Indonesian Kejora Ventures announces first close of US$80 million fund for growth-stage startups in Southeast Asia

Thu Feb 23, 2017 - 6:50am GMT+0000
Indonesian Kejora Ventures announces first close of US$80 million fund for growth-stage startups in Southeast Asia
Indonesian Kejora Ventures known for its Ideabox accelerator program in Jakarta

Indonesia-based VC firm Kejora Ventures has announced on Wednesday news regarding the first close of its Kejora Star Capital II Fund, which is targeted at US$80 million for investments in Southeast Asia.

Kejora, which is known for its Ideabox accelerator program in Jakarta, has only raised about one-third of its target, with investment from LPs including Indonesia’s Barito Pacific Group, Thai conglomerate Charoen Pokphand Family and Hubert Burda Media.

This vehicle was first reported in January last year and post its completion which is targeted for the year end, it will become the largest vehicle raised by Indonesian VC firms. The fund will also be focusing on serving pre-Series A and Series A rounds in Southeast Asia with a US$2 million to US$5 million commitments towards each startup.

As a matter of fact, the fund has already invested in six companies comprising of both news investments – MoneyTable and Investree – as well as follow-up investments in C88Fintech Group, HR Startup Qareer Group Asia, delivery service Etobee, and SaaS Startup Pawoon.

“We are looking for companies that are scalable and solving big problems that the large population of Southeast Asia are having. We like founders who are experienced and have the potential to solve the vision and problem, and the ambition to scale to be the number one in the region,” said Sebastian Togelang, the founder of Kejora Ventures.

Kejora Venture’s first fund has focused on seed stage deals and is currently performing at a 200% IRR, with over 29 investments in its portfolio. The company has also recently set up its operations in Thailand, extending its presence from Indonesia, Singapore, and the Philippines.

“At Kejora, our aim is to connect top entrepreneurs with subject matter experts, cutting-edge technology, strong networks of professionals from around the world, thereby opening doors and providing access to investors and strategic partners,” Togelang said. “We are happy with the performance and the growth of our portfolio companies where over 85% of our investments are performing well.”

Apart from money and mentoring, the company operation locations across Southeast Asia which totaled up to 5,000 square meters of office spaces in Indonesia, the Philippines, and Thailand, has also been able to give its portfolio local, on-the-ground expertise and guidance for entering new markets.

“With our operations, we would love to and have helped, our startups to grow internationally. So it is not really just about providing money, but also to enable companies to go from Thailand to the Philippines, helping the ecosystem with our network,” Togelang explains.

Founded in 2014 by Sebastian Togelang along with entrepreneur Andy Zain, Kejora Ventures invests in entrepreneurs and help them launch technology companies in large and high growth market verticals. For its second fund, Kejora aims to spend roughly 70 percent on new startups, while 30 percent could go into fueling the best performers from its own portfolio.

Speaking on their second fund, Togelang continues to say, “We are pleased with the fact that some investors from the company’s Fund I have decided to re-invest. It showcases the firm’s commitment to building successful digital companies. Going forward, we will also maintain focus in identifying proven business models from developed markets and deploying it in Southeast Asia.”

By Vivian Foo, VCNewsNetwork