Internet company Yahoo Japan and Indonesia-based conglomerate Sinar Mas launched a Southeast Asia-focused investment fund today in partnership with venture capital firm East Ventures.
The fund, dubbed EV Growth, has targeted a $150m close and the partners have already supplied $100m of that sum, Sinar Mas investing through its corporate venturing arm, SMDV.
EV Growth will target IT and related technology developers in the region, and will provide between $5m and $15m to companies at series B stage and later in an attempt to plug a perceived gap at that part of the growth process for local startups.
Willson Cuaca, managing partner of East Ventures, said EV Growth will aim to fund between 15 and 20 companies. East Ventures has long been an active investor in Southeast Asia, most recently committing $30m to an Indonesian fund in September 2017.
The fund will also look to invest in companies that complement Yahoo Japan’s activities, according to Nikkei. Its corporate VC subsidiary, YJ Capital, has a portfolio that includes Indonesia-based social networking platform Paktor and Singapore-based courier service Ninja Van.
Gandi Sulistiyanto, managing director of Sinar Mas, was reported by Reuters to have said his firm is interested in funding infrastructure, mining and digital technologies. SMDV and East Ventures share online payment platform Omise and livestreaming platform Moi Corporation as portfolio companies.