Lippo sponsors Southeast Asia VC fund

Jung will join former Google Indonesia Country Director Rudy Ramawy and Lippo Group director John Riady to serve as managing partners of Venturra. The firm has already made 10 investments over the past few months in technology start-ups in Indonesia and Southeast Asia, Jung told e27.

Venturra has closed its first fund, Venturra Fund I, at $150 million, with Lippo Group coming in as the largest LP. In addition to the LP commitment, Lippo will merge the tech investment portfolio of its Lippo Digital Ventures (LDV) subsidiary with the new fund, and will assist with collaboration opportunities through its larger LP network.

The GP will seek investment opportunities in Series A and B stage companies, with a planned average investment size of $2-5 million; it is also open to earlier stage rounds and co-investment opportunities. Its sectors of focus will include the e-commerce, financial technology, healthcare and education sectors.

In addition to Riady, Ramawy also has a connection to the Lippo Group, having previously served as managing partner of LDV. Despite the personnel and portfolio connections to Lippo, the managing partners emphasize the independent nature of the new fund, with Lippo playing no directing role beyond that of an ordinary LP.

Jung joined Monk's Hill in 2014 with the launch of its S$100 million ($80 million) Southeast Asia fund. Before that, he set up Rocket Internet's Southeast Asia-focused Lazada and Zalora e-commerce platforms.

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