Jakarta. South East Asia-based venture capital firm East Ventures successfully secured $380 million (Rp 5.89 trillion) across multiple fundings in 2023. During the year, the firm closed 63 deals, onboarded 29 new portfolio companies, and allocated $80 million to support its startups.

“Entering 2024 comes with uncertainties. Geopolitical tension in some countries and the instability of the global economy have led to substantial volatility. However, we see positive signs. We are staying aware, closely monitoring, and focused on our objectives regardless of external fluctuations,” said Roderick Purwana, Managing Partner at East Ventures, on Wednesday.

In May 2023, East Ventures successfully raised $250 million with the first and final close of the Growth Plus fund. This fund is specifically designed to target companies within the East Ventures ecosystem that exhibit strong potential.

In October, the company revealed the East Ventures South Korea fund in collaboration with SV Investment, totaling $100 million. Anticipated to have its first close in the first semester of 2024, the fund aims to invest in the most promising startups and companies across various key sectors, including biotech & healthcare, future mobility, green technology, media & content, and others.

On Oct. 18, 2023, East Ventures introduced a $30 million Healthcare fund, dedicated to advancing innovative healthcare solutions in Indonesia. This fund will provide support to Indonesian startups capable of addressing unique challenges and opportunities within the healthcare sector in the country.

Roderick said that within East Ventures' portfolio, which comprises 90% growth-stage startups, 30% are progressing towards profitability, 60% are already profitable, and the remaining 10% are still in the process of adapting.

East Ventures boasts a portfolio of over 300 companies throughout Southeast Asia. Notable entities within this portfolio include Fore Coffee, IDN Media, Mekari, KoinWorks, and Stockbit, as well as unicorns, such as GoTo Gojek Tokopedia, Traveloka, and Xendit.

East Ventures started to build the digital ecosystem in Indonesia in 2009 when internet penetration in Indonesia was still low. Fast forward 15 years and Indonesia's digital economy has experienced rapid growth, with mobile phone penetration reaching close to 80%.

Willson Cuaca, a Partner at East Ventures, envisions that in the next 10 years, Indonesia will enter an early demographic dividend era, ultimately leading to the peak of the demographic dividend approximately 20 years from now.

He said that the majority of the workforce in the next two decades will be comprised of digital natives, primarily led by Generation Z and supported by a mature millennial generation. 

"Whether this upcoming generation can fulfill the vision of a 2045 Golden Indonesia or potentially become a demographic liability hinges on our preparedness to take action now," he said.