Convergence Accel is the new Jakarta-based investment company to focus on funding Indonesian startups. Founded and led by Adrian Li and Donald Wihardja, the investment company has setup $25 million (more than Rp 300 billion) fund for 25-30 startups in the next five years, with collective experience, network, and capital from group of US and China venture capitalists.
Female Daily Network (CDN) is the first startup to be Convergence Accel’s portfolio. It joined the $1 million Series A funding for FDN, led by Ideosource.
Convergence Accel’s Founding and Managing Partner Adrian Li in the press release said, “We wanted to build a venture capital firm from the perspective of an entrepreneur and provide a more-than-capital approach to supporting the founders. For example, as an entrepreneur, finding great talent was always a number one challenge hence we will create dedicated in-house recruitment resources focused on helping our portfolio build the best teams.”
Li and Wihardja were actively involved in founding and supporting several technology startups in Indonesia. Wihardja was the CTO of online payment platform Indomog and CFO of online advertising platform SITTI. He’s also the Head of Research of idEA (Indonesia E-Commerce Association). Li, in other hand, is the co-founder of online restaurant reservation platform Qraved, and once became the Managing Director of Rocket Internet company in Asia.
Convergence Accel will distribute up to $500,000 for each startup based in Indonesia and reserve follow-on funding for successful ventures. The investment can also be given to later stage ventures from other regions that identify Indonesia expansion as a strategic focus.
Before Convergence Accel’s presence in Indonesia, We have already recognized East Ventures, Ideosource, and Skystar Capital that are managed by Indonesians and actively investing for early stage startups in this country.
Convergence Accel’s partner Donald Wihardja stated, “As the largest economy in South East Asia with strong fundamentals and fast adoption of technology; Indonesia represents one of the most compelling investment opportunities in the coming decade.”
One of Convergence Accel’s backer is China-based Zhen VC, which has helped several Chinese startups to be listed in US’ stock exchanges (both NYSE and Nasdaq). “Bob” Xu Xiao Ping, Founder of Zhen Fund and advisor to Convergence Accel, added, “The potential to leverage experience from China’s Internet revolution to identify great opportunities in Indonesia and support entrepreneurs is tremendous.”