Formerly known as Convergence Accel, Convergence Ventures is an early-stage venture capital firm that primarily invests in the technology sector of Indonesia. Convergence Ventures merged with Agaeti Venture Capital in April 2020, forming AC Ventures.
Convergence Ventures -About The Company
Convergence Ventures started on November 28 2014 by the founding partners Adrian Li, Blair Duncan and Donald Wihardja and is based out of Jakarta. They find and support disruptors of the Indonesian tech ecosystem and invest early to help grow those startups. Indonesia is an attractive emerging market for tech startups.
As an Indonesian firm, the emerging market of their home turf continues to be their priority. They are very involved with the companies that they support, often implementing a founder first, hands-on approach to provide smart capital, networking and access to resources to help successfully scale their startups. They leverage the extensive experience of its founders in working in Internet businesses in emerging markets, offering them valuable insight, networking opportunities and other assets required to scale their businesses.
The Merger To AC Ventures
In 2020, Convergence merged with Agaeti Venture Capital, forming AC Ventures. The new firm also focuses on the tech startup ecosystem of Indonesia and sees the full potential of the country as an emerging market for Technology. As an emerging market, Indonesia can often adopt business models and tech from the commercial spaces of more developed places like the USA, India and China. They want to adopt these successfully implemented business models done in more mature ecosystems, adapting them to suit the Indonesian ecosystem.
As a newly combined force, AC Ventures has supported over 70 companies in their journey from an idea to reality. The firm has injected over $100 Million into the tech startup sector as investments and has a combined valuation of over a billion dollars. Since this merger, Convergence Ventures have invested in 2021, in a US-based healthcare startup.
Their only venture fund was the Convergence Capital 1 fund, which was announced on October 3 2016. The fund raised $30 Million in total, to be invested in early-stage startups in the tech ecosystem.
AC Ventures, the combined entity, raised a total of $120 million during its only venture fundraising campaign, ACV Capital 3 LP. This fund was announced in October 2020 and is also targeted at the tech startup ecosystem of Indonesia.
Their most recent investment was in Pandemic Insights, an American HealthTech firm based out of Texas. This company founded in 2020 leverages AI insights and data with Human behavioural dynamics to assist in preventing health issues via software. The company raised a total of $5 Million from Convergence Ventures alone during its Series A rounds in 2021.
In April 2020, they backed Indonesian full-stack logistics platform Kargo Technologies, during their Series A funding rounds. The company raised $31 million, backed by a total of 10 investors.
AC Ventures recently backed Indonesian FinTech startup Finantier during their seed rounds that raised an undisclosed amount of funding as seed capital.
Whether it is as Convergence or AC Ventures, the firm has not shifted its focus. The emerging market of Indonesia holds infinite potential for tech, and it is precisely this potential that the VC aims to nurture.