Convergence Ventures attracts Chinese investors to Indonesia
Convergence Ventures just closed its first fund, raising $30 million from investors, including well-known Chinese entrepreneurs, to place bets on Indonesia's burgeoning technology sector.
The Jakarta-based venture capital firm exceeded its fundraising target of $25 million, with financing from a diverse group that included Singapore-based gaming unicorn Garena and Indonesia's Emtek Group, according to Convergence managing partner Adrian Li.
Li, who started Convergence in 2014 after a stint as founder of Chinese online education startup Idapted, is tapping his network to increase bets on Indonesia, a country believed to be on the cusp of a technology boom as smartphone usage climbs and the middle class swells to an estimated 141 million by 2020.
