Convergence Ventures Prepares New Funds of 391 Billion Rupiah to Invest in Indonesian Startups

Indonesia-based Convergence Ventures announced a new funding round worth a total of $30 million or approximately 391 billion Rupiah. The fund is said to have exceeded initial expectations with backing investors (limited partners) includes global VCs and Asian institutions, including Garena and EMTEK. The funds will be allocated for initial funding for 30 Indonesian startups in the digital sector. Y Combinator Partner Justin Kan and IDG Ventures India Founder Manik Arora join the company's advisory board.

Two years ago, this investment company led by Adrian Li and Donald Wihardja provide $25 million which was eventually distributed to 17 startups. Some of them have received further funding, for example Qraved and Paktor.

Adrian, in his release, said, “Convergence Ventures aims to develop and help entrepreneurs more than just the capital we invest to make the company a leader in the Indonesian market as well as the ASEAN market. For example, this year alone our recruitment team has placed 15 key positions in portfolio companies."

“As the largest market in ASEAN, we believe that Indonesia will slowly become the focal point of internet and mobile opportunities at the regional level. With government-supported planning and initiatives from entrepreneurs and investors, we believe the development of this industry will continue to skyrocket,” added Donald.

To DailySocial, Convergence Ventures is ready to use this new funding to invest 3rd startup again this year and rounds up the number to 20 startups.