For Immediate Release:
Convergence Ventures launches with US$25MM Indonesia focused venture fund run by veteran entrepreneurs and backed by LP’s & advisors from US, China and Indonesia
Jakarta, Indonesia – Saturday 22nd November 2014
entures ( ) launched with a US$25MM fund focused on investing in early stage technology companies in Indonesia. The partners, Adrian Li and Donald Wihardja, bring extensive entrepreneurial and operational experience to the fund and are advised by a group of US and China venture capitalists with significant investment track records.
The fund aims to help early stage entrepreneurs by empowering them with the collective experience, network and capital of the partnership which includes many well connected Limited Partners from the US, China and Indonesia.
In the past 10 years, the partners at Convergence Ventures have built several venture-backed technology companies in emerging markets and will leverage that experience to work closely along side the portfolio teams to build valuable and long lasting businesses. The team also brings strong and experienced networks from the US, China and Indonesia that will help portfolio companies from fund raising to operational expertise as well as accessing strategic business relationships.
“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,” described Adrian who has previously started Internet companies in China and Indonesia. “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.”
Donald, who has started, invested and operated technology related ventures in Indonesia since the late 90’s and was formerly Head of IdEA’s (Indonesia Ecommerce Association) Research team says, “As the largest economy in South East Asia with strong fundamentals and fast adoption of technology; Indonesia represents one of the most compelling investment opportunities in the coming decade.”
The fund will primarily seek to invest up to US$500K into early stage technology companies based in Indonesia and reserve follow on funding for successful ventures. The fund may also invest in later stage ventures from other regions that identify Indonesia expansion as a strategic focus.
“Bob” Xu Xiao Ping, Founder of Zhen Fund and advisor to Convergence Ventures, says, “The potential to leverage experience from China’s Internet revolution to identify great opportunities in Indonesia and support entrepreneurs is tremendous.” Bob invested in the early rounds of several US listed China Internet ventures including Jumei (JMEI), Light in the Box (LITB) and Jia Yuan (DATE).
While the first fund’s target is to invest in approximately 25-30 companies over the next 5 years; Convergence Accel’s goal is not only to support its portfolio but to also help build the entire Indonesian technology ecosystem through knowledge sharing, community building and empowering entrepreneurs to create value through successful and sustainable businesses.
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