Ascent Venture Group, a new venture platform as the successor to two Indonesian VC funds – ARISE and Centauri, are formally announced on Thursday.

Ascent is the largest ecosystem-linked venture platform in the region with four partners, 10 investment professionals, and a supporting operational team across Jakarta, Singapore, Seoul offices and access to multi billion dollar ecosystems across broader Southeast Asia.

Prior to the team’s merger into Ascent, ARISE and Centauri were established in 2019 through a collaboration between MDI Ventures and KB Investment. Currently, this newly established venture platform is managed by serial technology entrepreneurs and investors; Aldi Adrian Hartanto, Hans De Back, Kenneth Li, and Eric (Jung Ho) Yoo (representing KB Investments) who will lead a newly planned fund that will act as a successor to the two predecessor funds.

Ascent invests with a thesis-driven approach in high-growth startups across the rapidly growing markets of Indonesia and the rest of Southeast Asia, according to a statement.

“The term ‘Ascent’, our recently adopted name, embodies the concept of “The Act of Rising Upward,” emerging from the amalgamation of our previous fund titles, “ARISE” and “Centauri.” This name encapsulates the passion and determination that our team employs while investing in and supporting our unwavering founders in their pursuit of ambitious objectives, navigating and conquering challenges that come their way to reach the top.”, said Kenneth Li, Managing Partner at Ascent Venture Group.

Ascent predecessor funds has invested in 30 companies across Southeast Asia and beyond, which more than 70 percent of those have successfully raised follow-on funding from third-party investors subsequent to Ascent’s initial investments, resulting to two M&A and an IPO with money on invested capital (MOIC), or investment profit rate metrics clocked at 3.2 times and 1.75 times respectively. Some of the portfolio companies include Agriaku, Evermos, Qoala, Paxel, and Fishlog among others.

“Our goal was to consolidate our resources and network of ecosystems to build a platform of exponential value that can strengthen our ‘thesis-driven’ strategy and provide significant Product-Market Fit support to our portfolio Founders as they seed and scale successful businesses across Indonesia – the largest market in Southeast Asia,” said Aldi Adrian Hartanto, Managing Partner at Ascent Venture Group. “In addition, Ascent’s close relationship with prominent growth-stage investment groups like KB Investment and MDI Ventures enables additional support for portfolios with later-stage capital as the companies enter Marginal Profit or Business-Model Fit.”

While the prior funds remain separate and are fully deployed, portfolio companies will now have access to the combined partnership to support their growth. The investment thesis of the new fund continues their prior funds’ respective successful investment strategies of investing in Indonesia-focused, early stage, tech-enabled opportunities with a “thesis-driven” approach leveraging its access to a robust ecosystem. In particular, the team are seeking investment opportunities into areas of MSME Enabler, Financial Service Digitalization, and Neo Consumer with new sector focus such as Climate and Healthcare.

Hans De Back, Managing Partner at Ascent Venture Group and rep partner from KTP, brings solid company building experience into Ascent.

“We welcome Central Capital Ventura, the VC arm of Bank Central Asia, as an ecosystem partner of Ascent. The partnership will foster synergistic values to the prospective portfolio companies as the partnership opens collaboration opportunities to the group ecosystem,” he said.

Eric (Jung Ho) Yoo, Managing Partner at Ascent Venture Group, who is a regional technology investor in South Korea, India, and represents KB Investment in the partnership said, “The first wave of investments has accelerated technological adoption on online shopping, ride-hailing, travel and fintech. However, Indonesia is still relatively early along the adoption curve and the next wave will continue to follow more developed markets and see disruption happen in many more traditional spaces as well as new opportunities.”

Ascent has also launched its third flagship venture fund with the objective to raise $200 million. The new venture fund will invest in 25 high-potential, early stage, tech-enabled companies focused in Indonesia, and beyond with a “thesis-driven” approach leveraging its access to a robust ecosystem over the next two years.

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