About Convergence Ventures
Convergence Ventures is a venture capital firm founded in 1999. It is primarily based out of Jakarta, Indonesia. As of Mar 2021, Convergence Ventures has invested in 37 companies. It primarily invests in Series A round in Indonesia based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Consumer and Retail. Most recently it participated in the $***** Series A round of Pandemic Insights Overall, Convergence Ventures portfolio has seen 2 unicorns and 7 acquisitions including key companies like Xendit, Moka and CARSOME. A lot of funds co-invest with Convergence Ventures, with names like Skystar Capital sharing a substantial percentage of its portfolio. Convergence Ventures has team of 6 people including 1 partners.Key Metrics
Portfolio Sectors
Rounds of Entry
Seed, Series A & 1 more
Convergence Ventures' List of Top Investments
Convergence Ventures has a portfolio of 37 companies, including 2 unicorns. Their most notable investments are in Fazz and Laku6.Their portfolio spans across Indonesia, Singapore, United States and 2 more locations. They have invested in Enterprise Applications, Consumer, Retail and 15 other sectors, across stages such as Seed, Series A and 1 more. Here is the list of top investments by Convergence Ventures:
1. Xendit
Online payment and money transfer platform for businesses. The company serves commerce startups to large enterprises enabling businesses to accept payments, disburse payroll, run marketplaces, and more. Payments can be accepted via multiple channels including direct debit, virtual accounts, credit and debit cards, e-wallets, retail outlets, online installments, and more. Application is made available on Android and iOS platforms.
Key facts about Xendit
2. Docquity
Professional networking platform for doctors. It connect healthcare professionals and facilitate discussions on real-world medical cases. It also provides chat for doctors, medical video lectures, live webinars, and a medical events calendar. It offers courses that teach the fundamentals of writing and publishing medical articles, case reports, and research papers. It offers courses focused on personal development, stress management, and preventing burnout for healthcare professionals.
Key facts about Docquity
- Founded Year: 2011
- Location: Singapore (Singapore)
- Annual Revenue: SGD 1M - 10M as on Dec 31, 2023
- Stage: Series C
- Total Funding till date: $57.5M
- Employee Count: 366 as on May 31, 2026
- Investors: Convergence Ventures, Global Brain and 20 Others
- Latest Funding Round: Series C, Aug 18, 2022, $*****
- Highlight: Editors' Pick
3. ZUZU
Platform offering independent hotel management software and solutions. It features solutions for revenue management, booking management, channel management, property management, reputation management, analysis, and more. The platform combines real-time reporting with market intelligence solutions.
Key facts about ZUZU
- Founded Year: 2016
- Location: Singapore (Singapore)
- Annual Revenue: SGD 10M - 50M as on Dec 31, 2024
- Stage: Series B
- Total Funding till date: $21.6M
- Employee Count: 338 as on May 31, 2026
- Investors: SBVA, Convergence Ventures and 24 Others
- Latest Funding Round: Series B, Aug 28, 2025, $*****
- Highlight: Editors' Pick
4. Moka
Moka provides mPOS software and hardware solutions for offline retailers. Its mPOS software has features like order & inventory management, staff management, business intelligence & analytics and more. The company charges a monthly subscription fee. Its mobile app is available for Android and iOS. It caters to businesses like retail, F & B, service businesses like salon & spas and more. Clients include Head & Brew, Jolie Clothing, Sekar Sari Salon & Spa, Hi Fries and more.
Key facts about Moka
- Founded Year: 2014
- Location: Jakarta (Indonesia)
- Stage: Acquired
- Total Funding till date: $27.9M
- Employee Count: 332 as on May 31, 2026
- Investors: Pegasus Tech Ventures, EDBI and 11 Others
- Latest Funding Round: Series B, Sep 13, 2018, $*****
- Highlight: Acquired
5. Fazz
Provider of SaaS-based accounting and finance management solutions. It offers solutions such as bill payments, money transfers, inventory management, loans and cards, and more.
Key facts about Fazz
- Founded Year: 2016
- Location: Jakarta (Indonesia)
- Annual Revenue: £0 - £1M as on Jun 30, 2023
- Stage: Series C
- Total Funding till date: $155M
- Employee Count: 808 as on May 31, 2026
- Investors: DST Global, Tiger Global Management and 28 Others
- Latest Funding Round: Series C, Mar 02, 2023, $*****
- Highlight: Editors' Pick
Convergence Ventures' Year-on-Year Investment Trends
Convergence Ventures has invested in 37 companies over the last 27 years, with an average of 2 new investments annually in the last 10 years. Its most recent first time investment was in Pandemic Insights and most recent follow-on round was in CARSOME.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 0 | 0 | 0 |
2022 | 0 | 0 | 0 |
2021 | 1 | 0 | 1 |
2020 | 1 | 0 | 1 |
2019 | 4 | 5 | 9 |
2018 | 5 | 2 | 7 |
2017 | 7 | 3 | 10 |
Convergence Ventures' Investments by Stage
Convergence Ventures has made 15 investments in Seed stage with an average round size of $2.56M, 13 investments in Series A stage with an average round size of $5.47M and 5 investments in Series B stage with an average round size of $18.1M.Stage of entry | No. of Investments |
|---|---|
Seed | 15 |
Series A | 13 |
Series B | 5 |
Note: We have considered here, only first round of investments
Convergence Ventures' Investments by Sector
Convergence Ventures has a diverse portfolio, with companies operating in the Consumer, Retail, Enterprise Applications, FinTech and Financial Services. Notably, it has invested in 37 Tech companies, 21 Consumer (B2C) companies, 21 Enterprise (B2B) companies and at least 17 companies focusing on Software.Sector | No. of Investments |
|---|---|
Consumer | 15 |
Retail | 11 |
Enterprise Applications | 10 |
FinTech | 8 |
Financial Services | 4 |
Others | 26 |
Note: We have considered here, only first round of investments
Convergence Ventures' Investments by Geography
Convergence Ventures has made most investments in Indonesia (20), followed by Singapore where it has made 8 investments.Country | No. of Investments |
|---|---|
Indonesia | 20 |
Singapore | 8 |
United States | 4 |
Malaysia | 1 |
Note: We have considered here, only first round of investments
Convergence Ventures' recent investments
Convergence Ventures has not made any investment in 2026 so far.Here are the most recent investments by Convergence Ventures:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Mar 24, 2021 | United States | Series A | 4997 | - | |
Jan 15, 2020 | Indonesia | Seed | 1020 | [+6] | |
Dec 10, 2019 | Malaysia | Series C | 3337 | [+4] | |
Dec 10, 2019 | Malaysia | Conventional Debt | 7462 | [+4] | |
Sep 19, 2019 | Indonesia | Series A | 8706 | [+4] |
Unicorns in Convergence Ventures' Portfolio
Convergence Ventures has 2 unicorns in its portfolio - Xendit and CARSOME. The most recent unicorn in their portfolio is Xendit. It became a unicorn in 2021, 4 years before Convergence Ventures first invested in it.Here is a list of unicorns in Convergence Ventures' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
83 | Online payment and money transfer platform for businesses | 2015 | Jakarta | Series D | xsxhgnm | ||
60 | App based marketplace for used cars | 2015 | Petaling Jaya | Series F | ietgacu |
Acquired companies in Convergence Ventures' Portfolio
7 companies from Convergence Ventures' portfolio have been acquired. The most recent acquisition was Seekmi in May 2023 by SCG for $*****.Here are Convergence Ventures' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
May 10, 2023 | May 25, 2016 | Series A | 5573 | |
Oct 11, 2022 | - | - | 4474 | |
Jul 26, 2022 | Aug 18, 2017 | Series A | 4658 | |
May 21, 2020 | Jul 13, 2015 | Series B | 9822 | |
Aug 07, 2019 | Jun 03, 2016 | Series A | 9748 |
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Team profile of Convergence Ventures
Convergence Ventures has a team of 6 members located in Indonesia. Convergence Ventures' team does not sit on the board of any company as of now.Co-investors of Convergence Ventures
Over the past 27 years, 231 investors have co-invested in Convergence Ventures's portfolio companies. This includes funds and angels.
- Invested before Convergence Ventures: Y Combinator, 500 Durians and 26 others have invested in rounds before Convergence Ventures. There are 2 companies where Y Combinator has invested before Convergence Ventures and 2 companies where 500 Durians has invested before Convergence Ventures.
- Top Co-investors of Convergence Ventures: 101 investors entered a company along with Convergence Ventures. These include investors like Skystar Capital (5 companies).
- Invested after Convergence Ventures: A total of 102 investors have invested in Convergence Ventures's portfolio after their investments. Top Investors include MDI Ventures (4 companies), Gobi Partners (3 companies) and Access Ventures (2 companies).
Recent News related to Convergence Ventures
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Convergence co-founder joins MDI Ventures as CEOAsian Venture Capital Journal•May 22, 2020•Convergence Ventures, MDI Ventures
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Indonesia’s Mdi Ventures Appoints Former Ac Ventures Partner Donald Wihardja As CeoDeal Street Asia•May 08, 2020•MDI Ventures, AC Ventures, Convergence Ventures
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Indonesian logistics startup Kargo bags USD 31 million, sets up COVID-19 relief fundKrASIA•Apr 14, 2020•Tenaya Capital, Kargo, Sequoia Capital, Intudo Ventures and 6 others
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Indonesian accounting app raises seed funding from East Ventures, Sampoerna, othersTech in Asia•Apr 07, 2020•Golden Gate Ventures, BukuWarung, AC Ventures, Tanglin Venture Partners and 12 others
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Indonesia’s Convergence, Agaeti Merged Into AC VenturesThe Insider Stories•Apr 06, 2020•Agaeti Venture Capital, Convergence Ventures, AC Ventures
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Coca-Cola’s VC arm invests in Indonesian logistics startup KargoTech in Asia•Mar 27, 2020•Kargo, Coca-Cola Amatil, Tenaya Capital, Sequoia Capital and 7 others
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Indonesian VC firms Convergence, Agaeti said to have sealed merger dealDeal Street Asia•Mar 10, 2020•Convergence Ventures, Agaeti Venture Capital
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Developer school Hacktiv8 gets US$3M in Pre-Series A to offer income-sharing loan to graduatese27•Jan 15, 2020•Hacktiv8, East Ventures, SMDV, Sovereign's Capital and 7 others
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Carsome raises US$50m Series C funds, profitability claim unclearThe Business Times•Dec 11, 2019•CARSOME, MUFG, Daiwa PI Partners, Endeavor and 5 others
