Convergence Accel launches $25m Indonesia VC fund

The firm was founded last year by Adrian Li, formerly managing director at Rocket Internet, and Donald Wihardja, previously country manager and CIO of Southeast Asian e-commerce online payment firm 2C2P.

The fund, which has received commitments from LPs in the US, China and Indonesia, is expected to invest in about 15-30 companies over the next five years. It plans to invest up to $500,000 into early-stage start-ups and follow-on funding for successful companies. The fund will also back later-stage companies from other regions that want to expand in Indonesia.

Xiaoping Xu, founder of China's Zhen Fund, will act as advisor to Convergence Accel, with a view to leveraging his internet investment experience in China to identity deals in Indonesia.

"We wanted to build a venture capital firm from the perspective of an entrepreneur and provide a more-than-capital approach to supporting the founders," co-founder Li said in a statement. "For example, as an entrepreneur, finding great talent was always a number one challenge hence we will create dedicated in-house recruitment resources focused on helping our portfolio build the best teams."

Alpha Founders, a Bangkok-based VC fund focused on mid-stage investment opportunities in Southeast Asia and India, is also said to be boosting its Indonesia exposure. Not only it will invest in domestic start-ups, but also plans to bring some Thai companies into the country.

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• Topics
• Southeast Asia
• Early-stage
• Venture
• Fundraising
• Indonesia
• Fundraising
• TMT
• Venture
• seed
• Southeast Asia