Meet Convergence Accel, Indonesia’s newest venture capital firm

Adrian Li (left) and Donald Wihardja (right) of Convergence Accel.


Last week Jakarta’s newest venture capital firm Convergence Accel announced its first investment in Female Daily Network; a US$1 million round round led by seasoned Indonesian VC Ideosource.

While Convergence Accel is brand new to Indonesia’s startup scene, its founder and managing partner Adrian Li has been in Jakarta since June 2013. An ex-Rocket Internet managing director, Li is also the co-founder of Qraved, one of Jakarta’s well-known foodtech startups. Donald Wihardja, Li’s partner at Convergence Accel, is the former country manager and chief information officer of 2c2p, one of Southeast Asia’s biggest players for ecommerce payment solutions. Wihardja is also the former head of the Indonesian Ecommerce Association.

“I always wanted to start a VC,” says Li. “The strongest motivation for me was that I always believed in the idea of empowering entrepreneurs. For Donald, he’s also long been excited about this. He’s been in Indonesia’s tech business longer than most people, and so we decided to put together our complimentary skillsets and networks.”

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Helping local startups reach series A


Currently, Convergence Accel’s fund has around US$25 million ready to be spent on Indonesian startups. Apart from Indonesia’s Bakrie Group, which is making strong moves into the archipelago’s tech space, Li didn’t disclose the identities of Convergence Accel’s backers or their amounts contributed to the fund. He did mention, however, that the fund is still open for investment but that he doesn’t want to let it exceed US$30 million in total.