East Ventures, a venture capital firm focused on Indonesia and Southeast Asia, announced its first healthcare-focused fund with the amount of US$30m.
The East Ventures Healthcare Fund aims to empower and support promising Indonesian startups that address the unique challenges and opportunities in the Indonesian healthcare landscape.
Before the creation of this fund, the firm has been active in backing healthcare startups and companies in the region, with investments including NalaGenetics, Nusantics, Mesh Bio, AMILI, Aevice Health, Etana, Diri Care, etc.
Commenting on the fund closing, Willson Cuaca, Co-Founder and Managing Partner at East Ventures, said: “Indonesia is one of Southeast Asia’s most dynamic healthcare markets with enormous potential for innovation and growth. With our extensive experience in investing across sectors and stages, we believe this healthcare fund will play a pivotal role in fostering and catalyzing healthcare innovation in Indonesia. This fund serves as our proof of our long-term commitment in this space. We are committed to keep collaborating and working with all related stakeholders in forging a healthy and productive Southeast Asia for today, tomorrow, and more generations to come.”
During the health crisis of the COVID-19 pandemic, East Ventures has initiated many initiatives to strengthen the healthcare system in Indonesia. It includes the Indonesia PASTI Bisa (“IDPB”, in English: Indonesia Can Do It) in March 2020, which became the platform to mobilize all the strengths of East Ventures’ digital ecosystem to support the government and private sector’s efforts in mitigating the negative impacts of COVID-19 in the nation. IDPB has initiated three programs in relation to COVID-19 mitigation: IDPB Test Kit, IDPB Safeguards PPE, and IDPB Safeguards Oxygen.
East Ventures has also taken part in supporting the journey of genomics development in Indonesia. Started with the donation to the Biomedical & Genome Science Initiative (BGSi), an initiative of Indonesia’s Ministry of Health (Kemenkes) to provide precision medicine services for the community in August 2022 and provide sequencing needs in the form of reagents and consumables worth more than IDR 1 billion.
In February 2023, East Ventures launched a white paper “Genomics: Leapfrogging into the Indonesian healthcare future” and presented it in collaboration with the Ministry of Health of the Republic of Indonesia to provide a comprehensive understanding of how genomics can improve the country’s healthcare system.