East Ventures Closes $250 Million Fund, Defying Tech Slowdown

(Bloomberg) -- East Ventures, Southeast Asia’s most active early-stage tech investment firm, raised $250 million for its 12th fund, a rare sign of confidence in the global technology sector during a tumultuous year.

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The Indonesia-focused firm will allocate the money as follow-on investments toward growth portfolio companies that demonstrate strong potential, it said in a statement Tuesday. Many of its portfolio companies at growth stage — about 60% — have hit or are close to hitting positive earnings before interest, taxes, depreciation and amortization, it said.

The fundraising shows that some venture firms are still finding capital even as the industry grapples with rising interest rates, elevated inflation and a decline in technology company valuations. East Ventures’ new fund, which brings the total amount raised by the firm in the past year to $835 million, is one the biggest announced in Asia this year.

East Ventures, founded in 2009, was the first backer of companies such as e-commerce firm Tokopedia and online travel company Traveloka, which went on to become two of Indonesia’s most valuable startups. The firm has backed more than 300 companies in Southeast Asia in the past 14 years.

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