Alpha JWC Ventures, an Indonesian firm co-founded by a former banker turned venture capitalist, has closed its second fund at $123 million, reported Bloomberg.
This is a record for an Indonesia-focused early-stage venture capital fund, underscoring growing investor interest in fostering a new generation of start-ups in a country that gave birth to internet giants like Gojek and Tokopedia.
They include automotive online marketplace Carro, peer-to-peer lending company Funding Societies, and Kredivo, a digital lending platform in Indonesia. According to the company, its net asset value of that fund has increased 3.2 times.
Through its second fund, Alpha JWC has already backed 14 start-ups, including Kopi Kenangan, a popular grab-and-go coffee chain in Indonesia.
Chandra Tjan, a Managing Partner of Alpha JWC, said, “We are on the ground and get the earliest information about deals, the digital landscape and trends in Indonesia have changed in the past year, and we have to be more active yet cautious.”
Prior to starting the company, former Credit Suisse and Citigroup banker Tjan had co-founded and served as managing partner of East Ventures, which has become the most active VC firm in Indonesia.
In 2019, East Ventures closed its sixth fund at $75 million and launched a $200 million growth fund together with Indonesian conglomerate Sinar Mas and an arm of Yahoo Japan Corporation.