EV Growth, a Singapore-based venture capital firm, closed its first fund, at US$250M.
Backers included Asian based family offices and two of Asia’s largest sovereign wealth funds, among others.
Launched in March 2018, EV Growth is a joint venture between East Ventures, SMDV and Yahoo! Japan Capital providing growth capital to startups in Indonesia and the rest of Southeast Asia with an industry agnostic focus.
The firm is led by three partners – Willson Cuaca from East Ventures, Roderick Purwana from SMDV, and Shinichiro Hori from Yahoo! Japan Capital.
EV Growth has invested across different sectors in Southeast Asia. Some of its recent investments included:
– Indonesia leading Edutech Ruangguru US$150 Million Series C round
– Indonesia leading Beauty-tech Sociolla US$40 Million Series D round
– Regional cashback startup Shopback US$45 Million round
– Indonesia supply chain logistic Warung Pintar US$27.5 Million Series B
– Indonesia trucking and warehousing platform Waresix US$14.5 Million Series A.
Other major follow on rounds included the latest round of two Indonesian unicorns Tokopedia and Traveloka, Indonesia SME lending Koinworks, Indonesia premium online-to-offline coffe chain Fore Coffee, and Indonesia leading media company IDN Media.
Presently, EV Growth has deployed more than 50 per cent of its total funds in 20 deals. 80% of portfolio companies are Indonesian, where the fund’s IRR stands at 36%.