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ACV Reviewa hand-curated newsletter which brings you interesting reads on entrepreneurship and technology.

Featured Stories
Deconstructing MSME Retail Supply Chains with Nipun Mehra of Ula
The MSME market has long been a core thematic vertical at AC Ventures. We believe the power of technology can create enormous value for the 63M enterprises that make up this overwhelming economy segment. In this deep dive episode, Nipun Mehra, Founder & CEO of Ula, and Adrian Li, Founder & Managing Partner of AC Ventures, will share many learnings of Ula’s journey and discuss the deeper insights from the MSME industry. Listen here.
Penjana Kapital partners with Indonesia’s AC Ventures to pave way for M’sian start-ups to access the US$1 trillion Indonesian market
Penjana Kapital Sdn Bhd has entered into an agreement with Indonesian venture capital investment firm AC Ventures to allow promising Malaysian start-ups to expand into Indonesia and form partnerships within the regional technology ecosystem. Read about it here.
Capturing the next frontier opportunities in the Indonesian eCommerce landscape
As Indonesia’s largest commerce businesses approach IPO scale and considering the dominance of Shopee, Tokopedia, Bukalapak, and Lazada, there can be few opportunities left in the eCommerce space. However, there are several key challenges that horizontal eCommerce platforms have yet to overcome, despite years of exponential growth. Read about it here.
Portfolio News Bites
Eden Farm, a rapidly-growing agritech company revolutionizing Indonesia’s food ecosystem, announced the completion of a US$19 million Series A round of financing co-led by AppWorks and AC Ventures, with participation from Trihill Capital, OCBC Ventures, Investible, Corin Capital, and existing investors, Global Founders Capital. Read about it here
Astro, a quick commerce start-up in Indonesia, has received an injection of venture capital funds of US$4.5 million for Seed Funding to meet the needs of customers shopping for groceries more quickly, easily, and safely. Funding injections in this initial round were provided by Global Founders Capital, AC Ventures, Lightspeed Venture Partners, and Goodwater Capital. Read about it here.
NAMA Beauty, an upcoming direct-to-consumer (D2C) cosmetics and skincare company from Indonesia, has completed its US$5M Seed Funding round led by AC Ventures, with participation from SiCepat Ekspres and DMMX. Read about it here

Majoo, an Indonesia-based software-as-a-service (SaaS) provider, has received $4 million pre-series A funding led by AC Ventures with participation from BRI Ventures and Xendit. Read about it here.

American billionaire Jeff Bezos – recently toppled as the world’s richest man by rival tech tycoon Elon Musk – is betting on the future of Southeast Asian eCommerce with his investment in 18-month-old Indonesian start-up Ula. Read about it here.
Our Insights
The MSME market has long been a core thematic vertical at AC Ventures, where we believe the power of technology can create enormous value for the 63M enterprises that make up this overwhelming segment of the economy.
In this deep dive episode, Nipun Mehra, Founder & CEO of Ula, and Adrian Li, Founder & Managing Partner of AC Ventures, will share many learnings of Ula’s journey and discuss the deeper insights from the MSME industry. Listen here.
インドネシアの地場系ACベンチャーズのアドリアン・リー創業者兼マネジングパートナーは、国内で新たなユニコーン(企業価値の高い新興企業)の候補企業が約30社あるとの見方を示した。これら30社は、企業価値が1億米ドル(約113億円)以上10億米ドル未満で、特にフィンテック(ITを活用した金融サービス)、電子商取引(EC)、物流分野は有望と指摘した Read about it here.
Indonesia’s Kitabeli recently secured investment from the co-founders of Indian social commerce unicorn Meesho. But the two platforms follow different business models, which raises the question of whether the linkup can help Kitabeli grow its group-buying model into a unicorn. Read about it here.
Our Community
In November, AC Ventures participated in the Malaysian Government’s Dana Penjana Nasional (DPN) program to support the growth in the technology and investment sector and look forwards to backing the very best entrepreneurs and companies in Indonesia and Malaysia.
ACV in the News
  • Penjana Kapital partners Indonesia’s AC Ventures to pave way for M’sian start-ups to access US$1 trillion Indonesian markets.The Edge Markets. Read about it here
  • Penjana Kapital Gandeng AC Ventures, Startup Malaysia Berpeluang Masuk Pasar RI. Tempo.co. Read about it here.
  • Uncovering the Frontier Opportunities in Indonesia’s eCommerce Market. Forbes. (November issue).
  • Meesho and Kitabeli’s bumpy social commerce corridor. The KEN. Read about here.
  • AC Ventures insights: Emerging e-commerce opportunities in Indonesia. TechNode Global. Read about it here.
  • Capturing the next frontier opportunities in the Indonesian e-commerce landscape. e27. Read about it here.
  • Tech enabling Indonesia’s 63M MSMEs the engine of growth for the post-pandemic recovery. TechNode Global. Read about it here.
About AC Ventures

AC Ventures is a leading Southeast Asian Venture Capital Firm investing in early-stage startups focused on the Indonesia and ASEAN markets. AC Ventures’ mission is to partner and empower entrepreneurs with more than capital, combining operating experience, industry knowledge, deep local networks, and resources to create value. Our vision is to be a generational partner to founders driving positive societal change and economic impact to Indonesia and beyond through technology-enabled ventures.  

AC Ventures manages over US$380M in AUM invested across four funds. Since 2012, AC Ventures’ Partners have invested in over 100 technology companies in Indonesia and Southeast Asia, including some of the most iconic names in the SEA digital ecosystem. AC Ventures’ Founding Partners, Adrian Li, Michael Soerijadji, and Pandu Sjahrir, lead a team of over 25 professionals with offices in Jakarta and Singapore. 

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