Convergence co-founder joins MDI Ventures as CEO

Wihardja (pictured) confirmed the move – previously reported by local media – on LinkedIn. In April, Convergence announced it would merge with fellow Indonesian early-stage investor Agaeti Ventures to form AC Ventures. Partners from both groups are involved in the new firm, with a fund launch planned in the coming months.

Convergence was established in 2013 by Wihardja, a veteran IT executive, and Adrian Li, an entrepreneur and previously director of a local incubator launched by Rocket Internet. They raised $30 million for a debut fund that closed in 2016 and were said to be targeting $50 million for a successor vehicle.

MDI is based in Jakarta and has additional operations in Singapore and Silicon Valley. It participates in all stages, from seed to Series C and beyond, under a global mandate, although most investment activity is in Southeast Asia. Portfolio companies receive capital and access to resources within the Telkom Indonesia group. Areas of interest range from digital advertising to the internet of things.

Past investments include financial technology start-ups Qoala, QFPay, Coda Payments, and InstaRem, digital healthcare specialists CXA Group and mClinica, communications platform Whispir, and online retail services provider aCommerce. Wihardja replaces Nicko Widjaja, who now leads BRI Ventures, the corporate venture capital arm of Bank Rakyat Indonesia.

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• Topics
• Southeast Asia
• People
• GPs
• Technology
• Indonesia
• Convergence Ventures
• MDI Ventures