Sinar Mas Group, East Ventures and Yahoo Japan created EV Growth

Sinar Mas Group, East Ventures and Yahoo Japan established the EV Growth joint venture for the Series B funding. The Indonesian conglomerate founded by Eka Tjipta Widjaja in collaboration with East Ventures and Yahoo Japan announced it has raised up to US$100 million and a US$150 million plan to fund a number of startups in the region.

Sinar Mas Group, East Ventures and Yahoo Japan on Friday have inaugurated EV Growth as a venture capital company with joint venture funds from all three members. The company will specifically target for series B funding and will start operating in the second quarter.

Tinuku Sinar Mas Group, East Ventures and Yahoo Japan created EV Growth

Managing Partner of East Ventures, Willson Cuaca, said the joint venture came after the three companies saw a gap between funding from the seed funding category and Series A funding that caused growth restrictions for the startup ecosystem.

"We feel it's the right time to accelerate the development of the regional digital ecosystem with this growth fund," Cuaca said.

EV Growth has prepared an initial budget of US$100 million and plans to raise funds up to US$150 million to fund startup in Southeast Asia. The company claims to have invested in five startups in Indonesia and targets to invest in 20 startups in the next few years.

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