East Ventures: Pioneering Venture Capital in Southeast Asia
Since its inception in 2009, East Ventures has emerged as the foremost sector-agnostic venture capital firm in Southeast Asia. With an encompassing investment strategy ranging from Seed to Growth stage, East Ventures has backed over 300 tech startups across diverse sectors like commerce, SaaS, fintech, healthcare, and climate tech. This venture capital firm not only provides financial support but also fosters a robust tech startup ecosystem in the region, continually working to create opportunities for emerging startups.
1. Three Co-Founders, One Vision
East Ventures was co-founded by Willson Cuaca, Taiga Matsuyama, and Batara Eto, who all currently serve as Managing Partners. Willson, hailing from Indonesia, has a background in network infrastructure and internet security. Before founding East Ventures, he played a pivotal role in several tech products. Taiga and Batara, both based in Japan, contributed significant expertise as well. Taiga previously worked at Accenture and helped launch Yahoo Japan, whereas Batara served as CTO at the social networking site Mixi.
2. A Pioneer in Venture Capital
As one of the first Indonesian venture capital firms, East Ventures is about to celebrate its 15th year in 2024. When it launched in 2009, Indonesia’s internet penetration was only 13%, equating to about 30 million users in a population of 230 million. Recognizing the potential for growth, East Ventures has actively participated in building the digital ecosystem, and by January 2023, internet penetration had soared to 77%.
Willson states, “Our goal is to always be ahead of the wave before it becomes a mega-trend.” As Indonesia approaches an 80% internet penetration rate in 2024, East Ventures looks to identify emerging trends and opportunities.
3. Strong Confidence from LPs Through New Funds
With 11 funds tailored specifically for Southeast Asia, East Ventures demonstrates a robust capacity for launching new investment vehicles. This includes six Seed funds, two Growth funds, and a dedicated $100 million East Ventures South Korea fund in partnership with SV Investment. This collaborative effort aims to foster investments between Southeast Asia and South Korea, garnering backing from major institutions like the Korea Development Bank.
4. Maturing Investments
East Ventures has invested in over 300 startups, marking 45 successful exits. This includes a number of unicorns such as Tokopedia, Traveloka, Xendit, and Carro. Their strategy involves doubling down on the most promising companies to help maintain market leadership. Notable exits include Kudo’s acquisition by Grab in 2017 and Moka’s acquisition by Gojek in 2020, showing a consistent track record of successful investments.
5. Cadence & Timing
Southeast Asia is viewed as a burgeoning market thanks to its dynamic population and rapidly evolving startup ecosystem. Willson emphasizes the importance of maintaining an investment cadence: “Just like a badminton player must continuously play to stay attuned to the rhythm, investors must keep investing.” The firm remains committed to investing in strong founders regardless of market conditions, reflecting their belief in the region’s potential.
6. A Growing Ecosystem
Beginning with Seed funds from 2009 to 2018, East Ventures expanded by establishing its first growth fund in 2018. By 2021, the firm consolidated its Seed and Growth teams into a unified platform. Today, its ecosystem comprises four unicorns and a commitment to support startups even amidst global economic challenges. As of 2023, 90% of its growth-stage startups show positive contribution margins, and 40% are profitable, projecting a continued trend toward profitability.
7. Fostering Some of SEA’s Most Resilient Startups
East Ventures has demonstrated remarkable growth within its ecosystem, with revenue from growth-stage companies increasing 40% year-on-year. This remarkable achievement contrasts significantly with the overall revenue growth rate within Southeast Asia. Companies with strong fundamentals, such as Sociolla and ShopBack, have not only outperformed their competition but have also achieved profitability.
8. Global Recognition as an Active Investor
Recognized as the most active venture capital firm in Indonesia multiple times since 2018, East Ventures has garnered global acclaim from institutions like Preqin and CB Insights. This acknowledgment reflects the firm’s strategic acumen and consistent deal-making capabilities.
9. Founder-Centric Thesis
The investment philosophy at East Ventures is rooted in the 2P principle: People and Potential Market. The firm seeks founders who possess integrity, self-awareness, and adaptability. Understanding that a startup’s product may evolve over time, East Ventures prioritizes the qualities of the founder and the market landscape over the initial product assessment.
10. Promoting Gender Diversity, Equity, and Inclusion
East Ventures is dedicated to fostering gender diversity and inclusivity within its workforce. The firm’s leadership reflects this commitment, with 50% of senior leadership and 40% of investing partners being women by 2025. This diverse team fuels innovative thinking and broader market understanding.
11. Evolving Mission
In celebration of its 10th anniversary, East Ventures reshaped its mission to better reflect its aspirations. The updated mission statement aims to create a productive and healthy Southeast Asia across generations, emphasizing the importance of digitalization for economic growth.
12. Mapping Indonesia’s Digital Competitiveness Index
To identify new opportunities, East Ventures launched the Digital Competitiveness Index in 2020. This initiative systematically charts Indonesia’s digital economy across various provinces, helping bridge the digital divide and guiding governmental initiatives to develop cohesive digital infrastructure.
13. Net-Zero Commitment
East Ventures has committed to achieving net-zero emissions by 2050. This involves efforts like carbon offset initiatives, sustainable investment frameworks, and introducing tools like the GHG calculator designed to assist organizations in assessing their environmental impact.
14. Building a Healthier Indonesia
During the COVID-19 pandemic, East Ventures played an instrumental role in strengthening Indonesia’s healthcare system through the Indonesia PASTI Bisa (IDPB) initiative. The firm also supported various healthcare initiatives, demonstrating its commitment to improving public health.
15. 15 Years of Investment as a Solid Foundation
With 15 years of experience, East Ventures has navigated the volatile Southeast Asian market by focusing on strong fundamentals. This extensive experience allows the firm to continue supporting its portfolio companies and investing in quality founders, regardless of external economic conditions.
16. Realizing a Believable Southeast Asia
East Ventures has begun 2025 on a high note, successfully closing its inaugural GP-led secondary transaction. This move provided liquidity to its investors and showcased its ability to adapt and thrive even in unpredictable market conditions, reinforcing East Ventures’ position as a leader in the region’s venture capital landscape.