Indonesia is the new bright spot in Southeast Asia. A 2011 survey by BBC ranked the country as the best place for entrepreneurs to start business, beating the US and Australia.
Although the country has been in the news for few wrong reasons of late, namely, the ban on online cab-booking services (which was eventually lifted following mass protest), Indonesia has seen huge growth in number of new ventures cropping up and the investments being made.
There are many high-profile VC investors in Indonesia. We have compiled a list of few prominent ones investing in disruptive ventures. This is not a comprehensive list and we will keep adding names going forward.
Founded by Andi Surja Boediman and Edward Ismawan Chamdani, Central Jakarta-based Ideosource is a VC fund focussing on digital industry, including content, media, e-commerce and cloud services. The VC firm has a wide array of business sectors in their portfolio, including Touchten, Saqina, aCommerce, Orori, FemaleDaily, TuringSense, Bhinneka, Stockbit, Kark, e-Fishery.
Ideosource’s role includes mapping the Indonesia Internet industry for potential investment, selecting the industry focus, sourcing the potential candidate for investment, preparing the company roadmap to be ready for the investment, negotiating the investment terms and preparing due-diligence.
Andrias Ekoyuono, Ideosource’s VP Business Development, stresses the importance of innovation as seen in the VC’s latest investment in TuringSense, a Silicon Valley-based wearables startup founded by Indonesians.
Ardent Capital and Ardent Ventures
Led by CEO Adrian Vanzyl, Ardent Capital is an operating venture capital firm built by a team of experienced entrepreneurs with a history of successful exits throughout Southeast Asia and globally. Ardent Capital brings a dedicated network of companies covering all aspects of e-commerce from B2C to B2B, and fulfilment in the region.
Ardent Ventures invests in early-stage technology companies across Southeast Asia. It is focussed on e-commerce opportunities — including sourcing, fulfillment, retail, demand generation and payment gateway among others — but are also open to investments in other sectors.
Ardent currently focusses on Thailand, Indonesia, Philippines, Vietnam, Malaysia, Hong Kong and Singapore.
Ardent Ventures’ portfolio includes Hubba, Deliveree, Spaceship, Lolalola, e27, SaleStock and HappyFresh. Ardent Capital’s portfolio includes aCommerce, Moxy, Snapcart and Bizzy.
Its sister company, Ardent Hired, provides recruitment services especially for startups.
East Ventures is a seed-early stage venture capital firm with offices in Singapore, Indonesia and Tokyo. It was founded in 2010 and is now managed by three Co-founders and Managing Partners: Batara Eto, Taiga Matsuyama, and Willson Cuaca. It has invested in more than 150 companies across Asia and the US, which include Internet startups in the commerce, social, game, SaaS, and mobile services sectors.
East Ventures has two incubation offices in the centre of Tokyo that help foreign startups enter Japanese market. Its investment team contains the most experienced since the dawn of Japanese Internet industry and holds a strong network across Asia.
Its portfolio in Indonesia includes Prinzio, Sociolla, Jojonomic, Konsula, PopBox, Scoop, Sribu, Berrybenka, Traveloka, Tripvisto and Kudo.
Convergence Ventures is an early-stage digital technology and Internet fund that aims to invest in high-potential ventures in Indonesia. Its partners Adrian Li and Donald Wihardja are seasoned entrepreneurs with extensive operating experience in Internet businesses in emerging markets, especially Indonesia.
The VC fund seeks to work with exceptional founders to empower them to build long-lasting and impactful businesses for Indonesia and other Southeast Asian markets. Convergence made over 12 investments in the past year alone, including Qraved, Males Banget, Female Daily Network, Indotrading, Yesboss, among others.
Based in Silicon Valley, Fenox VC assists North American entrepreneurs in achieving global expansion to Asian, European and Middle Eastern markets. It provides early-stage and final round funding for businesses in IT, health IT, consumer Internet, cloud, Big Data, mobile, social, payment systems and next-generation technologies sectors.
The venture capital firm was founded by Vitaliy Arbuzov and Anis Uzzaman. Its Southeast Asian portfolio includes Tech in Asia, Pomelo, Hijup, Alo Dokter, BrideStory, Talenta and Joyful Frog Digital Incubator.
Inspire Ventures is a US$25-million partner-funded venture builder with a presence in Thailand, Indonesia and Vietnam. It focusses on businesses that aim to solve real problems and fill unique chain gaps faced by Southeast Asian businesses and consumers.
In Indonesia, its portfolio includes Deliveree and Super Awesome Asia.
The venture capital invests in companies that already have “at least US$500,000 to US$1.5 million of seed/angel funding, and have demonstrated significant progress in building a viable product (probably up to two years of operations) with some level of repeatability in the sales cycle”. Monk’s Hill focusses on technology-driven businesses in Southeast Asia.
Its portfolio companies include Compare88, Ninja Van, ZipMatch, Playlab and Scalable Capital.
Led by company President Soichi Tajima, CyberAgent Ventures was founded in Japan in 2006. The venture capital focusses on Internet-related businesses at various stages and that have a global market potential. Its Southeast Asian presence was started in September 2011 with a US$20-million fund.
Its Jakarta office is led by Takahiro Suzuki. CyberAgent Ventures’ portfolio in Indonesia includes Bilna, Tokopedia, Harukaedu and Touchten.
A joint venture with Mountain Partners AG (Zurich), Mountain Kejora Ventures is a venture investor and company builder for technology startups based in Jakarta, Indonesia.
It views Indonesia as a stepping stone into Southeast Asia and other emerging markets. Mountain Kejora Accelerator is targetted at aspiring founders, while Ideabox is an accelerator programme for early-stage companies. It was founded by Andy Zain and Sebastian Togelang.
Portfolio companies include Compare88, Qerja, Ydigital Asia, Wavoo and Dealoka.
GREE Ventures’ focus is on investing in early-stage (pre-Series A and Series A) Internet and mobile companies. It invests in East Asian and Southeast Asian startups in Internet and mobile businesses, particularly e-commerce, mobile, online marketplaces and portals, and data analytics.
For the Southeast Asian markets, it typically invests US$300,000 to US$2 million per company.
Its portfolio in Indonesia includes Bukalapak and Berrybenka.
Started in October this year by John Riady, Rudy Ramawy and Stefan Jung, Venturra is a US$150 million VC fund that aims to provide capital, operational empowerment and market access to innovative tech startup founders across Indonesia and Southeast Asia.
It focusses on early-stage startups in the e-commerce, financial services, healthcare and education sectors. Sponsored by the Lippo Group, the company offers funds in the range of US$2 million to US$5 million.
Venturra has already invested in iprice, Ruangguru, BitX and Kaodim.
Enjoy 2-for-1 tickets to Echelon Indonesia 2016 now. Do not miss out on Indonesia’s biggest international tech conference!
Disclaimer: Ardent Capital is an investor in Optimatic Pte Ltd, the parent company of e27.