Kejora, SBI team up on early-stage Indonesia fund

The vehicle is expected to achieve a first close by the end of June. Kejora said it would be a successor to its second early-stage fund, which closed at $34 million against a target of $80 million. The firm raised $7 million for its debut vehicle. Citing Preqin analysis, Kejora said Fund II was the top-ranked among Southeast Asia funds of its vintage. 

Last year, Kejora also achieved a final close on a $100 million growth fund that was raised in partnership with South Korean venture capital firm InterVest. A successor vehicle is currently being raised. Across all three funds, it has made 31 investments and achieved three partial exits. Kejora is one of several independent Southeast Asian VC firms that have emerged in recent years.

Named Orbit, the new fund will invest in pre-Series A or Series A rounds. It has already received backing from a number of individual and institutional investors across Indonesia, Singapore, Japan, and Europe.

“Since our first co-investment with Kejora more than three years ago, we have continuously cemented our confidence in the Indonesian technology sector through investments and partnerships,” said Yoshitaka Kitao, president and CEO of SBI Holdings, in a statement.

Founded in 2014, Kejora claims to have $380 million in assets under management. Its portfolio takes in Indonesia, Malaysia, Singapore, Thailand, Philippines, South Korea, and Hong Kong. Recent investments include Indonesian logistics start-up Kargo Technologies, Malaysian drone technology supplier Aerodyne, and Indonesian logistics start-up Sicepat.

In Indonesia, SBI Holdings has invested in Tokopedia, Investree, Ralali, Amartha, and Taralite. 

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• Topics
• Southeast Asia
• Fundraising
• Venture
• Technology
• Indonesia
• SBI Holdings
• Kejora Ventures
• TMT