East Ventures, a venture capital firm based in Southeast Asia, has raised $380 million (Rp 5.89 trillion) across multiple funding rounds in 2023. The firm closed 63 deals during the year, onboarded 29 new portfolio companies, and allocated $80 million to support its startups.
In May 2023, East Ventures raised $250 million with the first and final close of the Growth Plus fund. This fund is specifically designed to target companies within the East Ventures ecosystem that exhibit strong potential. In October, the company revealed the East Ventures South Korea fund in collaboration with SV Investment, totaling $100 million. This fund aims to invest in the most promising startups and companies across various key sectors.
East Ventures also introduced a $30 million Healthcare fund in October 2023, dedicated to advancing innovative healthcare solutions in Indonesia. This fund will provide support to Indonesian startups addressing unique challenges and opportunities within the healthcare sector.
Within East Ventures’ portfolio, 30% of growth-stage startups are progressing towards profitability, 60% are already profitable, and the remaining 10% are still in the process of adapting. The firm has a portfolio of over 300 companies throughout Southeast Asia, including notable entities such as Fore Coffee, IDN Media, Mekari, KoinWorks, and Stockbit.
According to Willson Cuaca, a Partner at East Ventures, Indonesia’s digital economy has experienced rapid growth, and he envisions that in the next 10 years, Indonesia will enter an early demographic dividend era. The majority of the workforce in the next two decades will be comprised of digital natives, primarily led by Generation Z and supported by a mature millennial generation.
Overall, East Ventures’ successful fundraising efforts in 2023 highlight the growing investor interest in Southeast Asia’s startup ecosystem. With its diverse portfolio and focus on supporting innovative companies in various sectors, East Ventures is well-positioned to contribute to the region’s continued digital transformation.
