Financial support: Carsome’s Automall in Malaysia. AC Ventures has backed about 120 companies across South-East Asia, including the Malaysian used-car online marketplace Carsome Group.
JAKARTA: Indonesia’s AC Ventures is raising US$250mil (RM1.12bil) for its fifth fund, banking on its reach in South-East Asia’s largest economy to find the region’s next wave of early-stage startups.
The firm has secured almost two-thirds of its target at first close, according to its statement. About 80% of commitments are from institutional investors including sovereign funds, foundations, endowments and corporations.
South-East Asia’s startups are attracting investor interest despite a cloudy global economic outlook that has battered tech companies’ valuations.
Venture capital (VC) firms including Sequoia Capital India and Singapore’s Jungle Ventures have launched funds focused on the region this year as they look to capture growth opportunities in markets that are adding technology users and online consumers at a rapid clip.
“In downturns, we’ve seen that good companies pull ahead,” Helen Wong, managing partner of AC Ventures, said during a joint interview with co-founder Adrian Li.
“It’s a good time now for startups to look closely at their organisational charts, think of ways to optimise cost structures and look at where they can put resources to work that would really make a difference.”
Formed in 2019 through a merger of Agaeti Venture Capital and Convergence Ventures, AC Ventures has US$500mil (RM2.25bil) of assets under management.
The firm has backed more than 120 companies across South-East Asia, including Indonesian payments startup Xendit, online lender KoinWorks, fishery platform Aruna and Malaysian used-car online marketplace Carsome Group, which has delayed plans to list in the United States and Singapore.
AC Ventures hired Wong from China-based Qiming Ventures this year as managing partner, adding to its senior management team of founding partner Pandu Sjahrir and co-founders Michael Soerijadji and Li.
The fifth fund will allow AC Ventures to further strengthen its team and support portfolio companies on issues such as business development and regulation.
The Jakarta-based firm, which mainly invests in Indonesia, targets fields including consumer technology, eCommerce, fintech and logistics.
It’s adding climate technology as a new focus area, part of a drive to back companies with strong environmental, social and governance track records. — Bloomberg
