Singapore's EV Growth maxes its fund at $250 million — looks to deploy more startups in Southeast Asia

To date, it has used 50 per cent of its total funds in 20 deals.

Singapore's EV Growth maxes its fund at $250 million — looks to deploy more startups in Southeast Asia | BEAMSTART News

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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.

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Some of the startups under EV Growth's portfolio.

EV Growth spent 50% of its fund into 20 deals80 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.

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