Indonesia’s venture capital firm AC Ventures has completed its Fund III at USD 205 million, the company announced on Wednesday. Investors included the World Bank’s International Finance Corporation (IFC) and Disrupt AD, the venture capital platform of investment firm Abu Dhabi Developmental Holding.
The fund brings AC Ventures’ total assets under management to USD 380 million. The VC has been making investments in local startups since the first close of its third fund in March 2020. So far, it has completed 30 investments as part of its goal to invest USD 100 million by the end of 2021. It has backed companies such as logistics company Shipper, B2B e-commerce firm Ula, e-fishery startup Aruna, and fintech app BukuWarung.
“IFC’s partnership with AC Ventures underscores our long-term commitment to Indonesia’s economic development and digital transformation. This investment aims to support the advancement of the promising and vibrant startup ecosystem that has the potential to transform economic and social lives for all,” Azam Khan, IFC country manager for Indonesia, Malaysia, and Timor-Leste, announced in a statement.
AC Ventures was formed in 2019 from a merger between two venture capital funds—Agaeti Venture Capital and Convergence Ventures. Besides providing capital, the VC supports founders with research-driven knowledge and expertise, business development, and professional networks and resources.
The firm has invested in 100 companies across its funds. Among its early investments, two companies, Xendit and Carsome, have reached a USD 1 billion valuation this year. In the past 18 months, companies backed by AC Ventures have also seen additional funding for over USD 500 million by global investors like Sequoia, Tiger Global, and Prosus.
“At AC Ventures, we leverage our reach to connect our entrepreneurs to the broader ecosystem of local platforms and companies, as well as global domain experts. With decades of experience in investing and building businesses in Indonesia, we ensure that our portfolio founders are equipped with the resources and networks they require to build billion-dollar businesses,” said Michael Soerijadji, AC Ventures’ founder and managing partner.