EV Growth Prepares Second "Fund" This Year

EV Growth, j between East Ventures, SMDV, and Yahoo! Japan Capital, revealed is preparing fund second to be released this year. Currently it is in preparation and has received a commitment from the ranks of the LP.

"We are in preparation, there have been conversations, commitments have been signed, but not yet executed.launch, possibly this year,” said Managing Partner of EV Growth and Founding Partner of East Ventures Willson Cuaca to DailySocial, Wednesday (6/1).

Willson is also not willing to detail the target funding for this second round. EV Growth announced fund firstly, with a value of $250 million (hard cap) which was announced in December 2019. This figure exceeded the initial target of $150 million. A number of LPs that have joined are Temasek and several family companies in the Asian region.

The investment funds have been disbursed into various new investments and follow on throughout last year. For example, Waresix in series A and B funding, CoinWorks for further funding, Traveloka with a total funding of $250 million, and the latest Seeds just announced yesterday (5/1).

This year's plan

Willson continued, this year EV Growth will continue to focus on being a VC that is playing into advanced funding (late stage) series B and above for Indonesian and Southeast Asian startups.

In line with the ongoing pandemic, especially since the vaccination process will take more than a year, EV Growth will continue to invest in startups that can have a positive impact on the country's economy. Moreover, he assesses that the startup ecosystem in Indonesia is now much more mature than before.

Because of that, EV Growth is now strengthening the team by recruiting more talents from multi-industry who have skill set qualified to get more perspective. Simultaneously, EV Growth announced three professional talents. They are David Fernando Audy as Operating Partner, Mulyono Xu and Pascal Christian-Sarana, both as VP of Investment.

David has 18 years of experience as an executive in the content and media industry. Previously he was the CEO of PT Media Nusantara Citra (MNCN). Currently, he is a Senior Advisor for ThreeBody Capital, a UK-based investment fund.

Furthermore, Mulyono, who was previously the Managing Director of BAce Capital. He has led three series A funding deals and several early stage funding deals in Southeast Asia.

Mulyono has been involved in most of Alibaba's strategic mergers, acquisitions and partnerships in Southeast Asia, including Lazada, Tokopedia, and eWTP. He was then trusted to be the Country Manager of Taobao Malaysia and filled the C-level position at Lazada Indonesia.

Lastly, Pascal has seven years of experience managing cross-border business deals, investment structure, and mergers/acquisitions. Prior to joining EV Growth, he held the position of Director of Rocket Internet with a focus on leading investments proptech in Indonesia.

“We welcome David, Mulyono, and Pascal as new members to the EV Growth team. They bring diverse experiences to complement our team. All three are based in Jakarta and will work side by side with founders based in Indonesia," said Willson in an official statement.