Indonesia's AC Ventures hits first close on debut fund

The vehicle, known as ACV III, will make investments of up to $3 million in around 35 mostly Indonesian technology start-ups during the next three years. It will leverage the networks of the existing portfolios of Agaeti and Convergence, which were formally brought together under the AC Ventures brand in April.

Agaeti closed its debut fund at $10 million in 2018 and went on to invest 27 start-ups, including smart kiosk supplier Warung Pintar, logistics provider Kargo, and capsule hotel Bobobox. Convergence closed its debut fund at $30 million in 2016 and made 26 investments including fintech equipment maker Moka, lending platform KoinWorks, and Taiwanese streaming company M17 Entertainment.

AC Ventures is led by Adrian Li of Convergence and Agaeti’s Pandu Sjahrir and Michael Soerijadji. The firm has a close association with Indies Capital Partners, where Sjahrir remains a managing director. Sjahrir is also expected to facilitate ecosystem connections as a board member of local super app Gojek. Developments on this front include Gojek acquiring Moka earlier this year in a deal worth $130 million. 

AC Ventures’ areas of focus include consumer, B2B, media, and fintech. Post-merger investments include Aruna, an e-commerce platform that helps the Indonesian fishery sector reach international markets. The company claimed to have grown revenue by 86x year on year in the first half of 2020, having launched a last-mile service in response to a spike in demand for home deliveries due to the coronavirus pandemic.

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• Topics
• Southeast Asia
• Venture
• Fundraising
• Indonesia
• AC Ventures