Venture Capital firm, EV Growth has closed another $50 million for its first round at a hard cap of $250 million.
The additional investments came from Singapore’s Temasek, an undisclosed sovereign wealth fund in Asia, as well as several Asia-based family offices.
EV Growth spent 50 per cent of its fund into 20 deals — 80 per cent of its portfolio startups are Indonesian such as edutech Ruangguru, SME lender Koinworks, and beauty-tech startup Sociolla.
In March 2018, East Ventures, SMDV, and Yahoo! Japan Capital formed EV Growth as a joint venture to invest in startups in Indonesia and Southeast Asia without any inclination towards specific industries.
“The inflection point in South-east Asia is now and we are lucky to be here early... We plan to deploy US$325 million for South-east Asian startups combining active funds size, for both seed and growth stage,” said Wilson Cuaca, managing partner of EV Growth and co-founder of East Ventures.