East Ventures, a leading venture capital firm in Indonesia and Southeast Asia, has partnered with Seoul-based SV Investment to announce the first close of their joint fund, named the "East Ventures South Korea fund in partnership with SV Investment." This collaboration aims to strengthen investment ties between Southeast Asia and South Korea.

The initial closing has garnered support from prominent investors in both regions. Notably, the Korea Development Bank (KDB), South Korea's state-owned development bank, serves as the anchor investor. Additionally, a leading global neobank has made a strategic commitment to the fund. The fund is now poised to invest in high-potential tech startups across Southeast Asia and South Korea.

East Ventures and SV Investment are focusing on revenue-generating startups, particularly those seeking Series A to B funding. They plan to lead investments with check sizes ranging from $1 million to $3 million, targeting exceptional founders aiming to scale their businesses across both regions.

Roderick Purwana, Managing Partner at East Ventures, emphasized the significance of this milestone: "This first close marks a significant milestone in our shared commitment to fostering cross-border collaboration and investment between Southeast Asia and South Korea. We are deeply grateful for the anchor support from our early LPs and are excited about the opportunities ahead. Together with SV Investment, we are committed to forging a productive and healthy Southeast Asia for today, tomorrow, and for generations to come."

David Junghun Bang, Managing Partner at SV Investment, highlighted the fund's role in bridging the two regions: "The fund will play a pivotal role in strengthening ties and bridging the gap between Southeast Asia and South Korea. Together with East Ventures, we are strongly committed to generating valuable synergy for both regions, as South Korea will have increasing opportunities to expand into one of the fastest-growing and largest markets, while Southeast Asia will benefit from the adoption of advanced technology from South Korea and drive its economy to the next level."

The fund is actively engaging with additional investors and aims to achieve its final closing by mid-2025. This initiative is expected to foster innovation and growth, providing startups with the necessary resources to expand and thrive in the dynamic markets of Southeast Asia and South Korea.

PHOTO: EAST.VC

This article was created with AI assistance.