East Ventures Raises New Seed Fund For Tech Startups
East Ventures has reached the first close on a new venture fund for innovative startups in the region. The new seed fund is designed for digital companies emerging in the post-lockdown aftermath of the COVID-19 pandemic. The fund is East Ventures' eighth investment vehicle to date, and the firm aims to raise no more than US$88 million from limited partners.
"The pandemic has created a chance for a new breed of entrepreneurs to think about new problems and how to solve them in efficient ways via technology," says East Ventures' Managing Partner Willson Cuaca. "We remain optimistic about the future of Southeast Asia's digital economy, and we're particularly bullish on the Indonesian market. We feel the current situation proves our core hypothesis that great founders will find a way to make their companies thrive, even in times of crisis. Great people withstand the test of time."
Investors include Pavilion Capital and Adams Street Partners.
"We are excited to continue our partnership with East Ventures. The firm is well-positioned in Southeast Asia to guide entrepreneurs to achieve their full potential," said Tow Heng Tan, CEO of Pavilion Capital.
Sunil Mishra, Partner of Adams Street Partners added, "Adams Street is pleased to be committing to the new East Ventures fund. We are impressed with the track record of the team, their local market reputation, ability to work with young founders to guide them and hope that they will continue to generate strong returns."
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