AC Ventures

AC Ventures (ACV) is a Southeast Asian venture capital firm that invests in early-stage startups focused on Indonesia and ASEAN,[1] with over US$500 million in assets under management[2] across five funds. The firm's mission is to empower entrepreneurs with more than just capital by combining operational experience, industry knowledge, deep local networks, and resources. ACV's team has invested in over 120 tech companies in the region since 2012. With a team of more than 35 professionals led by Adrian Li, Michael Soerijadji, Helen Wong, and Pandu Sjahrir,[3] it has offices in Jakarta and Singapore.

AC Ventures
TypeVenture capital firm
IndustryInvestment services
Founded2014
FounderAdrian Li
Headquarters
Jakarta
,
Indonesia
Key people
  • Pandu Sjahrir (Founding Partner)
  • Adrian Li (Founder & Managing Partner)
  • Michael Soerijadji (Founder & Managing Partner)
  • Helen Wong (Managing Partner)
AUMUS$500 million (2022）
Websiteacv.vc

The firm’s areas of investment focus on a variety of industries, including digital enablement, financial technologies,[4] agriculture technologies,[5] logistics,[6] e-commerce,[7] consumer technology, MSME solutions, waste management, renewable energy, and sustainability solutions.

Some of the notable technology companies ACV has backed include Carsome, Xendit, Aruna, Ula, Stockbit, Shipper, Astro, KoinWorks, ALAMI (Hijra Bank), EdenFarm, Majoo, Payfazz, and others[1]. 

History

The firm evolved due to a merger[8] between two of Indonesia’s pioneering tech investment companies: Agaeti Venture Capital, established by Pandu Sjahrir and Michael Soerijadji; and Convergence Ventures, founded by Adrian Li in 2014, officially joined forces under the new identity AC Ventures in 2019.

Today serving as the Founding Partner of ACV,[9] Pandu Sjahrir is also an angel investor. He has backed prominent technology companies in Asia such as Gojek, Sea Limited,[10] and Bukalapak. Since 2016, he has assisted in raising over US$1 billion for more than 100 companies, which have subsequently produced over US$60 billion in shareholder value and created over 100,000 jobs. He was appointed Chairman of the Indonesia Fintech Association[11] and Commissioner of the Indonesia Stock Exchange in 2021.[12]

Michael has overseen investments in over 100 technology companies in Indonesia, making him a key figure in the tech investment sector. He serves on the board of several portfolio companies in Southeast Asia. He was also featured in Fortune Indonesia’s 40 Under 40.[13]

On October 12, 2020, ACV announced the first close of its Fund III for Indonesian startups targeting US$80 million.[14] On December 1, 2021, it announced a final close for Fund III at an oversubscribed US$205 million.[15]

On February 14, 2022, the firm announced Helen Wong had joined as Senior Advisor and Venture Partner[16] and named Managing Partner less than a year later. Previously, Helen had served in senior investment roles in China, the US, and India, including at well-known firms such as GGV and Qiming Ventures.[17] She led investments in Akulaku and Reddoorz and has served on the boards of multiple Chinese internet companies, including Tudou/Youku[18] and Mobike. She was recognized as one of China’s top 25 female VCs by Forbes in 2021.[18]

On September 14, 2022, ACV announced the first close of its Fund V targeting US$250 million.[19]

ACV then went on to become one of the first movers in climate tech investing in Indonesia. In October 2022, ACV led a US$5 million series A[20] round into Indonesia-based responsible waste management startup Waste4Change. In July 2023, the firm led a US$37.6 million seed[21] round into electric motorbike company MAKA Motors. In September 2023, it led a series A round into Indonesia-based sustainable farming and supply chain traceability startup Koltiva.[22]  

AC Ventures is known for adopting a hands-on and localized approach to the startups it invests in including providing resource access to support scaling and establishing a network of experienced founders to advise their startups.[23]

ESG & Impact

ACV uses The Upright Project, a technology company based in Helsinki, Finland that measures ESG and impact according to Northern European standards. The platform covers SFDR PAI indicators, EU taxonomy metrics, and UN SDG metrics for 14,000+ companies.[24] The Upright Project aims to enable smarter decision-making for institutional investors, consumers, and employees and has 200+ organizations in 15 countries as clients.[25]

In the context of ESG and impact, ACV’s metric of focus is called ‘net impact ratio.’ This is a percentage score used to quantify how effectively a group of companies turns resources into positive impact. In 2022, ACV and its portfolio ran baseline assessments across the four key dimensions of ‘environment,’ ‘health,’ ‘society,’ and ‘knowledge.’ Its overall net impact ratio delivered an above-average +37%[26] with its strongest areas being ‘society’ and ‘health.’

To provide useful context, the Nasdaq Small Cap Index (NQUSS) features an average net impact ratio of +29%[27] while the S&P 500 features a ratio of +2%[28] on average. In the context of diversity and inclusion, within the firm, 50%[29] of its senior leadership roles are occupied by women. Across its portfolio, this figure comes in at 41%.[29]

Areas of Investment

AC Ventures focuses on the following areas of investment:

References
  1. "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 7 June 2023.
  2. Shu, Catherine (14 September 2022). "AC Ventures reaches first close of a $250M fund for Southeast Asian startups". TechCrunch. Retrieved 7 June 2023.
  3. "Executive Column: AC Ventures says founders must keep innovating despite 'tech winter'". The Jakarta Post. Retrieved 7 June 2023.
  4. Staff, TechNode Global (4 July 2022). "Indonesia's PINA raises $3M seed funding led by AC Ventures, Vibe.VC, and Y Combinator". TechNode Global. Retrieved 7 June 2023.
  5. Staff, TechNode Global (31 January 2023). "Indonesia's EdenFarm raises $13.5M funding led by TMI, AppWorks, AC Ventures". TechNode Global. Retrieved 7 June 2023.
  6. "VC Who Backed Carsome Raising $250 Million for Early-Stage Fund". Bloomberg.com. 13 September 2022. Retrieved 7 June 2023.
  7. "Ula secures investments from Tencent and Jeff Bezos's VC | IDNFinancials". www.idnfinancials.com. Retrieved 7 June 2023.
  8. "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 13 July 2023.
  9. "Pandu Sjahrir". AC Ventures. Retrieved 13 July 2023.
  10. "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 13 July 2023.
  11. Evandio, Akbar (7 June 2021). "Pandu Sjahrir Jadi Ketua Asosiasi Fintech, Ini Rekam Jejaknya". Bisnis.com (in Indonesian). Retrieved 13 July 2023.
  12. "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 13 July 2023.
  13. "Daftar Fortune Indonesia 40 Under 40, dari Gibran Hingga Reza Rahadian". fortuneidn.com (in Indonesian). Retrieved 13 July 2023.
  14. Shu, Catherine (12 October 2020). "AC Ventures announces the first close of its $80 million fund for Indonesian startups". TechCrunch. Retrieved 29 September 2023.
  15. Shu, Catherine (1 December 2021). "Indonesia-focused AC Ventures closes oversubscribed $205M third fund". TechCrunch. Retrieved 29 September 2023.
  16. Staff, TechNode Global (14 February 2022). "Indonesia's AC Ventures appoints venture capital veteran Helen Wong as Senior Advisor and Venture Partner". TNGlobal. Retrieved 29 September 2023.
  17. "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 29 September 2023.
  18. Chua, Jolynn. "Helen Wong". Forbes Asia 100 to Watch. Retrieved 29 September 2023.
  19. Shu, Catherine (14 September 2022). "AC Ventures reaches first close of a $250M fund for Southeast Asian startups". TechCrunch. Retrieved 29 September 2023.
  20. Shu, Catherine (14 October 2022). "Waste4Change is building a circular economy in Indonesia". TechCrunch. Retrieved 29 September 2023.
  21. Park, Kate (20 July 2023). "With $37M seed round, Maka Motors begins EV pilot on Indonesia's streets". TechCrunch. Retrieved 29 September 2023.
  22. "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 29 September 2023.
  23. "The Top VC's in Indonesia – Convergence Ventures – Empowering Entrepreneurs Through Smart Working Capital | AsiaTechDaily - Asia's Leading Tech and Startup Media Platform". 27 June 2021.
  24. "Unlocking Indonesia's economic potential: AC Ventures' commitment to women-led businesses and ESG investing". KrASIA. 8 September 2023. Retrieved 2 October 2023.
  25. Post, The Jakarta. "How ESG is transforming Southeast Asia's tech game". The Jakarta Post. Retrieved 2 October 2023.
  26. "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2 October 2023.
  27. "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 8 October 2023.
  28. Post, The Jakarta. "How ESG is transforming Southeast Asia's tech game". The Jakarta Post. Retrieved 8 October 2023.
  29. "Unlocking Indonesia's economic potential: AC Ventures' commitment to women-led businesses and ESG investing". KrASIA. 8 September 2023. Retrieved 8 October 2023.
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