Alpha JWC, the Jakarta-headquartered venture capital firm, issued a statement today announcing it has closed its third fund at US$433 million.
The firm says this makes it Southeast Asia’s largest VC fund for early-stage startups and that it was oversubscribed, surpassing its initial target of US$250 million by an extra US$50 million.
The investors who took part in the third fund include the World Bank’s International Finance Corporation (IFC). The majority of LPs from Alpha JWC’s first two funds also contributed.
Co-founder and general partner Jefrey Joe said he observed a rise in interest in Southeast Asia from global investors, credited partially to high-profile exits like Bukalapak and Sea Group’s IPOs.
“It shows there is enough value to be created compared to such a developed market as the U.S.,” he said in a chat with TechCrunch.
Alpha JWC launched in 2016 with its first fund of US$50 million, which it invested in 23 companies. Its second fund closed in 2019 at US$143 million and was applied towards financing 30 companies.
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