Venture Capital: Singapore VC Fund Scoops Up $250 Million

January 2, 2020 | News, Venture Capital

EV Growth focusses on startups in Indonesia and South-East Asia.

Founded in March 2018, EV Growth is a joint venture between East Ventures, SMDV, and Yahoo Japan Capital. The fund announced Monday the raising of an additional US$ 50 million in its first fund.

The fresh raising brings the VC fund’s subscription to its hard-cap size of US$ 250 million.

In May 2019, EV Growth had announced a close of US$ 200 million, exceeding its initial target of US$ 150 million. Commitments came from SoftBank Group Corp, Pavilion Capital, Indies Capital and other regional investors.

Who subscribed to the additional US$ 50 million

Investors included Singapore’s sovereign wealth fund Temasek, an unnamed sovereign wealth fund in Asia and several Asia-based family offices, according to The Business Times.

EV Growth does not maintain an industry-wise focus, nor any particular sector. Instead, it invests in companies across a wide range of industries and businesses with a focus on Indonesia.

The firm has already invested more than 50% of its funds in 20 transactions. Moreover, it’s current IRR stands at an impressive 36% on its Indonesian portfolio.

The firm’s portfolio includes Indonesian unicorns Tokopedia and Traveloka, insurance-tech startup Fuse, media company IDN Media and regional prop-tech 99.co.

Meanwhile, its other recent investments in Indonesia include:

  • Leading Edutech Ruangguru US$150 Million Series C round
  • Leading Beauty-tech Sociolla US$40 Million Series D round
  • Supply chain logistic Warung Pintar US$27.5 Million Series B
  • Trucking and warehousing platform Waresix US$14.5 Million Series A

Management speak

“The inflection point in Southeast Asia is now and we are lucky to be here early,” said Willson Cuaca, Managing Partner. “Our firm’s operating experience, deal velocity, local knowledge and regional networks have helped us capture some of the best deals in the region.”

Related Story:  Private Equity: Global Infrastructure Partners to Invest $3 Billion in Indonesia                                                 

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