East Ventures, SV Investment secure first close for SEA-South Korea fund

East Ventures, an Indonesia-based VC firm, and SV Investment, a publicly listed VC and PE firm headquartered in Seoul, have completed their joint fund, branded as the "East Ventures South Korea Fund in partnership with SV Investment."

The fund is anchored by Korea Development Bank (KDB), South Korea's state-owned development bank, with strategic backing from one of the world's leading neobanks, according to a release. It aims to invest in high-potential tech startups from Southeast Asia and South Korea, fostering cross-border expansion.

"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," said Roderick Purwana (pictured, second from left), East Ventures' managing partner.

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The fund remains open to additional investors and is on track for a final close by mid-2025. It will target revenue-generating startups in Series A to B rounds, with investments ranging from US$1 million to US$3 million.

David Junghun Bang (pictured, first from right), SV Investment's managing partner, emphasised the fund's role in fostering mutual benefit. He said:"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."

Founded in 2009, East Ventures has a portfolio of over 300 companies, including notable names such as Tokopedia, Traveloka, and Xendit.

Aiming for US$100 million, the company launched the South Korea fund with SV Investment in 2023. That year, East Ventures also secured US$250 million through the first and final close of its Growth Plus fund, and announced its US$30 million Healthcare fund dedicated to supporting healthcare solutions in Indonesia.

Meanwhile, SV Investment was established in 2006 and also has a presence in Singapore, the US, and China. The firm manages over US$1.5 billion in assets and has backed major companies, including HYBE, the entertainment company that manages K-pop artists such as BTS.

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