Revision 796679078 of "Convergence Ventures" on enwiki

{{infobox company
| name   = Convergence Ventures
| logo   = [[File:Convergence_Ventures.png|225px]]
| type   = [[Venture capital|Venture capital firm]]
| founder        = Adrian Li
| foundation     = 2014
| location       = [[Jakarta, Indonesia]]
| key_people     = 
| industry       = [[Investment|Investment services]]
| homepage       = http://www.convergencevc.com
}}

'''Convergence Ventures''' (formerly Convergence Accel) is an [[Indonesia]] based [[venture capital]] firm.<ref>{{cite web | url=https://www.techinasia.com/southeast-asia-active-startup-investment-firms-2015 | title=Southeast Asia’s top 37 startup investment firms | publisher=Tech In Asia | date=23 Sep 2015 | accessdate=4 March 2016 | author=Leighton Cosseboom}}</ref> The firm invests primarily in early stage funding in the emerging markets and [[startup company|start-ups]] which build technology products and internet services with a primary focus on Indonesia. The firm was founded by Adrian Li and joined by Partner Donald Wihardja in November 2014.<ref>{{cite web | url=https://www.techinasia.com/convergence-accel-indonesia-venture-capital | title=Meet Convergence Accel, Indonesia’s newest venture capital firm | publisher=Tech In Asia | date=24 Nov 2014 | accessdate=4 March 2016 | author=Leighton Cosseboom}}</ref> The company manages a US$25 million fund with LPs from [[Indonesia]], [[China]] and the [[US]].<ref>{{cite web | url=https://techcrunch.com/2014/11/24/convergence-accel-launches-25m-fund-focused-on-indonesian-startups/ | title=Convergence Accel Launches $25M Fund Focused On Indonesian Startups | publisher=[[TechCrunch]] | date=24 November 2014 | accessdate=4 March 2016 | author=Catherine Shu}}</ref><ref>{{cite web | url=https://e27.co/convergence-accel-launches-with-us25m-indonesia-focussed-fund-20141124/ | title=Convergence Accel launches with US$25M Indonesia-focussed fund | date=24 November 2014 | accessdate=4 March 2016 | author=Twishy Shahi}}</ref><ref>{{cite web | url=http://fortune.com/2014/11/24/term-sheet-monday-november-24/ | title=Term Sheet | publisher=[[Fortune (magazine)|Fortune]] | date=24 November 2014 | accessdate=4 March 2016 | author=Dan Primack}}</ref>

==History==
Convergence was founded by Adrian Li in 2014 in [[Jakarta, Indonesia]].<ref>{{cite web | url=http://www.dealstreetasia.com/stories/vc-roundup-4-28642/ | title=Jakarta meal delivery startup Black Garlic bags seed funds from Convergence, Skystar | publisher=Dealstreetasia | date=27 January 2016 | accessdate=4 March 2016 | author=Shiwen Yap}}</ref> Li had a background as an [[internet entrepreneur]], he had founded six internet startups in the emerging markets of China and Indonesia, and also was a mentor for Endeavor, GEPI, Ideabox, [[Incyte]], and others. Realizing the business potential in the Indonesian market, he launched Convergence Ventures in 2014.<ref>{{cite web | url=http://www.convergencevc.com/adrian-li/ | title=Adrian Li}}</ref> The firm is advised by a notable group of experienced investment professionals including Ryan Floyd, [[Vyomesh Joshi]], [[Dave Morin]], Robert Soni, Raj Gollamudi, Andrew Malk, and Xu Xiao Ping.<ref>{{cite web | url=http://www.finsmes.com/2014/11/convergence-accel-launches-25m-venture-capital-fund.html | title=Convergence Accel Launches $25M Venture Capital Fund}}</ref> The firm focuses on early stage companies primarily in [[digital media]], [[digital commerce]], O2O and enabling technologies and invests at Pre- Series A to Series B stage.<ref>{{cite web | url=http://www.avcj.com/avcj/news/2383042/convergence-accel-launches-usd25m-indonesia-vc-fund | title=Convergence Accel launches $25m Indonesia VC fund | publisher=AVCJ | date=24 November 2014 | accessdate=4 March 2016 | author=Winnie Liu}}</ref> Up to end of 2015 the fund had announced 9 investments in Indotrading, Female Daily Network,<ref>{{cite web | url=https://blogs.wsj.com/briefly/2014/11/29/indonesian-womens-online-shopping-habits-the-numbers/ | title=Indonesian Women’s Online Shopping Habits | publisher=[[The Wall Street Journal]] | date=29 November 2014 | accessdate=4 March 2016 | author=Resty Woro Yuniar}}</ref> Qraved, MalesBanget (MBDC Media), Paktor, Adskom, YesBoss, MoneySmart and Ematic Solutions.<ref>{{cite web | url=https://e27.co/baidu-indonesia-teams-up-with-jakarta-based-vc-convergence-ventures-20151110/ | title=Baidu Indonesia teams up with Jakarta-based Convergence Ventures | publisher=e27.co | date=11 November 2015 | accessdate=4 March 2016 | author=Iris Leung}}</ref>

In November 2015, Convergence Ventures announced a strategic and financial partnership with [[Baidu]].<ref>{{cite web | url=http://www.indotelko.com/kanal?c=in&it=Baidu-Gandeng-Convergence-Ventures-Startup | title=Baidu Gandeng Convergence Ventures untuk Dukung Startup | publisher=Indotelko | accessdate=4 March 2016}}</ref> The partnership brought technical resources and expertise from China for existing and portfolio companies of Convergence Ventures as well as additional fund.<ref>{{cite web | url=http://www.dealstreetasia.com/stories/baidu-comes-in-as-strategic-investor-partner-in-active-indonesian-vc-convergence-ventures-19421/ | title=Baidu comes in as strategic investor, partner in active Indonesian VC Convergence Ventures | publisher=DealStreetAsia | date=12 November 2015 | accessdate=4 March 2016 | author=Vincencia NLS}}</ref><ref>{{cite web | url=https://www.techinasia.com/indonesia-convergence-ventures-baidu-partnership | title=Chinese internet giant Baidu backs Indonesia’s Convergence Ventures | publisher=Tech In Asia | date=11 Nov 2015 | accessdate=4 March 2016 | author=Nadine Freischlad}}</ref><ref>{{cite web | url=http://tech.huanqiu.com/original/2015-11/7970927.html | title=百度与印尼风投 Convergence Ventures 达成合作 | accessdate=4 March 2016}}</ref> Convergence Ventures was rated as one of the top southeast Asia’s investment firms by Tech In Asia.

==Investments== 
The company has been an early investor in companies across South East Asia, primarily in Indonesia. In September 2014, Convergence Ventures invested in MalesBanget, founded by 
[[Christian Sugiono]]. MalesBanget is the leading viral content production site in Indonesia.<ref>{{cite web | url=https://www.techinasia.com/malesbanget-mbdc-media-funding-rebright-partners-500-startups | title=Indonesia’s humor site MalesBanget gets investment from Rebright Partners and 500 Startups | publisher=Tech In Asia | date=4 Sep 2014 | accessdate=4 March 2016 | author=Leighton Cosseboom}}</ref> In the next month, the firm invested in another Indonesian company, Female Daily Network, which is the largest forum site for fashion and beauty in Indonesia, founded by Hanifa Ambadar and Affi Assegaf in 2007.<ref>{{cite web | url=https://www.techinasia.com/indonesia-funding-news-female-daily-network | title=Indonesia’s Female Daily Network raises $1M in series A funding | publisher=Tech In Asia | date=19 Nov 2014 | accessdate=4 March 2016 | author=Leighton Cosseboom}}</ref><ref>{{cite web | url=https://dailysocial.id/post/female-daily-network-raised-1-million-series-a-funding-led-by-ideosource/ | title=Female Daily Network Raised $1 Million Series A Funding Led by Ideosource | publisher=Daily Social Id | date=19 Nov 2014 | accessdate=4 March 2016 | author=Oleh Amir Karimuddin}}</ref>

Adrian Li along with Steven Kim, and Sean Liao founded Qraved, a leading food discovery site in Indonesia, Convergence participated in the Series A funding in November 2014.<ref>{{cite web | url=https://www.techinasia.com/qraved-indonesia-investment-convergence-accel-growth-partners | title=Indonesia restaurant booking platform Qraved raises another $1.3 million, will launch in Bali | publisher=Tech In Asia | date=26 November 2014 | accessdate=4 March 2016 | author=Enricko Lukman}}</ref> In October 2015, the company received USD 8 Million follow-up funding at Series B led by Gobi Partners and Richmond Global.<ref>{{cite web | url=https://www.techinasia.com/indonesia-qraved-series-b-funding-news | title=Indonesia’s foodtech firm Qraved gobbles up an $8M series B | publisher=Tech In Asia | date=30 October 2015 | accessdate=4 March 2016 | author=Leighton Cosseboom}}</ref> In March 2015, the firm invested in Indotrading, the largest B2B online directory, founded by Handy Chang in 2012.<ref>{{cite web | url=https://www.techinasia.com/indonesia-indotradting-funding-news | title=IndoTrading grabs $1.5M series A funding to get more small businesses into ecommerce | publisher=Tech In Asia | date=11 Mar 2015 | accessdate=4 March 2016 | author=Leighton Cosseboom}}</ref> Convergence Ventures invested in Adskom, an advertising technology company led by Italo Gani and Daniel Armanto.<ref>{{cite web | url=http://www.dealstreetasia.com/stories/indonesias-adskom-raises-series-a-from-geniee-convergence-ventures-east-ventures-8863/ | title=Indonesia’s ADSKOM raises Series A from Geniee, Convergence Ventures & East Ventures | publisher=DealStreetAsia | date=8 July 2015 | accessdate=4 March 2016 | author=Joji Thomas Philip}}</ref><ref>{{cite web | url=https://finance.yahoo.com/news/indonesias-adskom-raises-series-investment-032500744.html | title=Indonesia's ADSKOM Raises Series A Investment from Geniee, Convergence Ventures, and East Ventures to Dominate Digital Ad Market in Southeast Asia | publisher=Yahoo Finance | accessdate=4 March 2016 | author=7 July 2015}}</ref> The company received funding at undisclosed amount in July 2015.

The firm invested in a leading social dating app in South East Asia, Paktor.<ref>{{cite web | url=http://www.straitstimes.com/business/companies-markets/start-singapore-9-spore-start-ups-to-face-foreign-rivals | title=Start Singapore: 9 S’pore start-ups to face foreign rivals | publisher=[[Straits Times]] | date=16 July 2015 | accessdate=4 March 2016}}</ref><ref>{{cite web | url=http://www.channelnewsasia.com/news/business/singapore/dating-app-paktor/1981750.html | title=Dating app Paktor receives S$10 million in latest funding round | publisher=Channel News Asia | date=14 Jul 2015 | accessdate=4 March 2016}}</ref> Convergence Ventures participated in a USD7.5 Million Series B.<ref>{{cite web | url=https://www.techinasia.com/paktor-series-b-funding | title=Singapore’s Paktor gets $7.3M to become more than a dating app | publisher=Tech In Asia | date=14 Jul 2015 | accessdate=4 March 2016 | author=Michael Tegos}}</ref> In October 2015, Convergence Ventures invested in YesBoss, a text-based personal assistant startup based in Indonesia, founded by Irzan Raditya. Later, firm invested in MoneySmart, a fintech company based in Singapore.<ref>{{cite web | url=http://www.straitstimes.com/business/companies-markets/singapore-start-up-moneysmartsg-gets-28m-boost-from-sph-media-fund-other | title=Singapore start-up MoneySmart.sg gets $2.8m boost from SPH Media Fund, other investors | publisher=[[The Straits Times]] | date=6 October 2015 | accessdate=4 March 2016 | author=Jacqueline Woo}}</ref><ref>{{cite web | url=https://sg.news.yahoo.com/sg-based-finance-portal-moneysmart-sg-raises-us-082038603.html | title=SG-based finance portal MoneySmart.sg raises US$2M in Series A | publisher=[[Yahoo News]] | date=6 October 2015 | accessdate=4 March 2016 | author=Yon Heong Tung}}</ref> Convergence Ventures participated in a seed round of Ematic Solutions, an email marketing company founded by a [[Stanford University]] graduate, Paul Tenney and home-cooking delivery startup Black Garlic.<ref>{{cite web | url=https://news.yahoo.com/email-marketing-software-ematic-solutions-grabs-us-1-160100106.html | title=The seed round was led by notable VCs Wavemaker Partners, 500 Startups and Convergence Ventures | publisher=[[Yahoo News]] | date=1 December 2015 | accessdate=4 March 2016 | author=Kevin McSpadden}}</ref><ref>{{cite web | url=http://www.business-standard.com/article/companies/jakarta-s-home-cooking-delivery-startup-black-garlic-boxes-up-seed-funding-116012500593_1.html | title=Jakarta's home-cooking delivery startup Black Garlic boxes up seed funding | publisher=[[Business Standard]] | date=25 January 2016 | accessdate=4 March 2016}}</ref>

==Areas of Investment==

Convergence Ventures focuses on the following areas of investment:
* Consumer Internet
* [[Financial Technology]]
* Digital Advertising
* Online Media
* [[eCommerce]]
* Social Networking and Communication
* [[Software as a Service]] (SaaS)

==References==
{{reflist|2}}

==External links==
* [http://www.convergencevc.com/ Official website]

[[Category:Venture capital firms]]