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Thu 30 May 2019 12:55 PM

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SoftBank joins record Indonesia-focused growth venture fund

Investors are increasingly looking to Southeast Asia's largest economy, where internet and mobile penetration is expanding at a rapid clip

SoftBank joins record Indonesia-focused growth venture fund

SoftBank Group has joined other backers in a $200 million venture capital fund that will focus on unearthing promising start-ups in Indonesia.

Investors are increasingly looking to Southeast Asia’s largest economy, where internet and mobile penetration is expanding at a rapid clip.

The Japanese tech powerhouse joins investors including Pavilion Capital and Indies Capital in contributing to the fund, which closed after surpassing an initial target of $150 million.

The Singapore-based fund will be run by EV Growth - a venture between Indonesia’s Sinar Mas group, East Ventures and an arm of Yahoo Japan - and explore investments across a broad swathe of industries.

“This is the largest Indonesia-focused growth fund to date,” said Willson Cuaca, one of three partners that lead EV Growth. “This fund is aimed at creating more unicorns.”

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