East Ventures, an Indonesian venture capital firm, and South Korea’s SV Investment have announced the first closing of their joint fund.

The “East Ventures South Korea fund in partnership with SV Investment” will invest in tech startups across Southeast Asia and South Korea.

The fund has secured anchor capital from the Korea Development Bank (KDB), South Korea’s state-owned development bank, and a strategic commitment from one of the world’s leading neobanks.

The fund will primarily target revenue-generating companies seeking Series A or B funding, with investments ranging from US$1 million to US$3 million.

East Ventures and SV Investment will jointly manage the fund, identifying promising startups with growth potential in both regions.

The firms aim to connect these businesses, facilitating expansion and cross-border collaboration.

The fund is on track to reach its final closing by mid-2025.

East Ventures, founded in 2009, has invested in over 300 tech companies in Southeast Asia across nine funds, delivering strong financial returns and social impact.

SV Investment has offices in Singapore, Boston, Shanghai, and Shenzhen and has been an active Korean investor in the region.

The fund is expected to help South Korean companies expand into Southeast Asia while enabling Southeast Asian startups to adopt advanced technologies from South Korea.

“This first close marks a significant milestone in our shared commitment to fostering cross-border collaboration and investment between Southeast Asia and South Korea.

We are deeply grateful for the anchor support from our early LPs and are excited about the opportunities ahead. Together with SV Investment, we are committed to forging a productive and healthy Southeast Asia for today, tomorrow, and for generations to come,”

said Roderick Purwana, Managing Partner at East Ventures.

“Together with East Ventures, we are strongly committed to generating valuable synergy for both regions as South Korea will have increasing opportunities to expand into one of the fastest-growing and largest markets, while Southeast Asia will benefit from the adoption of advanced technology from South Korea and drive its economy to next level,”

said David Junghun Bang, Managing Partner at SV Investment.

Featured image credit: Edited from Freepik