16 Most Active Venture Capital Firms In The Indonesian Startup Ecosystem

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 editor@inc42.com]

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