Jakarta, CNBC Indonesia – East Ventures announced that it is raising managed funds to invest in health startups amounting to US$30 million (Rp. 472 billion).
Co-Founder and Managing Partner of East Ventures Willson Weather said this funding commitment would be focused on Indonesia only. This fund is dedicated to supporting health service solutions in Indonesia.
“So the focus could be investing in Singaporean companies, for example, but the target is to bring them to Indonesia,” said Willson during a meeting with the media in Jakarta, Wednesday (18/10/2023).
Willson said East Ventures’ goal is how the health ecosystem in Indonesia can be easily accessed by everyone, with effective prices and targeted treatment.
Until now, this commitment is still in the process of raising funds. Willson said there was no target for when this fundraising would close.
“The entire sector is agnostic, healthcare anything, but we are not investing in hospitals, AI technology tools, health services, but not assets like that,” he added.
Regarding what kind of startup this funding is aimed at, Willson said it is for startups in the early stages.
Unlike other fields, health services have risk management that is bound by regulations. Product development in the health sector will take much longer.
“The fund must be a dedicated fund, it cannot be combined with ordinary funds because ordinary funds are specifically for digital e-commerce, all kinds of things are very fast. So the risks are different, the funds must also be different,” he explained.
Before this fund was formed, East Ventures had been actively investing in startups and healthcare companies in Southeast Asia.
To date, East Ventures has 30 portfolio companies in the health sector. Their investments include Mesh Bio, AMILI, Aevice Health, Etana, and others.
In addition, while investment in genomics-related companies is still relatively new in 2018, East Ventures has invested in genomics startups, such as NalaGenetics and Nusantics, which are now providing genomics-based health services in Indonesia and Southeast Asia.
[Gambas:Video CNBC]
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