The Indonesian startup ecosystem witnessed the announcement of Go-Jek’s massive funding round this week. The startup secured $1.2 Bn in its latest funding round led by Chinese Internet company Tencent. Post the investment, Go-Jek is now valued at $3 Bn.
As per media reports, the funding will allow Go-Jek to increase its services in other Southeast Asian countries, including Philippines, Thailand, Myanmar, and Vietnam and to further compete with Uber and Grab’s presence in the Indonesian region.
Here’s all the latest details about the archipelago’s startup ecosystem.
Boombastis Secures Pre-Series A Funding From Unistellar
The startup plans to deploy the raised funds towards attaining profitability in the coming months. It also plans to launch new features in the coming months in youth oriented and infotainment sections.
Launched in 2014, the startup is an online media platform that focusses on creating viral content for readers. As per a report by Deal Street Asia, the company has a readership of over 4 Mn per month.
CapSquare Asia Partners Closes $150 Mn Indonesia Focussed Fund
Indonesian PE firm CapSquare Asia Partners has reportedly closed its latest fund, with an estimated corpus of $150 Mn.
As per an Deal Street Asia report, the company is expected to officially announce the fund the coming week. It had earlier raised a fund worth $83 Mn in 2013.
As per its website, the PE firm specialises in buyout investments. The firm focusses on acquiring control/majority in small and mid-sized companies. Its areas of interests include consumer, FMCG, retail, healthcare, and education. In addition to Indonesia, CapSquare operates in Hong Kong and Singapore as well.
Indonesia Inks A Deal With Australia To Promote Entrepreneurship
The Indonesian government has signed a deal with an Australian government body, to foster entrepreneurship in the two countries, reported Deal Street Asia.
The deal has been signed between Australian Securities and Investment Commission and Indonesia’s OJK. It will further allow the two countries to share information on emerging market trends and regulatory issues.