Is Indonesia an attractive place for startups?
Indonesia has often been known to be the second most attractive market for startups after Singapore. This is mainly attributed to the sheer size of the population, the opportunities for growth and development and its active startup ecosystem. 47.7% (2019) of its population are internet users which is about 130 million in a diverse group of demographics.
Who are the top venture capital firms in Indonesia?
There are more than 100 venture capital firms in Indonesia and among them, the more active ones are as below:
This firm is affiliated with Mountain Partners from Zurich. Previously known as Mountain SEA Ventures, Mountain Kejora is known as a company builder. It has its own Ideabox, an established accelerator. It is involved in incubating startups and invests in some of them. Among those that Mountain Kejora has helped in the past include YDigital, a digital performance consultancy firm, Cek Aja, Qeria and Dealoka, a real-time bargain finder service.
Started in Indonesia, Convergence Ventures was established in 2014 and has grown to become one of the most prominent venture capital funds in the country. Convergence Ventures invests in early-stage tech companies in the areas of digital advertising, online media, consumer internet, fintech, Software as a service, social networking and e-commerce. Led by Adrian Li and Donald Wihardja, it has previously invested in companies like Qraved, MBDC Media and YesBoss. Formerly known as Convergence Accel, it recently merged with Agaeti Ventures in 2019.
CyberAgent Ventures is one of the most active venture capital firms operating in Jakarta. The firm is the investment arm of CyberAgent, a Japanese tech giant. Among its most prominent investments include Coda, an e-payment solutions company. CyberAgent Ventures also invested in VIP Plaza, Tokopedia, Touchten Studios, a game development firm. Besides that, other investments by CyberAgent Ventures include Bilna and Ralali, an industrial tools online marketplace.
East Ventures focuses on early-stage investments among companies in Singapore and Indonesia. Known to be among the most active venture capital firm in Indonesia. Based in South Jakarta, it has offices in Japan and Singapore. The firm has invested in several successful ventures in the past including Tokopedia and Groupon Indonesia. East Ventures also invested in health teach startup Medico recently as well as helping Chinese language learning startup T-Lab raise some USD$1.6 million.
Venturra Capital is a renowned investment firm that focuses on tech startups and internet-based firms looking to grow into the global scene. Venturra Capital looks into sectors like fintech, education, healthcare, marketplaces and e-commerce, helping businesses in their early stages. It is somewhat affiliated to Lippo Digital Ventures as one of the partners in Venturra is a director there. Providing investments between USD$2 million and USD$5 million, it has since invested in companies like Ruangguru, Luno, Bridestory and Fave.
Ideosource looks for early-stage companies that are innovative, companies that are looking to disrupt the offline market and those who are in the later stage businesses looking to grow. Founded by serial entrepreneurs Andi S. Boediman and Edward Ismawan Chamdani, it has invested in known companies like Qlapa, eFishery, Saqina and Touchten Games, among others.
Alpha JWC Ventures
Alpha JWEC Ventures is a venture capital firm based in Indonesia. Offering a localized and value-added option, the firm started out in 2015 by Will Ongkowijaya, Chandra Tjan and Jefrey Joe. It is the first independent and institutional early-stage venture capital firm in the country which has invested in companies like Kopi Kenangan, Bobobox, Lemonilo and Kredivo, to name a few.
Prasetia Dwidharma has been investing in tech firms since 2016 where it focuses on B2B startup companies. The firm is led by Arya and Ardi Setiadharma where it has since invested in more than 100 startups mostly in Indonesia and some in the United States. Prasetia has been one of the more active venture capital firms where they help founders of startups in their early to growth stages.
Mandiri Capital Indonesia
Mandiri Capital Indonesia operates under Bank Mandiri, the largest financial institution in Indonesia. This venture capital firm focuses on fintech companies which is the area of expertise of its foundation. Through the banking group, it has access to markets in Europe and other platforms. This firm invests in startups through founders with innovative and revolutionary ideas as well as incubating them like Kazee, inFishta, Jurnal, DompetSehat and others.
Maloekoe Capital Partners
Named after an archipelago in the Banda Sea of Indonesia (Moluccas) known for its trade in cloves, mace and nutmeg, this is a platform for new business ideas to flourish. Maloekoe capitalizes in the market with the highest internet engagement levels in the world. With an average of about 4 hours per day spent on the internet, the firm looks into investing in internet-based startups in Indonesia. Among the companies, it has invested in include iFlix, eFishery, Jojonomic, Summit Healthcare and aCommerce.