Startups are not built in isolation. The need VC firms for development. Here’s a look at VC firms in Indonesia.
It is very important for a startup to fund its operations. A startup, with its power-packed and uninhibited ideas is a company designed to scale up quickly. But the sad part is – ideas do not fetch money. A final product or service is what is required to survive. Converting an idea into a scaleable, saleable product requires money, which most startups do not possess. This is where venture capitalists or venture capital funding comes in the picture.
Venture capital funds are essentially investment funds. The funds provide capital assistance to ventures and seek private equity stakes in high growth potential startups. Such investments come with high-risk factors and illiquid (not easily converted to cash) in their nature. However, they are backed by well-calculated prospects of high return and growth in future.
For an emerging economy like Indonesia, it becomes imperative for early- and mid-stage companies to receive support to accelerate their operations and subsequent growth. VCs in the island country are as old as the startups there and the two entities are thus growing hand in hand.
Here’s a list of the major VCs in Indonesia with their investment patterns and major funds. We at Inc42 have got our hands dirty so you can start up in the country with ease.
[Note: The majority of the information mentioned in this article has been collated from official websites, and data shared in various media releases.]
Major VC Firms Of Indonesia
Convergence Ventures
Convergence Ventures is an early-stage technology venture fund that focusses on tech-based startups in Indonesia. The VC fund aims to back founders by leveraging their experience, network, and resources. The fund’s strategic partners are both local and global players, such as China’s Baidu, Singapore’s Garena and Indonesia’s Emtek Group. It has also acquired an advisory board of investors from Silicon Valley, China, and India.
Based In: Jakarta
Founded In: 2014
Founder(s): Adrian Li, Donald Wihardja
Number of Portfolio Companies: 19
Notable companies: e27, Seekmi, NIDA Rooms, Yes Boss, Sevva
Number of exits: No exits till date
Funds under management: FUND 1 with a corpus of $30 Mn
Stage: Seed and early-stage
Sectors: Technology
Venturra Capital
Venturra is a Southeast Asia-focussed venture capital firm investing in early-stage, consumer technology-enabled, Internet businesses. The fund focusses on companies working in the consumer Internet space that are ready to expand internationally, in sectors such as ecommerce, financial technology, marketplaces, healthcare, and education amongst others.
Based In: Jakarta
Founded In: 2015
Founder(s): John Riady, Stefan Jung, Rudy Ramawy
Number of Portfolio Companies: 15
Notable companies: iPrice, KFit, Sociolla, Kaodim
Number of exits: No exits till date
Funds under management: Venturra Capital 1, with a net corpus of $150 Mn
Stage: Early-stage
Sectors: Ecommerce, fintech, edtech, and healthtech.
Alpha JWC Ventures
An institutional and independent VC firm, Alpha JWC Ventures invests in early-to-growth-stage technology companies – both in Indonesia, as well as anywhere outside of Indonesia with Indonesia as part of the venture.
Based In: Jakarta Pusat
Founded In: 2015
Founder(s): Jefrey Joe, Will Ongkowidjaja, Chandra Tjan
Number of Portfolio Companies: 6
Notable companies: Jualo, Space Mob, FinAccel
Number of exits: No exits till date
Funds under management: N/A
Stage: Seed, early-stage, and late-stage investments.
Sectors: Sector-agnostic
Skystar Capital
Skystar Capital is a VC fund that invests in technology startups in the Asia Pacific region, particularly Indonesia, at their early and growth stages. The target companies fall in the domain of Internet, mobile, education, media, financial, and ecommerce sectors.
The VC firm claims to provide funding assistance, customised and strategic business advice, networking opportunities, and helps the investees scale up their business. Additionally, the startups, are also eligible for access to Skystar Ventures, an incubator and coworking space in Indonesia.
Based In: Jakarta
Founded In: 2014
Founder(s): Abraham Hidayat and William Eka
Number of Portfolio Companies: 7
Notable companies: Talenta, Bride Story, Hijup
Number of exits: No exits till date
Funds under management: N/A
Stage: Seed and early-stage venture investments.
Sectors: Ecommerce, fintech, software, marketplaces, social change, edtech, and mobile apps.
SMDV
SMDV is a tech-focussed venture capital firm that partners with entrepreneurs building technology companies, by providing venture investments, strategic network, and mentorship.
Based In: Jakarta
Founded In: 2014
Founder(s): Roderick Purwana, Mario Suntanu
Number of Portfolio Companies: 4
Notable companies: HappyFresh, Orami, Snapcart
Number of exits: No exits till date
Funds under management: N/A
Stage: Early-stage investments
Sectors: Tech-based companies, fintech
MDI Ventures
MDI is a corporate venture capital initiative by Telkom Indonesia, which is based in Jakarta, with operations in Singapore and Silicon Valley. It is set up as an independent entity with its own funding processes. MDI claims to combine a VC model with services in providing companies from Telkom Group with access to operational assistance and help in building startups’ growth engine, after making a financial investment.
Based In: Jakarta
Founded In: 2015
Founder(s): Nicko Widjaja
Number of Portfolio Companies: 5
Notable companies: aCommerce, Ematic Solutions
Number of exits: No exits till date
Funds under management: MD1 Fund with a corpus of $100 Mn.
Stage: Seed, early-stage, and late-stage venture investments.
Sectors: Enterprise solutions, fintech, adtech, IoT, smart city solutions.
Kejora
VC firm Kejora claims to help startup founders to launch technology companies in large and high-growth market verticals. It offers capital, shared infrastructure, and resources, access to the right network of strategic partners and investors.
Based In: Jakarta
Founded In: 2013
Founder(s): Andy Zain, Sebastian Togelang
Number of Portfolio Companies: 10
Notable companies: Investree, C88 Financial Technologies, Snapask, Pawoon
Number of exits: No exits till date
Funds under management: N/A
Stage: Stage-agnostic
Sectors: Fintech, SME, SaaS, B2B, logistics, ecommerce, marketplace, digital media, big data, and edtech.
Check out Inc42’s exclusive interview with Kejora’s President, Sebastian Togelang here!
RnB Fund
Launched in 2016, VC firm RnB claims to digitally impact society. As per its official website, RnB invests in digital and tech companies are operating on solid business fundamentals.
Based In: Jakarta
Founded In: 2016
Founder(s): Ade Hakim
Number of Portfolio Companies: 4
Notable companies: Shortir
Number of exits: No exits till date
Funds under management: N/A
Stage: Seed-stage
Sectors: Digital and tech
GDP Venture
The VC firm GDP Venture calls itself a venture builder. The firm focusses on startups operating in the space of digital communities, media, commerce, and solution companies in the Indonesian consumer internet industry.
Based In: Jakarta
Founded In: 2010
Founder(s)/CEO: Martin B Hartono
Number of Portfolio Companies: 2
Notable companies: IDN Media, Garena
Number of exits: No exits till date
Funds under management: N/A
Stage: Early-stage ventures
Sectors: Internet and technology
Grupara INC
Indonesia-based, early-stage VC firm Grupara INC does investments in diverse sectors and, at the same time, provides its portfolio startups with networking and mentor support.
Based In: Jakarta
Founded In: 2013
Founder(s): Aryo Ariotedjo
Number of Portfolio Companies: 2
Notable companies: Seekmi, Konsaato
Number of exits: No exits till date
Funds under management: N/A
Stage: Early-stage ventures
Sectors: Health care, sharing economy, consumer products, finance, machine learning, artificial intelligence, on-demand services, transportation, and travel.
Oxdream
Oxdream Capital is the investment arm of Oxdream and focusses on tech-based startups where it provides them with Seed support.
Based In: Jakarta
Founded In: 2016
Founder(s): N/A
Number of Portfolio Companies: 4
Notable companies: Sticar, Varbs Digital, Geevv, Premy, and Shortir
Number of exits: No exits till date
Funds under management: Oxdream Capital with a corpus of $19 Mn
Stage: Seed funding
Sectors: Technology
Merah Putih
Merah Putih Inc. is a startup creator, an incubator, and an early-stage investor that mainly focusses on digital ventures and provides funding and support to incubatee startups.
Based In: Slipi, Jakarta Raya
Founded In: 2010
CEO: Antonny Liem
Number of Portfolio Companies: 1
Notable companies: e27
Number of exits: No exits till date
Funds under management: N/A
Stage: Undisclosed Seed and/or early-stage investments. It also provides Series B investments through a different investment arm, via Global Digital Prima (GDP) Ventures.
Sectors: Fintech, Saas-based or community-based startups
Notable Startups Incubated: Ansvia, DailySocial, Infokost, Kincir, and Kurio
Celebes Capital
It was initially formed as a stock exchange company that later pivoted to a VC firm. Celebes Capital typically operates as a venture builder but it also has the flexibility to invest as minority shareholders.
Based In: Jakarta
Founded In: Established in 1996 and started operations in 2000.
Founder(s): N/A
Number of Portfolio Companies:1
Notable companies: Jirnexu
Number of exits: No exits till date
Funds under management: N/A
Stage: Small and medium enterprises (SMEs)
Sectors: Multifinance, insurance, automotive, mining, agriculture, and infrastructure.
Kinara
Based in Indonesia, the VC firm Kinara focusses on tech-based, early-stage startups with a social quotient. Apart from capital support, the company also claims to provide its investees with financial management process, expansion of distribution channels, and also link them with various businesses for expertise support.
Based In: Jakarta
Founded In: 2011
Founder(s): Dodong Cahyono
Number of Portfolio Companies: 1
Notable companies: Seekmi
Number of exits: No exits till date
Funds under management: N/A
Stage: Early-stage and MSMEs
Sectors: Technology
Bakrie Global Group
Bakrie Global is an investment house in Indonesia that serves as a bridge for the Bakrie Group to the international economy, so that it may expand its portfolio and partner with global business players.
Based In: Indonesia
Founded In: 2014
Founder(s): Anindya Novyan Bakrie
Number of Portfolio Companies: 1
Notable companies: Path
Number of exits: It acquired Path in 2015
Funds under management: N/A
Stage: Late-stage investments
Sectors: Mining & minerals, media, telecommunication, real estate, and agro-businesses.
Bigraf
Based In: Yogyakarta
Founded In: 2010
Founder(s): N/A
Number of Portfolio Companies: 1
Notable companies: Professionali.ru
Number of exits: No exits
Funds under management: N/A
Stage: Early-stage venture investments
Sectors: Media and publishing
[If you are a startup based out of Indonesia and want to get featured on Inc42, write to us at [email protected]]
