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AC Ventures is a prominent venture capital firm based in Indonesia, established in 2020 through the merger of Agaeti Ventures and Convergence Ventures. The firm is led by Adrian Li and has quickly positioned itself as a key player in the Southeast Asian startup ecosystem. With over $500 million in assets under management (AUM) across five funds, AC Ventures focuses on early-stage tech-enabled businesses primarily in Indonesia and the broader ASEAN region. The firm has made over 120 investments, including two unicorns, Xendit and Carsome, and has generated more than 30,000 jobs across its portfolio. AC Ventures is recognized for its founder-first approach, providing hands-on operational support to its portfolio companies, which distinguishes it in the competitive venture capital landscape.
AC Ventures' investment focus is centered on sectors that are pivotal to the growth of Southeast Asia's economy, including fintech, e-commerce, healthcare, logistics, food-agtech, climate tech, consumer products, edtech, and HR tech. The firm’s latest fund, Fund V, which has a size of $210 million, particularly emphasizes investments in profitable bootstrapped companies with strong unit economics. AC Ventures is especially interested in addressing the needs of Indonesia's 64 million micro, small, and medium enterprises (MSMEs), aiming to empower these businesses through technology. The firm typically invests between $2 million and $30 million across various stages, including seed, Series A, Series A Plus, Series B, and growth equity. This strategic focus on tech-enabled businesses aligns with their mission to drive economic, environmental, and social impact in the region.
AC Ventures boasts a diverse portfolio of over 120 companies, showcasing its commitment to fostering innovation across multiple sectors. Notable investments include Xendit, a leading payments platform; Carsome, a prominent used car marketplace; and Moka, a point-of-sale system that has transformed retail operations in Indonesia. Other significant portfolio companies include Stockbit (trading), Ula (B2B commerce), Aruna (supply chain), Shipper (logistics), Fore Coffee (food and beverage), MAKA Motors (electric vehicles), and Koltiva (agritech). The firm has successfully nurtured two unicorns and continues to expand its influence in the startup ecosystem, with a focus on companies that demonstrate strong growth potential and positive social impact.
Adrian Li - Founder and Managing Partner, Adrian leads the firm with a vision to empower tech-enabled businesses in Southeast Asia.
To pitch AC Ventures, founders should visit their pitch page at acv.vc/pitch or contact them via email at info@acv.vc. They are open to both warm introductions and cold applications, and pitches should clearly outline the business model, market opportunity, and how the startup aligns with their investment focus.
In the past year, AC Ventures has made 14 investments, demonstrating their active engagement in the startup ecosystem. Their most recent investment was made on April 1, 2025, as they continue to expand their portfolio and support innovative companies across various sectors.
AC Ventures invests in various stages, including seed, Series A, Series A Plus, Series B, and growth equity. This diverse stage focus allows them to support companies at different points in their growth journey.
Founders can pitch AC Ventures through their dedicated pitch page at acv.vc/pitch or by emailing them at info@acv.vc. They welcome both warm introductions and cold applications.
AC Ventures primarily focuses on sectors such as fintech, e-commerce, healthcare, logistics, food-agtech, climate tech, consumer products, edtech, and HR tech. Their investment strategy emphasizes tech-enabled businesses that can drive significant economic and social impact.
The typical check size for AC Ventures ranges from $2 million to $30 million, allowing them to provide substantial support to their portfolio companies as they scale.
AC Ventures primarily invests in Southeast Asia, with a strong focus on Indonesia. They aim to support tech-enabled businesses that cater to the unique needs of the region.
AC Ventures offers hands-on operational support in areas such as go-to-market strategies, finance, operations, customer experience, and technology. Their deep knowledge of the Indonesian market enhances their ability to support portfolio companies effectively.
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