Indonesia-focused venture capital firm East Ventures has announced raising $250 million in the first and final close of its latest fund, Growth Plus.
The new fund, which brings East Ventures’s total funds raised to date to $835 million, will target growth portfolio companies that demonstrate strong potential within its ecosystem.
The final close of Growth Plus comes about a year after East Ventures raised a total of $550 million in the final close of its two seed and growth funds. The funds were extended to raise $585 million.
East Ventures said it will continue to invest in early-stage and growth-stage companies through its seed and growth funds.
The firm currently has more than $1 billion in assets under management (AUM) and attracted $6.7 billion in follow-on funding for its portfolio companies last year. It has invested in over 300 companies in Southeast Asia.
Its portfolio includes some of Indonesia’s unicorns, including Tokopedia and Traveloka. Other notable companies in its portfolio include Ruangguru, SIRCLO, Kudo (acquired by Grab), Loket (acquired by Gojek), Tech in Asia, Xendit, IDN Media, MokaPOS (acquired by Gojek), ShopBack, KoinWorks, Waresix, and Sociolla.
“With this latest fund close, East Ventures is well-positioned to drive innovation, foster entrepreneurship, and provide positive impacts to the vibrant startup ecosystem in Indonesia and beyond,” the VC firm said in the announcement.
It recently co-anchored the new funding round for UENA, a hyperlocal online F&B startup based in Indonesia; and led the $20-million Series A funding in supply-chain enabler Praktis.
Last month, East Ventures launched the East Ventures – Digital Competitiveness Index 2023, which reports on Indonesia’s digital competitiveness.
The firm’s fundraise comes as Indonesia continued to drag down regional performance, with deal volume extending its downward trajectory that began in the third quarter of last year, according to a DealStreetAsia report.
The report showed that Indonesian startups collected $432 million in Q1 2023, a decrease of 41% compared with Q4 2022 and 55% year-on- year. For the first time, Thailand outranked Indonesia in terms of total deal value with a $529-million haul.