Internet services company Baidu has provided an undisclosed amount of funding to Indonesia-based venture capital firm Convergence Ventures as part of a strategic partnership, Tech in Asia reported today.
Although he did not reveal the size of China-based Baidu’s investment, Adrian Li, Convergence’s founder and managing partner, said it has’ significantly’ increased the size of the company’s latest fund.
Convergence, then called Convergence Accel, announced in November 2014 it had raised $25m for the fund from limited partners including diversified conglomerate Bakrie Group.
The firm targets early-stage companies that are either focused on Indonesia or which have expansion plans for the country. It has so far invested in eight companies.
In addition to its financial contribution, Baidu will supply Convergence’s portfolio companies with technical resources, expertise and assistance in expansion into China. Baidu Indonesia and Convergence are exploring the creation of a joint co-working space for startups, and expect to find a location for it in the next six months.
Convergence will also help Baidu identify Indonesia-founded apps, including those not in its portfolio, that are ripe for entry into the Chinese market.