[Weekly Updates] Agaeti and Convergence Merge as AC Ventures; Investree Raises $23.5 Million; and More

We deliver weekly update about tech startup in Indonesia

Amir Karimuddin - 13 April 2020

Two local venture capitals, Agaeti and Convergence, has formalize their merger as AC Ventures. Meanwhile, plenty of funding news last week, including Investree raises $23.5 million Series C funding led by Mitsubishi UFJ Financial Group (MUFG) and BRI Ventures, BukuWarung secures seed funding led by East Ventures, and Webtraces announces seed funding led by Prasetia Dwidharma.

AC Ventures is Agaeti Ventures and Convergence Ventures’ New Identity

The two local venture capitals, Agaeti Ventures and Convergence Ventures, has officially merged and took a new name as AC Ventures (ACV). Both company’s partners are joining the new entity. They are Adrian Li, Michael Soerijadji, Donald Wihardja, and Pandu Sjahrir.

AC Ventures to invest in 35 early-stage startups within the next three years. Its preferred focus are e-commerce, digital content enabled service, financial technology, and MSME enabled technology.

ACV is the first consolidated VC firm to be officially announced in Indonesia. After the first wave of investment in the past decade, some venture capitals are said to start a consolidation to raise the next round of fund.

Investree Raises 382 Billion Rupiah Funding of Series C’s First Round

The p2p lending startup, Investree, announced the first round of Series C funding worth of $23.5 million (more than 382 billion Rupiah) led by MUIP, a subsidiary of Mitsubishi UFJ Financial Group (MUFG), and BRI Ventures. Also participated are SBI Holdings and 9F Fintech Holding Group, both are existing investors.

Investree’s Co-founder & CEO, Adrian Gunadi, explained, the fresh money will be channeled to tighten the company’s position as the leading p2p lending for SMEs and to support business in Thailand and the Philippines.

Webtrace Announces Seed Funding, Developing Logistics Management Platform

To accelerate business growth, Webtrace has secured seed funding led by Prasetia Dwidharma. Also participated in this funding was Astra Ventura. With the fresh funding, the company plans to toughen marketing activities and acquire more customers while increasing sales.

Webtrace intends to be a useful platform for fleet management to have a technology solution for the more efficient logistics business, also to improve productivity and security. It can work using IoT solutions and sensors to produce data compilation and real-time analytics.

SME Accounting App Developer BukuWarung Announces Seed Funding Led by East Ventures

BukuWarung, a SaaS accounting startup for SMEs, announced seed funding led by East Ventures. The fresh money will be channeled to tighten the company’s position and recruiting talents of engineers, product, design, growth and partnership.

Also participated other investors such as AC Ventures (merger of Agaeti Ventures and Convergence Ventures), Golden Gate Ventures, Tanglin Venture Partners, and Michael Sampoerna. It is also mentioned some angel investors from Grab, Gojek, Flipkart, Paypal, Xendit, Rapyd, Alterra, ZenRooms, and others.

BukuWarung was founded by Abhinay Peddisetty and Chinmay Chauhan in late 2019 when both are still working at Carousell. is a news portal for startup and technology innovation. You can be a part of`s startup community and innovation members, download our tech research and statistic reports, and engage with our innovation community.

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