East Ventures, a pioneering and leading sector-agnostic venture capital firm in Southeast Asia, has been awarded the 2025 VC Deal of the Year Award by the Singapore Venture and Private Capital Association (SVCA). The award honors firms that have demonstrated exceptional investment expertise and delivered outstanding results over the past year, setting new benchmarks of excellence within the venture and private capital industry.
East Ventures received this recognition for its investment in Fore, an Indonesia’s fast-growing F&B company that manages leading premium-affordable brands such as Fore Coffee and Fore Donut. The award highlights East Ventures’ ability to identify and nurture high-potential companies, while also creating long-term value across the ecosystem.
Fore Coffee was incubated by East Ventures in 2018. It was born from a shared vision between Willson Cuaca, Co-Founder and Managing Partner at East Ventures, and Robin Boe and Jhoni Kusno, Co-Founders of Otten Coffee. Their ambition was to revive the prominence of Indonesia’s coffee industry, particularly its Arabica beans, through a modern specialty coffee brand.
Fore was built with a focus on sustainable operations and a clear path to profitability. As of June 2025, the company has grown to 261 outlets across Indonesia and Singapore. Moreover, Fore has successfully executed its Initial Public Offering (IPO) and was listed on the Indonesia Stock Exchange (IDX) in April 2025. The IPO was structured to ensure all parties are winning – the company wins, the existing investors win, and the new shareholders win. Despite the market challenges during the listing period, Fore achieved strong results with over 200% oversubscription and a consistently positive stock performance to date.
“We are deeply grateful to the East Ventures and Fore teams who made this achievement possible. Incubating Fore from its early days all the way to its listing was never something we anticipated, nor did we follow a typical VC playbook. Along the way, we built new capabilities, expanded networks, and most importantly, forged our own path. Despite facing unprecedented challenges, including navigating the lowest point of the IDX market, we persevered and reached the finish line. This award is not about glory for East Ventures; it is a signal to the ecosystem that we all have a role to play in making our region shine,” said Willson Cuaca, Co-Founder and Managing Partner at East Ventures.
“This deal clearly demonstrates the important role venture capital continues to have in high growth emerging markets. East Ventures’ investment in Fore shows how early-stage financing and true partnership are key ingredients to make a great cuppa (kopi), and therefore IPO even amidst headwinds,” Sharon Lim, CEO at Singapore Venture and Private Capital Association (SVCA) shared.
This recognition reinforces East Ventures’ commitment to being a catalytic fund and supporting more entrepreneurs to drive innovations in Southeast Asia. It aligns with its mission to forge a healthy and productive Southeast Asia for today, tomorrow, and more generations to come.
