EV Growth Announces Merger with East Ventures

East Ventures (EV) announces its leadership for EV Growth, a joint venture company that formed in 2018 with SMDV and ZVC (formerly Yahoo Japan Capital). The impact of this restructuring is a change in the managerial structure within EV and the joining of the EV Growth and SMDV teams.

Roderick Purwana will be appointed as Managing Partner of East Ventures. David Tendian will be appointed as Operating Partner at SMDV. Shiniciro Hori will remain on the investment committee of EV Growth.

It is claimed this merger makes EV the largest venture capital in Southeast Asia with more than 60 staff members and 8 partners, including Melisa Irene (Seed Partner), David Audy (Operating Partner), Triawan Munaf (Venture Adviser), and Koh Wai Kit (Venture). partners).

Even though EV now controls the whole fund EV Growth, the SMDV and ZVC teams will continue to support and work closely with East Ventures and its ecosystem.

Co-founder & Managing Partner of East Ventures Willson Cuaca said, his party has a very strong synergy between EV Growth and the East Ventures ecosystem. This new setup will strengthen efficiency and allow EVs to run bolder and faster.

"We will be able to help entrepreneurs in a better, smarter and wiser way - relying fully on unlocking their potential," he explained in an official statement, Wednesday (10/3).

East Ventures Managing Partner Roderick Purwana added, "SMDV has always been a staunch supporter of East Ventures and has made dozens of co-investments over the years. The two have been discussing formalizing the relationship and working closely together for more than 5 years.

“In 2018, we took our first major step by launching EV Growth as a joint effort. After that collaboration, we felt ready to take the relationship even further. This alignment will allow our founders to expand their ecosystem, capabilities and network combined,” said Roderick.

ZVC Managing Partner Shiniciro Hori also commented, “We believe that this transformation will further strengthen our presence and accelerate our investment in Southeast Asia. Z Holdings will commit more to the Southeast Asian market and leverage the group's assets as part of the SoftBank Group."

EV Growth was formed in 2018 by launching EV Growth Fund I which managed to raise a total of $250 million, exceeding its original target of $150 million. The funds have been invested in more than 20 companies in Indonesia and Southeast Asia. Some names are Ruangguru, Waresix, KoinWorks, Shopback, Stockbit, Fuse, Tokopedia, Traveloka, Grab and Gojek. Fund this has generated IRR (internal rate of return) 27% as of 31 December 2020 with early exit namely the sale of MokaPOS to Gojek.