Industry Investment services Headquarters Jakarta Type of business Venture capital firm | Founder Adrian Li Founded 2014 | |
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Reverse pitch convergence ventures indonesia
Convergence Ventures (formerly Convergence Accel) is an Indonesia based venture capital firm. The firm invests primarily in early stage funding in the emerging markets and start-ups which build technology products and internet services with a primary focus on Indonesia. The firm was founded by Adrian Li and joined by Partner Donald Wihardja in November 2014. The company manages a US$25 million fund with LPs from Indonesia, China and the US.
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History
Convergence was founded by Adrian Li in 2014 in Jakarta, Indonesia. Li had a background as an internet entrepreneur, he had founded six internet startups in the emerging markets of China and Indonesia, and also was a mentor for Endeavor, GEPI, Ideabox, Incyte, and others. Realizing the business potential in the Indonesian market, he launched Convergence Ventures in 2014. The firm is advised by a notable group of experienced investment professionals including Ryan Floyd, Vyomesh Joshi, Dave Morin, Robert Soni, Raj Gollamudi, Andrew Malk, and Xu Xiao Ping. The firm focuses on early stage companies primarily in digital media, digital commerce, O2O and enabling technologies and invests at Pre- Series A to Series B stage. Up to end of 2015 the fund had announced 9 investments in Indotrading, Female Daily Network, Qraved, MalesBanget (MBDC Media), Paktor, Adskom, YesBoss, MoneySmart and Ematic Solutions.
In November 2015, Convergence Ventures announced a strategic and financial partnership with Baidu. The partnership brought technical resources and expertise from China for existing and portfolio companies of Convergence Ventures as well as additional fund. Convergence Ventures was rated as one of the top southeast Asia’s investment firms by Tech In Asia.
Investments
The company has been an early investor in companies across South East Asia, primarily in Indonesia. In September 2014, Convergence Ventures invested in MalesBanget, founded by Christian Sugiono. MalesBanget is the leading viral content production site in Indonesia. In the next month, the firm invested in another Indonesian company, Female Daily Network, which is the largest forum site for fashion and beauty in Indonesia, founded by Hanifa Ambadar and Affi Assegaf in 2007.
Adrian Li along with Steven Kim, and Sean Liao founded Qraved, a leading food discovery site in Indonesia, Convergence participated in the Series A funding in November 2014. In October 2015, the company received USD 8 Million follow-up funding at Series B led by Gobi Partners and Richmond Global. In March 2015, the firm invested in Indotrading, the largest B2B online directory, founded by Handy Chang in 2012. Convergence Ventures invested in Adskom, an advertising technology company led by Italo Gani and Daniel Armanto. The company received funding at undisclosed amount in July 2015.
The firm invested in a leading social dating app in South East Asia, Paktor. Convergence Ventures participated in a USD7.5 Million Series B. In October 2015, Convergence Ventures invested in YesBoss, a text-based personal assistant startup based in Indonesia, founded by Irzan Raditya. Later, firm invested in MoneySmart, a fintech company based in Singapore. Convergence Ventures participated in a seed round of Ematic Solutions, an email marketing company founded by a Stanford University graduate, Paul Tenney and home-cooking delivery startup Black Garlic.
Areas of Investment
Convergence Ventures focuses on the following areas of investment: