Legendary US Venture Capitalist Tim Draper Visits Indonesia, Announces $50m Fund for Southeast Asia i

Tim Draper, a legendary American venture capital investor, was in Indonesia this week. (Photo courtesy of WaveMaker Partners)

By : Sarah Yuniarni | on 3:44 PM June 10, 2017
Category : Business, Tech

Jakarta. Wavemaker Partners, a giant venture capital firm with offices in Los Angeles and Singapore, is closing in on a $50 million fund for Southeast Asia, with Indonesia placed as a key market, the company said in a statement dated Thursday (09/06).

Wavemaker said the fund, its second for the region and fifth overall, will be invested in 80 early-stage technology startups in Southeast Asia focusing on business-to-business ventures. The venture capital firm currently has at least 10 portfolio companies that has earmarked Indonesia as their key markets.

Wavemaker said in the statement it is seeking to put more investment in Indonesia, but did not mention any details.

"There are so many things going for Indonesia, with fast growth in gross domestic product (GDP) fuelled by a large, young, digitally-savvy population, an increasingly skilled workforce and a burgeoning middle class," Tim Draper, a legendary American venture capital investor affiliated with Wavemaker via California-based venture capital firm Draper Venture Network (DVN), said in a statement received by the Jakarta Globe on Friday.

"It’s a great environment to scale startups. I’m here to meet founders and investors, learn more about the country and share some of the lessons I’ve learned on scaling startups," he said in the statement.

Draper, the co-founder of venture firms Draper Fisher Jurvetson (DFJ) and Draper Associates — all associated with DVN — visited Indonesia for the first time this week bringing along representatives from other DVN companies like Draper Nexus (Japan) and Blume Ventures (India).

"Tim Draper is one of the few Silicon Valley venture capitalists who has managed successful investment for over 30 years across multiple continents. He’s backed global successes like Baidu (China), Skype (Estonia) and Tesla (US). When we invited him to visit Indonesia with us, he didn’t think twice [about saying yes]," WaveMaker Managing Partner Paul Santos said in the statement.

The statement did not mention the names of the startups that will receive the $50 million fund.

Wavemaker Partners was established in 2003 with main offices in Los Angeles and Singapore. Its key founders include tech entrepreneurs who have built and made successful exits at some US-based investment companies, including MindBody, DigitalGlobe and Style Haul, and Singapore-based investment companies like Luxola, ArtofClick and Pie.

Wavemaker serves as the Southern California and Southeast Asia representative of DVN.

Show More

 
MORE NEWS