Heaptalk, Jakarta — Venture Capital firm East Ventures has launched its initial healthcare-focused fund worth US$30 million, approximately Rp473 billion, dedicated to boosting innovative healthcare services in the archipelago. The firm healthcare fund will empower Indonesia’s startup to overcome numerous obstacles in this industry and catch an opportunity to create the latest health technology.
East Ventures’ Co-Founder and Managing Partner, Willson Cuaca, observed that the archipelago is one of Southeast Asia’s most dynamic healthcare markets with enormous potential for innovation and growth. With the firm extensive experience in injecting fresh funds across sectors, he believes that this strategic fund will contribute to fostering and catalyzing healthcare innovation in Indonesia.
“Launching this strategic fund is evidence of our long-term commitment. We intend to keep collaborating and working with all related stakeholders in forging a healthy and productive Southeast Asia for today, tomorrow, and more generations to come,” Willson said in his statement.
Before launching this fund, this venture capital firm had been actively invested in multiple regional startups and companies, with 30 portfolio companies in healthcare verticals, such as Mesh Bio, AMILI, Aevice Health, and Etana. Moreover, while investments in genomics-related ventures were relatively novel in 2018, this company has invested in diverse genomics startups, covering NalaGenetics and Nusantics.
Performing multiple initiatives in the Healthcare industry
During the health crisis of the COVID-19 pandemic, East Ventures has initiated many programs to strengthen the healthcare system in Indonesia, one of which is through the Indonesia Can Do It (IPDB) program in March 2020.
The IDPB initiative then became the platform to mobilize all the strengths of East Ventures’ digital ecosystem to support the government and private sector’s efforts in mitigating the negative impacts of COVID-19 in the nation. IDPB has initiated three programs about COVID-19 mitigation, spanning IDPB Test Kit, IDPB Safeguards PPE, and IDPB Safeguards Oxygen.
On the other hand, East Ventures has also taken part in supporting the genomics development in Indonesia, including the donation to the Biomedical and Genome Science Initiative (BGSI) as Indonesia’s Ministry of Health initiative to provide precision medicine services for society in August last year and granted sequencing necessities in the form of reagents and consumables of over US$63,472 billion (around Rp1 billion).
Moreover, East Ventures launched a Genomics: Leapfrogging into the Indonesian Healthcare Future white paper last February 2023. In collaboration with the Ministry of Health of the Republic of Indonesia, this report provides a comprehensive understanding of how genomics can improve the healthcare system in Indonesia.
