As Southeast Asia’s startup ecosystem matures, one venture capital firm stands out for its longevity and influence. Since its founding in 2015, Alpha JWC Ventures has grown from Indonesia’s first independent early-stage venture capital fund into one of the region’s most active and trusted investors. The firm’s decade-long journey reflects how Southeast Asia’s innovation economy has evolved—from early experimentation to a more disciplined pursuit of sustainable growth.
Alpha JWC launched its debut fund in 2016, when Indonesia’s startup scene was still in its early stages. Over the past decade, the firm has built a reputation for backing founders with both capital and strategic support, helping them navigate challenges and scale across the region.
Now marking its 10th anniversary, Alpha JWC today manages US$700 million in assets and has more than 90 active portfolio companies. It also has one of the largest on-the-ground teams in Southeast Asia, supported by a global network of investors, entrepreneurs and corporates.
The firm invests worldwide, but always with a Southeast Asia angle, whether that means helping foreign startups enter the market, supporting local founders expanding abroad or backing global solutions that can be applied in the region.
“Our mission has always been to back visionary founders who create lasting impact in Indonesia and Southeast Asia. As we build on 10 years of experience, we remain deeply committed to driving growth through governance, talent and innovation—and to continuing to deliver superior returns to our investors,” says Chandra Tjan, Cofounder and General Partner of Alpha JWC Ventures.
Riding the Healthcare Boom
Healthcare remains one of the most active sectors for Alpha JWC in 2025. The firm invested in four companies across diagnostics and robotics: Harrison.ai, HistoSonics, Satu Dental and Cornerstone Robotics. Each represents a different facet of innovation, but together they highlight the firm’s focus on sectors with long-term growth potential.
The demand for affordable, quality healthcare is rising across Southeast Asia. The region is entering a new health-innovation cycle, shaped by public-sector reforms, digital adoption and pressure to deliver affordable care to the population. Rapid urbanization and underdeveloped infrastructure are also driving opportunities for solutions that can scale.
Alpha JWC’s recent investments are aimed at meeting these needs, while also opening the door for cross-border collaboration and knowledge sharing.
“Healthcare in Southeast Asia is at an inflection point. We see huge potential in companies that can deliver solutions at scale, whether that is through AI, robotics or new healthcare delivery models,” says Tjan.
Backing the Next Generation of Unicorns
Beyond healthcare, Alpha JWC’s track record includes several of the region’s most recognizable unicorns. Carro, Kopi Kenangan, Ajaib and Kredivo Group form part of what the firm calls Southeast Asia’s “Gen Two” unicorns that are now redefining the region’s technology landscape through stronger fundamentals and purposeful innovation. Each reflects the firm’s consistent focus on building durable, scalable businesses across diverse sectors.
These companies embody the traits Alpha JWC looks for in founders: clarity of mission, strong execution and the ability to adapt through uncertainty. Kopi Kenangan, one of Asia’s fastest-growing coffee chains, has expanded beyond Indonesia to Malaysia, Singapore, Australia, India and the Philippines, with over 1,000 stores. Meanwhile, Ajaib, the digital investment platform, has surpassed 5 million users and remains profitable.
Kredivo Group, through its digital credit platform Kredivo and neobank Krom Bank, continues to expand access to affordable financing using AI-driven credit assessments, while Carro has reshaped the automotive market by combining technology with partnerships that improve transparency and customer experience, and is looking to an IPO listing in the near future.
Together, these companies demonstrate Alpha JWC’s conviction that Southeast Asia can produce globally competitive startups capable of enduring beyond early success.
As Alpha JWC’s unicorns continue to expand and new startups emerge across the region, the firm is also investing in the infrastructure needed to sustain that growth. The firm’s investment in DayOne, a next-generation data center company, reflects its long-held belief that sustainable innovation thrives on strong foundations and that resilient infrastructure is key to helping startups scale efficiently and securely.
Building Stronger Governance
Scaling solutions in sectors like healthcare requires more than funding. As Southeast Asia’s startups mature, governance has also become an increasingly critical factor. Alpha JWC has responded with the SpeakUp whistleblowing program, introduced across its portfolio in 2025. The initiative provides a confidential channel for employees and founders to raise concerns, helping to ensure accountability and trust.
For the firm, governance is about more than risk management. It is part of building companies that can stand up to global scrutiny and attract international investors. With rapid growth often comes pressure, and it sees initiatives like SpeakUp as helping founders put in place systems that last beyond the early stages of growth.
“Integrity within a startup and its leadership is paramount for it to grow, inspire and succeed. SpeakUp is part of our broader commitment to building startups that are not only successful, but also principled,” says Jefrey Joe, Cofounder and General Partner of Alpha JWC Ventures.
“To reinforce our commitment and encourage our startups to come on board, we will also bear the costs of implementing the platform, removing barriers to adopting the initiative.”
Nurturing AI Talent
Governance, however, is only one part of how Alpha JWC helps its portfolio companies build for the long term. Equally important is preparing them for the technologies that will shape the future of business.
Alpha JWC is deepening its commitment to innovation by developing stronger AI capabilities across its ecosystem. Through the Artificial Intelligence Institute for Progress (AIIP), the firm supports emerging AI founders and conducts in-depth research into frontier technologies. The aim is to turn complex technical advancements into practical tools that help businesses think differently, operate more efficiently and grow more sustainably.
This focus on applied innovation also extends to Alpha JWC’s portfolio companies. The firm experiments with new AI models in-house and shares its findings through programs such as the AISEO Workshops, which brought together more than 70 participants from 10 portfolio companies, as of writing, to explore how AI can connect data with creativity. For Alpha JWC, AI represents more than the next technology trend, but rather a long-term capability that amplifies innovation and strengthens competitiveness across its network.
Building the Next Chapter
With 10 years of experience, Alpha JWC is now focused on its next phase of growth. The firm’s ambition is to build a lasting legacy by connecting Southeast Asian startups to global markets and investors. To fuel its next decade of growth, Alpha JWC is raising its fifth vintage fund this year.
The launch of the new fund comes at a turning point for the region’s venture landscape. The market, though challenging in recent years, appears to be nearing its bottom, says the company. While deal activity is expected to remain moderate in the next one to two years, the quality of those deals are expected to be stronger. With capital harder to secure and competition more disciplined, founders launching companies today tend to do so with stronger conviction in the value and necessity of their products.
The investment mindset has also evolved. Rather than chasing market share, investors are prioritizing business fundamentals and the ability of teams to make decisions, adapt and execute. This disciplined approach is producing a healthier pipeline of companies, setting the stage for stronger exits as the market stabilizes.
Says Joe: “Each fundraising cycle allows us to refine our strategy and adapt to the evolving market landscape. This next fund builds on our strong fundamentals while integrating new insights. Indonesia remains a key priority for us, but as we move forward, Asia-Pacific is also our region to grow.”
