Indonesia's Convergence Ventures closes $30m tech fund

The fund, Convergence Capital Fund I, will focus on supporting start-ups either based in Indonesia or with a presence in the country, as reported by e27 and confirmed by AVCJ. Convergence plans to invest in 30 early-stage companies focused on disruptive digital and mobile internet opportunities aimed at taking advantage of Indonesia's growing middle class.

Convergence was founded in 2013 and launched the vehicle in 2014 with a target of $25 million. At the time the GP was named Convergence Accel and the fund was named Convergence Accel Fund. Both later changed their names to avoid confusion with Accel Partners.

The firm has made 17 investments from the fund already, with both domestic and foreign companies represented in its portfolio. Commitments include a $4.2 million pre-Series A round for hotel booking service Nida Rooms, co-led by CyberAgent Ventures, and two rounds of funding for dating app Paktor.

Convergence has also formed a strategic and financial partnership with Chinese search and web services giant Baidu. The two agreed last year to trade technical resources and expertise, with Convergence's portfolio companies tapping Baidu's knowledge and sending founders to China for education and Baidu using the firm's network in Indonesia to help it expand in the country.

Convergence also agreed to launch a joint co-working space alongside Baidu's Indonesia branch to support early-stage companies in Indonesia.

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• Topics
• Southeast Asia
• Fundraising
• Venture
• GPs
• Technology
• Indonesia
• TMT