Maloekoe Ventures

Maloekoe Ventures is a Jakarta-based early-stage venture capital firm founded in 2015 by Adrien Gheur, providing strategic capital to high-impact entrepreneurs in Indonesia and emerging Asia. Gheur brings a strong financial pedigree from prior roles at Goldman Sachs, Lehman Brothers, RMB, Concordia Advisors, and APS Asset Management. The three-person team operates the Maloekoe Ventures Fund and has explored raising a $100 million successor vehicle according to DealStreet Asia. The firm invests primarily at seed stage with checks of $1 million to $5 million across e-commerce, AI and machine learning, gaming, IoT, enterprise SaaS, fintech, education, and food and beverage sectors. The firm has made 7 investments across its portfolio. Named portfolio companies include eFishery, an aquaculture technology company that became a unicorn in 2023, making it the firm's standout return. Additional investments include aCommerce, an e-commerce logistics platform; Agate Studios, a gaming company; Gadjian, a payroll platform; Element, a biometrics company that raised a $12 million Series A alongside MDI Ventures and GDP Venture; and The Shonet, a fashion and lifestyle media company (the firm's most recent investment from March 2019). Jojonomic, an expense management platform, was acquired by Mekari on June 21, 2024 — the portfolio's most recent exit. Maloekoe Ventures has not made new public investments since The Shonet deal in early 2019, suggesting the fund is in a harvest phase focused on existing holdings or preparing its next vehicle. The eFishery unicorn outcome and the Jojonomic acquisition demonstrate the firm's ability to identify high-potential companies in Indonesia's rapidly developing digital economy at an early stage.