[L-R] Alpha JWC co-founders and general partnersChandra Tjan and Jefrey Joe
Alpha JWC Ventures, a Southeast Asia-focused fund primarily supporting Indonesian startups, has closed an oversubscribed third fund at US$433 million.
Global and regional investors, including World Bank’s International Finance Corporation (IFC) and Morgan Stanley Alternative Investment Partners, invested in the fund.
Through Fund III, the VC firm is looking at a more extensive roster of investment opportunities in the region. “With this larger fund, we will be able to double down on our efforts in driving our mission to support our founders as they create scalable and sustainable companies in Indonesia and the region,” said co-founder and general partner Jefrey Joe.
Alpha JWC will increase its investment size to up to US$60 million in multi-stage funding with an emphasis on fintech, direct-to-consumer brands, SaaS and B2B services.
Also Read: Alpha JWC Ventures closes second fund at US$123M, claiming oversubscription
The third fund has already invested in seven companies in the fintech, SaaS, and SME solutions sectors in Indonesia, Singapore, and Vietnam.
While its primary focus remains Indonesian startups and founders, it has expanded its regional presence with investments in Singapore, Malaysia, Vietnam, Thailand, and the Philippines over the past five years.
Alpha JWC was launched in 2016 with a US$50 million fund, which invested in 23 early-stage companies in Southeast Asia. The second fund, closed at US$143 million in 2019, has backed 30 companies.
Its portfolio companies have collectively raised more than US$1 billion in 2021. This year, three of its companies became unicorns: buy-now-pay-later company Kredivo, automotive marketplace Carro, and online brokerage platform Ajaib.
The fund’s investees also include coffee chain Kopi Kenangan, B2B marketplace GudangAda, healthy consumer goods producer Lemonilo, and P2P platform Funding Societies.
The firm has generated nine exits so far, namely DealStreetAsia (acquired by Nikkei), regional co-working space network Spacemob (acquired by WeWork), and Vietnamese enterprise SaaS Base.vn (bought by FPT Corporation).
Alpha JWC currently has around US$630 million in assets under management (AUM) across its three funds. Of them, Fund III will double down on early and growth investments targeted towards Indonesia’s and Southeast Asia’s booming technology ecosystems.
Kim-See Lim, IFC regional director for East Asia and the Pacific said: “IFC’s partnership with Alpha JWC Ventures underscores our long-term commitment to Indonesia’s economic development and digital transformation. Alpha JWC’s focus on innovative technology-enabled businesses is key, as these investments help enable long-term development and have the power to transform lives.”
Erika Go, partner, Alpha JWC Ventures, said: With our portfolio companies, we have touched the lives of almost one million MSMEs through financial inclusion and market access and created more than 12,000 value-adding jobs. We have also empowered more than 200,000 women by creating opportunities to improve their family welfare, inspired more than one million new retail investors, and many more. And this is not the end but just the beginning of the journey.”
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Image Credit: Alpha JWC Ventures
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