The merger agreement between Convergence Venture and Agaeti Ventures has been officially announced. The companies will combine both their members and partners under this new fund.
The new fund goes by the name AC Ventures and it will cater for early-stage investments in tech opportunities based in Indonesia, according to the released statement. Specifically, the fund will back companies that are in areas such as digital content, e-commerce, and fintech. It will also serve small, micro, and medium-sized enterprises.
It aims to invest about 35 startups all over the country (Indonesia) in the next three years. This new fund was formally established back in 2019, and since its establishment, it has completed several investments. This information is according to a statement made by the company.
The partners of the company include Donald Wihardja and Adrian Li from Convergence, Pandu Sjahrir from Indies Capital, and Michael Soerijidadi from Agaeti. Convergence and Agaeti remain separate and fully developed.
Both Convergence and Agaeti have made a total of more than 70 early-stage investments. These investments include those in startups such as Xendit, Akseleran, Fore Coffee, Moka, and CoHive, among others. The first wave of investments in the country has accelerated the tech adoptions in several sectors, such as fintech, ride-hailing, and online shopping.
AC ventures has furthermore launched an initiative called known as Leadership Talks. This initiative will feature a series of talks from local leaders who will help discuss how to navigate the impacts of the COVID-19 outbreak. Its first talk will feature Gojek CO-CEO, Andre Soelistyo, later today on April 6.