Chinese venture capital firm Gobi Partners announced today the launch of Gobi-Agung Fund, an early-stage fund for Indonesia. This US$10 million fund will see Gobi Partners investing in early-stage Indonesian startups, issuing up to US$1 million per deal.
It’s yet another fund that’s paying attention to the ASEAN region with its large, young, and mobile-first populations. Both the new Gobi-Agung Fund in Indonesia and the previously launched Gobi-Core Fund in the Philippines are Gobi Partner’s attempt to take advantage of this new wave.
“Indonesia is in the middle of a growth spurt. Given Gobi’s experience as a regional player, we are in a unique position to be a bridge for startups in the region,” says Mr. Arya Masagung, a newly-appointed Gobi venture partner and the main overseer of this new fund, in the firm’s press release. Masagung is a grandson of Haji Masagung, the founder of Indonesian bookstore chain Gunung Agung.
The fund already made its first bet on Fastwork, an Indonesia-headquartered freelance platform that posted a 1,100% in revenue growth over the past 10 months.
Importantly, as these two early-stage funds are linked with Gobi’s Meranti ASEAN Growth Fund, there is also the opportunity for Gobi Partners to continue with further investments.
That said, many other venture capitalists are in the same game. Early stage funds active in the region range from the already established firms such as East Ventures, Kejora Ventures, and Alpha JWC to new ones like Kolibra Capital. ASEAN’s tech ecosystem is rising up to the challenge and seems to be thriving. In addition to the Philippines and Indonesia, tech ecosystems in Vietnam and Thailand also tell pretty much a similar story.
Editor: Nadine Freischlad