Jakarta-based AC Ventures on Monday announced that it has raised USD 56 million in the first close of its USD 80 million fund, targeting early-stage startups in the country. AC Ventures plans to invest in 30 Indonesian tech companies over the next three years. The team is eyeing opportunities in the areas of e-commerce, fintech, and digital media, as well as micro, small, and medium enterprises (MSME) enabling technologies.
AC Ventures was established in April, when Agaeti Ventures and Convergence Ventures merged their businesses, and now has three partners, Adrian Li, Michael Soerijadji, and Pandu Sjahrir, who also represents Indies Capital. It has a combined track record of investing in over 80 startups in Indonesia and Southeast Asia. As for the prior funds, CVI (Convergence Ventures I) is delivering first-tier returns of 31%, while AVI (Agaeti Ventures I)’s return rate is currently 48%, according to the company.
“Our goal is to utilize our combined resources to invest in scalable companies that tap into high-potential sectors, solving local problems through technology as well as empowering communities around us,” said managing partner Adrian Li, adding that the firm’s LPs include leading digital companies, local Indonesian conglomerates, and tech entrepreneurs.
ACV has a partnership with Indies Capital, an alternative asset manager focusing on private credit and equity, that will facilitate later-stage fundraising as their portfolio companies scale.
“We are well-positioned to back another generation of founders creating billion-dollar businesses, having been an active member of the ecosystem and as seen by our excellent track record of companies that cover high-growth sectors and models,” said founding partner Pandu Sjahrir.
AC Ventures targets first checks of up to USD 3 million. Prior to the announcement, it has made several investments into startups across different sectors including logistics companies Shipper and Kargo, accounting app BukuWarung, and fishery startup Aruna.