If you’re a startup founder trying to raise funds for your business, you’re in good company! What’s more–there are many VCs (venture capitals) in Indonesia that are keen to invest in startups like yours.
Due to its promising digital economy, Indonesia has one of the highest numbers of technology-enabled startups among Southeast Asian countries. According to a report by Google, Temasek, and Bain & Company, Indonesia’s digital industry has grown rapidly from US$ 41 billion in 2019 to US$ 77 billion in 2022. The number of internet users in Indonesia also increased greatly due to the pandemic, from 150 million users in 2019 to 203 million in 2022–a huge market with endless possibilities for tech-based businesses.
With such exceptional growth, it’s no wonder that venture capitals–Indonesian and global ones alike–are so attracted to invest in tech-enabled startups here. According to Crunchbase, in 2022, venture capital investments in Indonesia included around 200 early-stage deals (Below Series B) amounting to US$ 762 million and around 62 growth-stage deals (Above Series B) amounting to US$ 3,5 billion, all excluding the undisclosed deals.
If you’re fundraising for your startup in Indonesia, VCs will help you tremendously–so you mustn’t miss out on pitching to them. In this article, we’ll explain what venture capitals are and share the 15 most active venture capitals in Indonesia that you can try seeking funding from.
If you’re ready for more in-depth information about the Indonesia VC scene, you can also download our free database of 88 VCs active in Indonesia.
What is venture capital?
Venture capital is a type of funding provided to startup companies or early-stage businesses in exchange for a stake (i.e. equity, and sometimes a seat on the board of directors) in the company. Venture capitalists typically invest in high-risk, high-potential companies with the goal of earning significant returns on their investment. Venture capital firms pool money from various sources, such as institutional investors or high-net-worth individuals to make these investments.
These venture capital firms, which we’ll refer to as VCs from now on, are usually managed by a team of experienced investors and entrepreneurs responsible for identifying and selecting promising investment opportunities, as well as providing support and guidance to the companies they invest in. They often have a network of industry contacts and resources that they can leverage to help their portfolio companies succeed.
Each VC may specialize in certain industries or sectors and only focus on businesses at certain stages. So, to maximize your success rate and make the best use of your precious time as a startup founder, it’s imperative that you first spend time researching the right VCs to approach for your startup.
15 most active venture capitals in Indonesia
If you are currently fundraising for your startup, this is a good starting point to learn more about the Indonesia VC scene. Here are the most active venture capitals in Indonesia according to Techinasia:
1. East Ventures
# of deals in the past 24 months: 76
Founded in 2009, East Ventures is a pioneering sector-agnostic venture capital firm based in Indonesia. They focus on early-stage investments in technology startups in Southeast Asia (Indonesia and Singapore) and Japan.
With a team of experienced investors and entrepreneurs, East Ventures has built a strong reputation for identifying and supporting promising startups in their early stages. They have a deep understanding of the Southeast Asian market and provide not only funding, but also valuable support in areas such as strategy, product development, and recruitment.
Their portfolio includes successful companies such as Tokopedia, Traveloka, and Ruangguru.
2. AC Ventures
# of deals in the past 24 months: 46
AC Ventures is a leading Southeast Asian venture capital firm investing in early-stage startups focused on Indonesia and ASEAN. Founded in 2019, the firm specializes in early-stage investments in technology startups in the region, with a focus on sectors such as consumer businesses, B2B, digital media, fintech, and SME industries. The firm is committed to supporting the growth of the tech ecosystem in the region and helping entrepreneurs build world-class companies, and it has quickly established itself as a major player in the Southeast Asian venture capital ecosystem.
Its portfolio includes successful companies such as Koinworks, Majoo, Bibit, Reku, and Xendit.
3. Antler
# of deals in the past 24 months: 34
Antler is a global early-stage venture capital firm enabling and investing in the world’s most exceptional people building the defining companies of tomorrow. With offices in 25 cities across six continents, including Austin, New York, London, Berlin, Stockholm, Bangalore, Jakarta, Singapore, Seoul, Tokyo, and Sydney, Antler aims to launch and scale startups that address meaningful opportunities and challenges, wherever they may be located. Antler is committed to supporting determined, ambitious, and resilient founders that will build a better future for the world.
Their portfolio of Indonesian startups includes Bling, CareNow+, Envio, and Healthpro.
4. Y Combinator
# of deals in the past 24 months: 28
A well-known startup accelerator founded in 2005, Y Combinator provides seed funding for startups. Since its founding, the company has helped launch and grow some of the world’s most successful startups, including Airbnb, Dropbox, and Reddit.
Y Combinator provides funding, mentorship, and resources to early-stage startups, helping them develop their products and prepare for market launch. With a focus on innovation and disruption, Y Combinator has become a household name in the startup world, and it continues to be a driving force in shaping the future of technology and entrepreneurship.
Y Combinator is very active in Southeast Asia. Its portfolio in Southeast Asia includes many notable names, such as Ajaib, Shipper, Aspire, BukuWarung, Xendit, and more.
5. Alpha JWC
# of deals in the past 24 months: 26
Established in 2016 as Indonesia’s first independent institutional early-stage venture capital fund, Alpha JWC Ventures has become a reputable early to growth-stage Southeast Asian venture capital firm. The firm’s strong positioning and leading venture capital status have been established over the years, thanks to its large on-the-ground team and global network.
With current assets under management of approximately US$ 650 million, Alpha JWC Ventures manages the largest early-stage fund in Southeast Asia, supporting over 70 active portfolio companies across the region.
Ajaib, Bobobox, Pasarpolis.com, Raena Beauty, and Style Theory are just a few notable companies in their portfolio.
6. MDI Ventures
# of deals in the past 24 months: 25
MDI Ventures is a strategic venture capital firm that was initially anchored by an evergreen fund from Telkom Indonesia. Since then, the firm has expanded to manage investments from various third-party LP investors.
MDI Ventures’ unique selling point lies in its ability to create access to new business opportunities and revenue by fostering collaboration between the startups it invests in and its anchor LP investors, which include Telkom, other SOEs, and large Indonesian corporates.
Its portfolio in Indonesia includes Kredivo, Koinworks, Qoala, Tada, Pitik, and more.
7. Insignia Ventures Partners
# of deals in the past 24 months: 24
Insignia Ventures Partners is a technology venture capital firm that partners with determined founders to develop exceptional companies in Southeast Asia.
Insignia Ventures Partners takes an early-stage approach by partnering with founders from seed to growth stage, providing ongoing support as their companies make a meaningful impact on millions of people in Southeast Asia and beyond. With a team of experienced investment and operating professionals and proprietary networks, the firm equips its founders with the necessary tools for sustainable growth.
Since 2017, the firm has invested in emerging technology companies across various industries and locations in the region, including unicorns Carro, Ajaib, GoTo, and Appier, as well as category leaders such as Fazz, Shipper, Tonik, and Flip.
8. BEENEXT
# of deals in the past 24 months: 23
BEENEXT is an early-stage venture capital firm that focuses on investing in innovative and disruptive startups in Southeast Asia, India, Japan, and the USA. The firm’s mission is to help entrepreneurs create impactful solutions that improve the lives of people around the world and provides seed and early-stage funding to startups and supports them with valuable resources.
Founded in 2015 by serial entrepreneur Teruhide Sato, BEENEXT has since invested in over 200 companies, including Mekari, Pasarpolis, and Ralali.com.
9. Sequoia
# of deals in the past 24 months: 16
Sequoia helps daring founders build legendary companies–from idea to IPO and beyond. It invests in innovative startups across various industries, stages, and geographies. Founded in 1972, the firm has a rich history of backing successful companies such as Apple, Google, Oracle, and Airbnb, among others. Sequoia provides strategic guidance and support to its portfolio companies, helping them to scale and succeed in the competitive startup landscape.
In Southeast Asia, Sequoia has been actively investing since 2012, with a strong focus on Indonesia. The firm has invested in many Indonesian unicorns, including Tokopedia, Go-Jek, and Traveloka, among others.
10. Global Founders Capital
# of deals in the past 24 months: 16
Global Founders Capital (GFC) is a multi-billion dollar venture fund headquartered in Berlin, Germany, investing in high-growth businesses from early stages (pre-seed to seed) globally. It’s a global venture capital firm that invests in startups at all stages of development. Founded in 2013, the firm has a diverse portfolio of investments in sectors such as fintech, e-commerce, healthcare, and SaaS. Its global portfolio includes many household names such as Canva, Slack, Lazada, and Revolut.
GFC has a strong presence in Southeast Asia. The firm has invested in many Indonesian startups such as Traveloka, Astro, and Fit Hub, among others.
11. Intudo Ventures
# of deals in the past 24 months: 15
Intudo Ventures is the only venture capital firm that invests exclusively in Indonesia. The firm was founded in 2017 by a team of experienced entrepreneurs and investors with a deep understanding of the Indonesian market. Intudo Ventures invests in early-stage companies in various industries, including healthcare, education, fintech, and consumer goods. Intudo Ventures is committed to driving positive change and innovation in Indonesia, making it a valuable partner for aspiring entrepreneurs.
Some of its notable portfolio companies include Halodoc, iSeller, Pintu, PasarPolis, and Xendit.
12. Trihill Capital
# of deals in the past 24 months: 14
Trihill Capital is an investment firm that specializes in both venture capital in Southeast Asia and public equities globally. The firm has a strong network of enterprises and financial institutions in the region, which allows it to provide valuable support to its portfolio companies. Trihill Capital’s venture investment arm invests in transformative founders across seed to growth stages. The firm is committed to providing concrete value and support to its portfolios, leveraging its extensive network across various sectors in the region to help its portfolio companies succeed.
Among its portfolio are Brick, Aman, BukuWarung, and Sicepat Ekspres.
13. BRI Ventures
# of deals in the past 24 months: 13
BRI Ventures is the Corporate Venture Capital arm of Bank BRI, driving growth for the BRI Group through investments in innovative companies. It aims to become a prominent regional venture capital firm in financial technology, with a focus on empowering the startup ecosystem and promoting financial inclusion and the digital economy in Indonesia.
With the support of Bank BRI’s extensive network and expertise in the financial sector, BRI Ventures is committed to assisting entrepreneurs in accelerating Indonesia’s economic development.
Its portfolio includes many notable fintech startups like Majoo, Pluang, LinkAja, Bukalapak, and Xendit.
14. 1982 Ventures
# of deals in the past 24 months: 13
1982 Ventures, a VC firm based in Singapore, primarily focuses on investing in early-stage fintech start-ups in Southeast Asia. With their experience in leading and executing fintech deals in the region, the firm has become the go-to for fintech founders seeking initial investment. Their local networks grant them exclusive deal flow, on-the-ground insights, and access to decision-makers. By investing in and supporting the best founders, 1982 Ventures aims to positively impact on the future of financial services in Southeast Asia.
15. PT Prasetia Dwidharma
# of deals in past 24 months: 11
Since 2016, Prasetia Dwidharma has been investing in technology companies, with a focus on early-stage B2B startups. Through regular invitations from Y Combinator, Prasetia has backed over 100 scalable and fast-growing startups in a range of industries across Southeast Asia (primarily in Indonesia) and the United States.
Its portfolio includes companies like Aspire, Brick, Bukukas, and Mekari.
Start raising funds through the Indonesia VC scene now
Now that you’ve got a sneak peek at the variety of VCs there are out there, it’s time to start planning how you’re going to approach them.
This list of 15 VCs is just the tip of the iceberg. There are many more VCs out there–opportunities waiting to be uncovered.
At the same time, since each of them has its own preferences in terms of industries and funding stages, not every venture capital in Indonesia is a good fit for your startup. To up your chances and efficiently pitch to as many VCs as possible, you need to start by finding the right fit. You need detailed information for that, and here’s where you can get it!
Want to find out more about venture capitals in Indonesia? Xendit and the Ministry of Tourism and Creative Industry have conducted one-on-one interviews with 88 VCs active in Indonesia and compiled their data–including their industry preferences, ticket sizes, and contact details–into a handy database for you! Download the Indonesia VC Database now–it’s free!
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