INDONESIA-focused venture capital firm East Ventures has closed its sixth fund at US$75 million, with support by prominent startup founders helping to surpass the fund's initial US$30 million target.
Those investors include Facebook co-founder Eduardo Saverin, Alibaba co-founder Eddy Wu, Meituan-Dianping chief executive Wang Xing, Dianping founder Zhang Tao and Razer Inc co-founder Kaling Lim. Institutional investors include Temasek, the Singapore government-owned investment firm, Pavilion Capital and Adams Street Partners. The prominent family-controlled Sinarmas, Triputra and Emtek groups also joined in.
East Ventures co-founder Willson Cuaca said in a statement:"We are overwhelmed by the support given by our investors and decided to expand, but hard limit, the fund to US$75 million. We could have raised more but we wanted to maintain certain disciplines in this euphoria era."The fund will focus on seed to Series A funding for Indonesian startups, the firm said.
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