Indonesia key to generating alpha for VCs in SE Asia

With Jefrey Joe, Co-founder and General Partner, Alpha JWC Ventures
Adrian Li, Managing Partner and Founder
, AC Ventures

2021 was a milestone year for venture capital funding in Indonesia, which saw the minting of seven unicorns as risk capital investors placed big bets on the tech startup ecosystem. The market also witnessed the first tech startup IPO with homegrown e-commerce firm Bukalapak, offering clear visibility on the exit path for VC investors. 

According to DealStreetAsia DATA VANTAGE’s SE Asia Deal Review: Q4 2021 report, Indonesian startups raised $9.4 billion from 213 deals in 2021, almost three times the $3.42 billion raised a year earlier. J&T Express was the top fundraiser in the SE Asia region in 2021.

Despite the pandemic-linked macro uncertainties and travel curbs, the year also saw some Indonesia-focused funds successfully close their vehicles as investors upped their bets on the market potential.

This session features two such VC firms that amassed more capital than they had initially targeted for their funds. Jakarta-based early-stage investor AC Ventures recently upsized its third fund and closed it at $205 million, higher than its initial $80 million target. ACV manages over $380 million in AUM invested across four funds. Notable investments include, Stockbit, Koinworks, Julo, Carsome and Shipper. 

And, early-stage investor Alpha JWC Ventures closed its third vehicle at $433 million from global and regional investors such as the IFC, Morgan Stanley Asset Management, and some family offices. Initially, the VC had targeted $250 million. The firm currently manages around $650 million across three active funds and has 57 active portfolio companies including Kredivo, GudangAda, Lemonilo.

Alpha JWC co-founder and general partner Jefrey Joe and AC Ventures managing partner and founder Adrian Li will share their perspectives on the opportunities, challenges, frothy valuation environment, increased competition for quality assets and the investment outlook for 2022 and beyond.