energi Utama and GoTo to build the two-wheeler electric vehicle ecosystem in Indonesia.
In conjunction with Carsome’s participation in the Malaysian prime minister’s working visit to Jakarta, co-founder and Group CEO Eric Cheng submitted a Letter of Intent to the Minister of International Trade and Industry Abdul Aziz on Sunday, citing the company’s interest in setting up operations in Nusantara and investing in the digitisation of the automotive industry.
The ceremony was witnessed by Prime Minister Anwar Ibrahim, who was accompanied by Foreign Minister Dr Zambry Abd Kadir, Indonesia’s Foreign Minister Retno Werdiningsih, and Indonesia’s Public Works and Housing Minister Basuki Hadimuljono.
“Carsome thanks the Malaysian Government for the opportunity to be among the front-runners to invest in the growth of Indonesia’s future capital city, Nusantara,” said Cheng in a statement.
He added that the partnership with Electrum will be game-changing as Carsome will be able to complement Electrum’s growth aspirations to drive EV adoption in Indonesia.
Carsome began operations in Indonesia in 2016 and currently operates 42 retail centres in Greater Jakarta, West Java, and East Java.