Indonesia-based VC firm East Ventures is preparing to raise a new fund, East Ventures 10 LP, according to its filing with the US Securities and Exchange Commission.
The total amount intended to be raised is listed as indefinite, and the offering is expected to run for more than one year.
Sources familiar with the matter said that East Ventures is targeting $100 million for the vehicle. However, this could not be independently verified by DealStreetAsia since the firm has not disclosed a target, according to the filing.
In a response to queries, East Ventures’s spokesperson declined to comment on the matter.
Founded in 2009 in Indonesia, East Ventures has raised nine funds focusing on Southeast Asia. The firm has invested in over 300 seed- and growth-stage tech companies. Its last announced fund was the Growth Plus fund, which secured a final close of $250 million. Its $30-million Healthcare fund was dedicated to supporting healthcare solutions in Indonesia.
Earlier this year, East Ventures closed its inaugural continuation fund underwritten by secondary specialist Coller Capital. The transaction was designed for the firm’s fifth seed fund, bringing the total distributions-to-paid-in capital (DPI) of the fund to approximately 2x. Some of the fund’s portfolio companies include media startup IDN and warehouse service provider Waresix.
Shortly after that, EV announced a $100-million joint fund with Seoul-based SV Investment, backed by Korean and Indonesian investors and anchored by the Korea Development Bank (KDB), a state-owned financial institution.
The joint fund is actively deploying capital to support high-potential tech startups in Southeast Asia and South Korea, across several key sectors or industries, which include biotech & healthcare, future mobility, green technology, media & content, and others.
It targets revenue-generating startups seeking Series A to B funding, with investment sizes ranging from $1-3 million.
