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Indonesia’s Agaeti Ventures and Convergence Ventures announce merger

The two firms have formed a new fund called AC Ventures.

Indonesia VC firms Agaeti Ventures and Convergence Ventures are merging to form a new fund called AC Ventures (ACV), which has four partners—Adrian Li, Michael Soerijadji, Donald Wihardja, and Pandu Sjahrir from Indies Capital.

According to an official statement, Li and Sjahrir had discussed opportunities to work closely since 2018, when Agaeti Ventures was launched. The formulation of ACV brings together the networks of Agaeti and Convergence, whose LPs have included leading regional digital corporates, local Indonesian conglomerates, founders of venture funds based in China and the US, and technology entrepreneurs who have scaled billion-dollar businesses.

ACV’s partners bring to the table extensive experience in financial, operational, and entrepreneurial capacities. Together, they will leverage their industry insights, support services, and global network to empower notable startup founders who are building disruptive and impactful businesses for Indonesia and the rest of Southeast Asia.

ACV will pick up where Agaeti and Convergence left off to invest in and support Indonesian early-stage tech startups, particularly those in high-demand sectors such as e-commerce, digital content-enabled services, fintech, and MSME-enabling technologies. The fund will invest in 35 companies over the next three years, the statement said. Agaeti and Convergence’s investments made before the emergence of ACV will remain separate. The two firms have invested in more than 70 companies, including Warung Pintar, Fore Coffee, GoWork, and Moka.

ACV also launched an initiative called Leadership Talks, a series of lectures that feature local leaders who will share their thoughts on how to navigate the economic and business impact of COVID-19.