AC Ventures (ACV) is an early-to-growth-stage, Indonesia-anchored firm investing in the digitization of Indonesia and the wider Southeast Asia economy. It is thematically driven, studying business models proven in more mature markets and localizing the thesis for Indonesia, the largest market in ASEAN. Adrian Li frames the firm's core test as founder-market fit over the pitch deck, and since 2023 the firm has emphasized strong unit economics, leaner valuations and clear paths to profitability alongside environmental and social impact.
A clearly articulated, real problem in a large or 'disruptable' Indonesian/SEA industry, framed simply enough that anyone can grasp it. ACV is thematic, so show you understand the market structure being changed by technology.
“A startup's story should articulate what problems the company solves and the uniqueness of offered solutions.” — The elevator pitch: strategies from comms experts for startups
“We, as a firm, are very thematically driven. Understanding the markets and business models that we see can be disrupted by technology and study them carefully.” — Adrian Li
“A pitch should be simple enough for even a child to understand, and remain consistent.” — Mike Amour
A unique, differentiated solution whose value is obvious to customers in their everyday lives. ACV wants the bigger-picture 'how this addresses real challenges,' not a feature list.
“Investors and customers seek the bigger picture – understanding how the product addresses their everyday challenges.” — The elevator pitch: strategies from comms experts for startups
“A startup's story should articulate what problems the company solves and the uniqueness of offered solutions.” — The elevator pitch: strategies from comms experts for startups
“Problem-solving involves constant refinement.” — Helen Wong
Evidence the company is attacking a large, growing Indonesian/SEA market. ACV believes Indonesia is the most compelling single market in ASEAN and that digital will 'eat' into every industry; winners can become regional leaders.
“Indonesia's sheer market size and potential make it the most compelling single market to invest in, in ASEAN.” — AC Ventures' Adrian Li says Indonesia's the most compelling market to invest in ASEAN [Q&A]
“We will see digital technology 'eat' into every business industry in Indonesia as technology-enabled businesses enable greater efficiency and access.” — Adrian Li
“There will continue to be opportunities within eCommerce, Fintech, MSMEs, and industries 'disruptable' through digital media (Health, Education, Entertainment).” — Adrian Li
Quality metrics and product-market fit before scaling. Since 2023, ACV prizes startups with solid fundamentals; healthy financials and capital efficiency are evidence of real traction.
“Indonesia's resilience shines as investors prioritize startups with solid fundamentals and profitability.” — AC Ventures and Bain release Indonesia Venture Capital Report 2023
“Times like this are good for both entrepreneurs and investors alike” — Adrian Li
“A lot of these businesses are already super capital efficient and very healthy in terms of their financial positions.” — Melina Anlin
Founder-market fit above all: ACV's stated litmus test for an investment. The firm backs founders who challenge convention, have the foresight to steer the future, and pair vision with execution and resilience.
“The litmus test of a promising investment isn't the pitch deck; it's that rare and special blend of founder-market fit.” — Adrian Li - ACV Capital (team page)
“We will look for the best founders, including female founders often neglected in tech.” — Helen Wong
“We do much work on reference checking, understanding the founders' backgrounds, and their work history, so entrepreneurs are now doing the same.” — Adrian Li
Strong unit economics, leaner valuations and a clear path to profitability; genuine ownership of the customer and customer data rather than dependence on third-party marketplaces.
“startups that showcase strong unit economics, leaner valuations, and clear paths to profitability” — AC Ventures and Bain release Indonesia Venture Capital Report 2023
“If, at the end of the day, the customer still belongs to Shopee or TikTok, you cannot say a brand is D2C, especially if it does not own the customer data.” — Melina Anlin
“Our focus on financial returns and sustainability is a fundamental cornerstone of our investment philosophy.” — Adrian Li
A defensible position: ownership of the customer relationship and data, plus the potential for an Indonesian winner to become a regional leader. ACV studies which incumbents/business models are disruptable.
“If, at the end of the day, the customer still belongs to Shopee or TikTok, you cannot say a brand is D2C, especially if it does not own the customer data.” — Indonesia's insurgent brands boom, investors roll up sleeves
“Indonesian winners are best positioned to be regional leaders at times” — Adrian Li
“To be honest, I'm a bit allergic to the term D2C here in Indonesia. It's something that gets thrown around loosely.” — Melina Anlin
A timing argument grounded in Indonesia/SEA's accelerating digital adoption and macro tailwinds (e.g. a US$77B-to-US$360B digital economy, the energy transition). ACV invests where a shift in behavior or technology is unlocking a market.
“Indonesia presents a massive, ever-growing internet economy opportunity and the pandemic boosted this further by significantly accelerating digital adoption.” — AC Ventures raises over US$205M for oversubscribed Fund III
“We will see digital technology 'eat' into every business industry in Indonesia as technology-enabled businesses enable greater efficiency and access.” — Adrian Li
“Not just in Indonesia, but globally, e-commerce marketplaces and social media platforms like Instagram and TikTok are fundamentally changing how brands emerge and evolve, offering a cost-effective test bed for product and brand refinement with minimal initial capital.” — Melina Anlin
“Indonesia and Southeast Asia have a unique opportunity to become leaders in the global energy transition.” — Larry Susanto
An ask sized to an early-stage round where ACV can be hands-on in shaping the business; the firm leads with ~$2M typical first checks and reserves heavily for follow-on, and wants to demonstrate value beyond the cheque.
“It is even more important today to demonstrate value add, beyond just the cheque or your brand.” — Indonesia sees wave of savvy founders doing due diligence on VCs
“Our fund plays on a successful strategy we've continued to refine to be early-stage focused. That means backing companies at a point where we can be really valuable in the shaping of a business as they build it.” — Adrian Li
“At ACV, we leverage our reach to connect our entrepreneurs to the broader ecosystem of local platforms and companies, as well as global domain experts.” — Michael Soerijadji
“The litmus test of a promising investment isn't the pitch deck; it's that rare and special blend of founder-market fit.”
“Problem-solving involves constant refinement.”
“If, at the end of the day, the customer still belongs to Shopee or TikTok, you cannot say a brand is D2C, especially if it does not own the customer data.”
“Indonesia presents a massive, ever-growing internet economy opportunity and the pandemic boosted this further by significantly accelerating digital adoption.”