Indonesia’s Convergence Ventures Announces US$30 mil final closing VC fund

• Fund has already invested in over 17 seed and early stage startups
• Built partnerships with regional and local technology and media companies

The early stage VC fund, founded by entrepreneur Adrian Li, brings together the experience, network and capital of a diverse LP base of successful technology entrepreneurs, experienced global VC investors and institutions across Asia and the US to invest into disruptive consumer internet and mobile ventures in Indonesia.

Indonesia’s middle class is estimated to surpass 141 Million by 2020 and drive the country’s eCommerce market size to over US$130 Billion within the next five years.

Rising incomes and the fastest growth of smart phone adoption in the region, estimated to reach 100 Million users by 2020, have created conducive conditions to invest into mobile and internet ventures.

The fund has already invested in over 17 seed and early stage startups, many of which have raised up-rounds.

For example; Qraved, is a local restaurant review and search directory with several million users every month. Another company, Paktor, a regional social dating application with 15 million users, recently closed its last round led by Yahoo Japan.

The fund’s partners, Adrian Li and Donald Wihardja, bring together operations and investment experience from China and Indonesia.

Li, who graduated from Cambridge University and received an MBA from Stanford GSB, was co-founder & CEO of Idapted, a venture backed e-learning business in China which was acquired. He then joined Rocket Internet as managing director in China and then Indonesia.

Donald, who graduated from UC Berkeley and Cornell University, was previously CTO of Principia Private Equity and country manager of 2C2P a leading regional payments business.

The fund has built strategic partnerships with regional and local technology and media companies such as China’s Baidu, Singapore’s Garena and Indonesia’s Emtek creating a broad base of institutional support.

 In addition, it has built an advisory board of investors from Silicon Valley, China and India to leverage global experience and best practices.

Convergence Ventures’ strategy is to invest in early stage mobile and internet ventures and actively work with them through a platform of internal support services.

“Convergence Ventures seeks to empower and support entrepreneurs beyond the capital we invest to create clear market leaders for the Indonesian and SoutheEast Asian market. For example, this year, our recruiting team has already placed 15 key strategic hires into our portfolio.” said Li.

Donald who is deputy chair of Indonesia’s Venture Capital for Startup Association (AMVESINDO) and an advisor to the Indonesian Government on digital initiatives, added, “As Southeast Asia’s largest market, we believe that Indonesia will increasingly become the focal point for internet and mobile opportunities in the region. With the planned government support and initiatives for entrepreneurs and investors, we are confident the industry’s development will continue to accelerate.”

Convergence Ventures plans to leverage on its strong relationships in China to bring strategic partnerships and new investors to Indonesia based startups.

Convergence Ventures Fund I plans to invest into a total of 30 early stage ventures with a continued focus on the most disruptive digital and mobile opportunities in Indonesia.

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