AC Ventures Completes First Closing of $250M Fund for Southeast Asian Startups

[ad_1]

AC Ventures (ACV), a venture capital firm focused on early stage startups in Indonesia and the rest of Southeast Asia, has reached the first closing of its fifth investment fund (Fund V). The fund is targeting $250 million and has raised 65% of that capital so far, mostly from limited partners who have invested in ACV’s previous funds. Fund V has already made five investments, including SkorLife, IDEAL and Atma.

The last time TechCrunch covered apple cider vinegar was in December 2021, when it closed its Fund III. (His fourth fund is Malaysia-focused and managed by a separate team).

Founded in 2014, ACV’s portfolio now includes more than 120 investments in Indonesia and the rest of Southeast Asia. Some notable companies include Xendit, Carsome, Stockbit, Ula, Shipper, and Aruna. Its team has grown to 35, with most based in Indonesia, but ACV has also recently opened offices in Singapore and Malaysia. Half of ACV’s leadership team is made up of women and across its entire portfolio, that figure is 40%.

VAC recently hired Helen Wong as Managing Partner. Wong previously worked at GGV and Qiming Ventures and served on the boards of startups like Tudou and Mobike.

The company is industry agnostic, but many of its investments are in fintech, logistics, e-commerce, MSMEs and consumer tech. Fund V will also focus on new themes, including climate technology. The company check amount in start-up companies is usually $2 million, and it reserves a large portion of each fund for follow-on investments.

“Overall, we are investing in the digitalization of Indonesia and the Southeast Asian economy,” Adrian Li, co-founder and managing partner of ACV, told TechCrunch. “Last year, Indonesia’s digital GDP was $70 billion and it is expected to grow to over $350 billion over the next five to six years. Through our investment experience on past funds, we have also developed expertise, particularly around business opportunities, fintech and micro and small businesses. Each of these thematic areas represent very deep potential revenue pools and we see many ways in which digital adoption can really make things more efficient, less costly and create value for all stakeholders in these verticals.

In addition to Southeast Asia, Fund V’s LPs come from North Asia, the United States, the Middle East and Europe. Li said global investors are drawn to Southeast Asia as it continues to show that it is a maturing market, with the successful IPOs of unicorns like GoTo and Bukalapak, a capital raise at a later stage and more side releases.

ACV Managing Partners Michael Soerijadji, Helen Wong, Adrian Li and Pandu Sjahrir

ACV Managing Partners Michael Soerijadji, Helen Wong, Adrian Li and Pandu Sjahrir Picture credits: VCA

Focusing on start-up companies, ACV is often the first institutional investor in startups.

“Our fund plays to a successful strategy that we have continued to refine to focus on early stages,” Li said. “It means supporting businesses to a point where we can be really valuable in forming a business at the as they build it, and also to a point where we can be significant investors in partnership with them. We typically invest in 30-35 companies per fund and reserve a deep, 20-1 trailing ratio to invest in companies that execute and create value.

ACV’s efforts to help founders include several key appointments who will work closely with startups. They are Lauren Blasco as Head of ESG, Leighton Cosseboom as Head of Public Relations and Communications, and Alan Hellawell as Senior Advisor and Venture Capital Partner.

Added business value includes working with founders to hire key talent and sharing talent playbooks. Li said ACV likes to invest early because as teams grow, it can help startups establish culture foundations, retain talent and communicate. He also helps companies with compliance and governance, including ensuring they have functioning boards and a good set of advisors.

Another part of its value creation initiatives are partnerships with conglomerates and commercial players in Indonesia that can help startups accelerate their business growth. For example, it helps fintech companies work with banks or access capital they can use for loans.

Li said ACV typically invests in 10 to 12 companies a year across its funds, and that continues despite the global downturn in venture capital investment. “At times when the money is easier, we can try to move a little faster, and at times like this, we can try to move a little slower, but fundamentally what we’re trying to do is underwrite for the right companies, and so we don’t want to be pushed around by when the market moves,” he said.

Although valuations at all stages have fallen by around 30-40%, Li also sees upside in the market environment, including the quality of contractors.

“What’s great about this type of period is that entrepreneurs focus a lot more on quality metrics and product market fit before they start scaling their business,” he said. . “I think last year when capital was easy, a number of companies looking for revenue growth probably scaled prematurely, and that’s never the case. “Most efficient use of capital. It’s just about trying to grab market share and get the next round, so I think times like this are good for entrepreneurs and investors.”

[ad_2]

Source link

Recent Articles

Terra Luna

Wolverine Coin

TABOO TOKEN

Crypto Heirloom

spot_img

Related Stories

Stay on op - Ge the daily news in your inbox

bitcoin
Bitcoin (BTC) $ 17,176.59
ethereum
Ethereum (ETH) $ 1,275.44
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 290.05
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.388885
dogecoin
Dogecoin (DOGE) $ 0.097351
cardano
Cardano (ADA) $ 0.31383
matic-network
Polygon (MATIC) $ 0.921403
polkadot
Polkadot (DOT) $ 5.35
staked-ether
Lido Staked Ether (STETH) $ 1,261.10
litecoin
Litecoin (LTC) $ 76.83
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 21.29
dai
Dai (DAI) $ 0.999974
solana
Solana (SOL) $ 13.83
tron
TRON (TRX) $ 0.054809
uniswap
Uniswap (UNI) $ 6.17
avalanche-2
Avalanche (AVAX) $ 13.51
leo-token
LEO Token (LEO) $ 3.76
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 17,157.44
chainlink
Chainlink (LINK) $ 6.94
cosmos
Cosmos Hub (ATOM) $ 9.73
the-open-network
Toncoin (TON) $ 1.84
monero
Monero (XMR) $ 147.27
ethereum-classic
Ethereum Classic (ETC) $ 19.28
stellar
Stellar (XLM) $ 0.085416
bitcoin-cash
Bitcoin Cash (BCH) $ 111.01
quant-network
Quant (QNT) $ 124.65
crypto-com-chain
Cronos (CRO) $ 0.063877
algorand
Algorand (ALGO) $ 0.224498
filecoin
Filecoin (FIL) $ 4.45
near
NEAR Protocol (NEAR) $ 1.71
apecoin
ApeCoin (APE) $ 3.95
vechain
VeChain (VET) $ 0.019138
internet-computer
Internet Computer (ICP) $ 4.42
hedera-hashgraph
Hedera (HBAR) $ 0.048092
eos
EOS (EOS) $ 1.04
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 46.33
trust-wallet-token
Trust Wallet (TWT) $ 2.64
flow
Flow (FLOW) $ 1.03
terra-luna
Terra Luna Classic (LUNC) $ 0.000172
frax
Frax (FRAX) $ 1.00
the-sandbox
The Sandbox (SAND) $ 0.585798
axie-infinity
Axie Infinity (AXS) $ 8.05
tezos
Tezos (XTZ) $ 0.996985
aave
Aave (AAVE) $ 62.21
theta-token
Theta Network (THETA) $ 0.867247
chain-2
Chain (XCN) $ 0.040448
huobi-token
Huobi (HT) $ 6.52
bitcoin-sv
Bitcoin SV (BSV) $ 43.45
lido-dao
Lido DAO (LDO) $ 1.04
chiliz
Chiliz (CHZ) $ 0.151528
paxos-standard
Pax Dollar (USDP) $ 0.99985
true-usd
TrueUSD (TUSD) $ 1.00
decentraland
Decentraland (MANA) $ 0.398333
usdd
USDD (USDD) $ 0.977708
bittorrent
BitTorrent (BTT) $ 0.00000068650093
kucoin-shares
KuCoin (KCS) $ 6.61
pancakeswap-token
PancakeSwap (CAKE) $ 3.98
aptos
Aptos (APT) $ 4.83
fantom
Fantom (FTM) $ 0.239939
zcash
Zcash (ZEC) $ 45.84
gemini-dollar
Gemini Dollar (GUSD) $ 1.00
compound-usd-coin
cUSDC (CUSDC) $ 0.022731
iota
IOTA (MIOTA) $ 0.206774
klay-token
Klaytn (KLAY) $ 0.188816
ecash
eCash (XEC) $ 0.00003
tokenize-xchange
Tokenize Xchange (TKX) $ 7.13
whitebit
WhiteBIT Token (WBT) $ 4.74
maker
Maker (MKR) $ 613.99
gatechain-token
Gate (GT) $ 3.58
dash
Dash (DASH) $ 46.94
neo
NEO (NEO) $ 7.08
the-graph
The Graph (GRT) $ 0.066849
pax-gold
PAX Gold (PAXG) $ 1,793.58
havven
Synthetix Network (SNX) $ 1.93
arweave
Arweave (AR) $ 9.16
osmosis
Osmosis (OSMO) $ 0.908166
compound-ether
cETH (CETH) $ 25.56
gmx
GMX (GMX) $ 53.28
frax-share
Frax Share (FXS) $ 6.07
mina-protocol
Mina Protocol (MINA) $ 0.557555
tether-gold
Tether Gold (XAUT) $ 1,732.20
curve-dao-token
Curve DAO (CRV) $ 0.655012
thorchain
THORChain (RUNE) $ 1.40
cdai
cDAI (CDAI) $ 0.022138
radix
Radix (XRD) $ 0.041634
btse-token
BTSE Token (BTSE) $ 2.54
ethereum-pow-iou
EthereumPoW (ETHW) $ 3.65
rocket-pool
Rocket Pool (RPL) $ 20.09
zilliqa
Zilliqa (ZIL) $ 0.022219
nexo
NEXO (NEXO) $ 0.668233
blockstack
Stacks (STX) $ 0.271423
ethereum-name-service
Ethereum Name Service (ENS) $ 13.65
oec-token
OKC (OKT) $ 19.29
1inch
1inch (1INCH) $ 0.444545
basic-attention-token
Basic Attention (BAT) $ 0.224727
bitdao
BitDAO (BIT) $ 0.310319