East Ventures, an Indonesia-based venture capital firm, and SV Investment, a South Korea-based venture capital and private equity firm firm, have on Friday announced the $100 million dedicated fund for Southeast Asia.
East Ventures said in a statement that this fund aims to open the investment corridor between the Southeast Asian and Korean venture ecosystem, including capital investment, knowledge transfer, and network sharing.
It said the fund will be invested in the most promising startups and companies across several key sectors or industries, which include biotech & healthcare, future mobility, green technology, media and content, and others.
“We are thrilled to mark a significant milestone with SV Investment,
“This fund represents a powerful synergy between East Ventures’ deep expertise in the Indonesian and Southeast Asia startup ecosystem and SV Investment’s rich experience in the South Korean market,” said Roderick Purwana, Managing Partner at East Ventures.
According to him, the firms aim to unlock the immense potential of the Southeast Asia-South Korea corridor, nurturing and accelerating the growth of startups within the region.
“This strategic partnership serves as a testament to our commitment to fostering more innovations and forging a healthy and productive Southeast Asia for today, tomorrow, and more generations to come,” he added.
According to the statement, the partnership between Indonesia and Korea holds immense promise for collaboration in the tech industry and startup ecosystem.
With both countries’ vibrant economies and shared commitment to innovation, are poised to foster a dynamic exchange of knowledge, resources, and expertise.
It is noted that Indonesia offers a burgeoning market and a pool of young, tech-savvy talent, while Korea boasts a track record of technological excellence and global reach.
By joining forces, it said Indonesia and Korea can catalyze the growth of startups, enhance technological capabilities, and tap into the vast opportunities within Southeast Asia and beyond.
According to the statement, the East Ventures South Korea fund in partnership with SV Investment will be managed collaboratively by leading venture capital firms from both countries, aims to facilitate Korean tech startups and companies in attracting foreign capital, promoting overseas venture company initial public offerings (IPOs), and exchanging valuable expertise and know-how between the ecosystem.
In addition, within the Southeast Asian venture ecosystem, it is expected to provide investors with an opportunity to preemptively invest in Southeast Asian technology companies that are likely to grow in the process of evolving from consumer platform-based services to technology-intensive services.
“At SV Investment, we are seeing a great potential in Southeast Asia, and believe Indonesia is leading the growth as the largest economy in the region,” said David Junghun Bang, Managing Partner at SV Investment.
“In that, we are very happy to collaborate with East Ventures, a leading venture capital firm in Indonesia and Southeast Asia,
“This collaboration will open up a gate for both Korean and Southeast Asian tech startups who have been pushing hard to scale up in the global market, and represent our commitments to support them continuously,” he said.
He is confident that SV Investment’s proven investment experiences in the tech industry and East Ventures’ broad portfolio and network, will lead to positive changes in both Korean and Southeast Asian venture ecosystems.
Founded in 2009 in Indonesia, East Ventures has invested in over 300 seed and growth-stage tech companies and has recorded strong financial returns and created positive social and environmental impacts.
The firm is the first investor of Indonesia’s largest e-commerce platform Tokopedia and the largest travel platform Traveloka, as well as an early investor of a number of the largest companies in Southeast Asia, such as Waresix, Xendit, Sociolla, and ShopBack.
Founded in 2006 in Seoul, SV Investment is a venture capital firm aims to create strategic value for partner companies and founders.
The firm currently manages more than $1.5 billion in assets under management, invested across the company’s venture capital and private equity funds.
As part of the company’s global initiative which currently spans across the United States, China, and Southeast Asia, the firm established offices in Singapore and Jakarta and started its investments in the region in 2020.
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