Heaptalk, Jakarta — The tech industry weathered a perfect storm of crises these past two years. The global economy remains uncertain, making caution a guiding principle for diverse stakeholders. As the venture capital firm frequently injects multiple startups, East Ventures anticipates that the Southeast Asia digital economy is well-positioned to excel in the coming economic recovery cycle. The firm continues to race in the storm by steadfastly directing and supporting its portfolio companies in 2023, investing in excellent founders, and creating more meaningful impacts for the ecosystem.
“East Ventures has generated consistency and perseverance throughout our journey through multiple funding cycles and global crises. We constantly remind ourselves to compete with our previous achievements and stay alert for the less obvious opportunities. Our goal is always to be ahead of the wave before it becomes a mega-trend.” East Ventures’ Founding Partner, Willson Cuaca, affirmed.
East Ventures advises the founders intensively through several initiatives and platforms, allowing them to share and gain insights to help them navigate their businesses in challenging times. In 2023, East Ventures noted that around 90% of its portfolios are in the growth-stage startups, 30% are on the path to profitability, 60% are already profitable, and the remaining 10% are still striving to adapt.
During its outgrowth last year, the firm also obtained robust support in fundraising from its Limited Partners (LPs). As a result, this venture capital firm successfully sealed three new funds last year. In May 2023, East Ventures secured US$250 million through the launch of the first and final close of the Growth Plus fund. The fund aims to provide the firm with high-potential enhancement portfolio companies with the resources to scale.
On the other hand, the firm also cooperated with South Korean-based venture capital SV Investment to launch the funds worth US$100 million, approximately Rp1.5 trillion, which is expected to have a first close in the early semester of 2024. Also, East Ventures announced its first healthcare fund worth US$30 million devoted to driving innovative healthcare solutions in the archipelago.
The firm has gained total funds up to US$380 million (around Rp5.8 trillion) in 2023. These funds underscore its funding objectives in three primary matters, including diverse sectors, regional collaborations, and forging a productive and healthy Southeast Asia.
In terms of funding deals, this venture capital sealed around 63 strategic deals, welcoming 29 new portfolio companies while disbursing nearly US$80 million to its seed and growth portfolio companies. These investments span multiple industries, covering e-commerce enablers, biotech, software-as-a-service (SaaS), electric vehicles, and climate tech.
