1. Startups

Alpha JWC Ventures Announces 3rd Managed Fund Worth 6,1 Trillion Rupiah

Until now Alpha JWC Ventures has had 3 unicorns, 11 centaurs, and produced 9 exits

Alpha JWC Ventures today (09/11) announced that it has closed its third managed fund (Fund III) worth $433 million or equivalent to 6,1 trillion rupiah; bringing their Assets Under Management (AUM) to $630 million. In a media meeting, Jefrey Joe as Co-Founder & General Partner said that this acquisition exceeded their initial target of $300 million. Several regional and global LPs are involved, including the International Finance Corporation (part of the World Bank Group) and Morgan Stanley Alternative Investment Partners.

As known, Alpha JWC Ventures was founded in 2015 by Jefrey, Will Ongkowidjaja, and Chandra Tjan; focuses on providing early-stage funding for startups in Indonesia and Southeast Asia.

Managed fund journey

Their journey began with the launch of Fund I amounting to USD 50 million in 2016. The funds under management have been channeled to 23 startups in Southeast Asia, the majority of which are in Indonesia. More than 90 percent of these companies have now received follow-up funding.

Meanwhile for Fund II Alpha JWC Ventures closed in 2019 automatically oversubscribed with a face value of $143 million; and has invested in 30 companies. To date, Fund I has generated 37% IRR (Internal Rate of Return) and Fund II has generated 87% IRR.

They have also made 9 exit, including Nikkei's acquisition of DealStreetAsia, WeWork's acquisition of Spacemob, and Vietnam's largest technology company FPT Corporation's acquisition of Base.vn.

Since its launch this year, Alpha JWC Ventures' Fund III has invested in seven startups in the financial technology, B2B SaaS, and MSME business solutions sectors in Indonesia, Singapore and Vietnam. Some of them are Esensi Solusi Buana, Spenmo, VIDA, GudangAda, and others.

Jeffrey in his presentation also said, that so far ticket sizes their funding ranges from hundreds of thousands to millions of dollars. Even the largest can reach $60 million in phased funding. What is clear is that he always emphasizes that the principle of Alpha JWC Ventures is to be the first supporter of a startup (early stage investors).

Furthermore, it was also conveyed, with the new managed funds in quantity, the number of startups that will be invested may remain the same. Which means, they will improve ticket sizes and also give more focus to follow-on funding for startups that have become its portfolio.

"Since our inception in 2015, we have had a clear mission of bringing Indonesia and Southeast Asia into the center of the new global digital economy. Our journey and the Alpha JWC Ventures portfolio have proven that Indonesian and Southeast Asian startups can compete globally. We will continue to be at the forefront of bringing about change and will not stop here," said Chandra Tjan, Co-Founder & General Partner of Alpha JWC Ventures.

3 unicorn, 11 centaur

Through its funding, Alpha JWC Ventures has led three portfolio companies to achieve unicorn, that is Kredivo, Carro, and Magic. They also said they had 11 centaur, some of which are Kopi Kenangan, Lemonilo, Modalku, WarehouseAda, and others.

Delivered by Jeffrey, one of centaur it will follow to be unicorn in the near future.

"As a VC originating, founded and operated by Indonesians, we work to increase the positive impact of the digital economy in the country through our investments and portfolio companies. Together with them, we have touched the lives of nearly 1 million MSMEs through providing market access and finance , created more than 12 thousand jobs, empowered more than 200 thousand women through various business opportunities, inspired more than 1 million people to become retail investors, and much more," said Alpha Partner JWC Ventures Erika Go.

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