Indonesia-based venture capital (VC) firm Alpha JWC Ventures said Tuesday it has closed an oversubscribed third fund, at $433 million, securing its place as Southeast Asia’s largest VC fund targeting early-stage companies.

Alpha JWC said in a statement the fund saw strategic investment from global and regional Limited Partners and investors, including World Bank’s International Finance Corporation (IFC) and Morgan Stanley Alternative Investment Partners.

According to the statement, Alpha JWC currently has around $630 million in assets under management (AUM) across its three funds, of which Fund III will double down on early and growth investments targeted towards Indonesia’s and Southeast Asia’s booming technology ecosystems.

Through Fund III, Alpha JWC said it is looking at a bigger roster of investment opportunities in Southeast Asia.

Though its main focus will remain around supporting Indonesian startups and founders, it said, over the past five years it has been expanding its regional presence with investments in Singapore, Malaysia, Vietnam, Thailand, and the Philippines.

The firm also said it will increase its investment size to up to $60 million in multi-stage funding.

It said it will continue to be opportunistic in all technology and technology-enabled sectors building on its success of discovering innovative fintech solutions and emerging segments such as direct to consumer brands, Software as a Service (SaaS), and Business to Business (B2B) services.

“We have had a clear vision since the day we founded Alpha JWC Ventures in 2015, which is to lead Indonesia and Southeast Asia’s rise as the world’s next major internet ecosystem. We are at the forefront of this revolution and we will continue to empower exceptional founders to become industry champions ready to compete on the global stage,” said Chandra Tjan, Co-Founder and General Partner, Alpha JWC Ventures.

Alpha JWC Ventures Co-Founder and General Partner Jefrey Joe also said that with this larger fund, they will be able to double down on their efforts in driving their mission to support their founders as they create scalable and sustainable companies in Indonesia and the region.

Despite the ongoing pandemic, Alpha JWC’s portfolio companies collectively raised more than a billion dollars in 2021. It also welcomed three unicorns this year: Indonesia’s largest Buy-Now-Pay-Later company Kredivo; Southeast Asia’s largest second-hand automotive marketplace Carro; and online brokerage platform Ajaib. The latter was Indonesia’s fastest company to reach unicorn status in just 30 months. In all three cases, Alpha JWC was the first institutional investor.

Alpha JWC uniquely has more than eleven companies nearing unicorn status, including Indonesia’s fastest-growing grab-and-go coffee chain Kopi Kenangan; Indonesia’s largest B2B marketplace GudangAda; healthy consumer goods producer Lemonilo; and Southeast Asia’s largest peer-to-peer platform Funding Societies.

“IFC’s partnership with Alpha JWC Ventures underscores our long-term commitment to Indonesia’s economic development and digital transformation. Alpha JWC’s focus on innovative technology-enabled businesses is key, as these investments help enable long-term development and have the power to transform lives,” said Kim-See Lim, IFC Regional Director for East Asia and the Pacific.

To date, the third fund has already been deployed into seven companies in the sector of financial technology, B2B SaaS, and small and medium enterprise solutions in Indonesia, Singapore, and Vietnam.

“Our big vision is to transform the tech ecosystem in Indonesia and beyond. The larger fund will help us achieve our goal in transforming Indonesia’s tech ecosystem by supporting startups from their early growth to later stages. The success stories of our investments so far have validated the country’s potential. Looking ahead, we will continue to invest in our local startups. With 3 unicorns more than 11 centaurs to date, we are optimistic that Alpha JWC will significantly contribute to the government’s target of creating 25 Indonesian unicorns within the next few years,” said Eko Kurniadi, Partner of Alpha JWC Ventures.

Alpha JWC’s position as the region’s best-performing early-stage VC firm began with its first fund of $50 million which was launched in 2016. The fund was deployed into 23 early-stage companies in Southeast Asia, mostly Indonesia, of which more than 90 percent of the portfolio companies have received follow-on funding.

Alpha JWC’s second fund was closed in 2019, at an oversubscribed $143 million and has been invested into 30 companies. The firm’s Total-Value-to-Paid In (TVPI) has reached 3.72 times and its Internal Rate of Return (IRR) is around 37 percent IRR for Fund 1. The numbers are even higher for the second fund: TVPI of 3.45 times and 87 percent of IRR.

In addition, the firm has generated nine exits so far, including the acquisition of business media DealStreetAsia to Nikkei, regional co-working space network Spacemob to WeWork, and Vietnamese enterprise SaaS to the country’s largest technology firm FPT Corporation.

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