Ideosource, a venture capital firm in Indonesia, organized a demo day yesterday to showcase five graduates from its incubation program, and also four of its portfolio startups, totaling nine pitches. Ideosource was founded by Andi S Boediman, Andrias Ekoyuono, and Edward Ismawan.
Ideosource’s incubation program, announced on September 2012, received more than 120 submissions from across five cities in Indonesia. The team met 50 of the startups that submitted and hand picked six for investment and incubation. Investments for these companies fell between $50,000 to $100,000.
Below is a summary of all the startups who pitched:
Five incubated startups
Ever is a service company that enables Indonesian merchants to do e-commerce globally. Many of the small or medium-sized companies in Indonesia still do not understand how to use internet and some do not know English. There are also other issues such as expensive shipping and logistics issues that hinder these companies from selling online. This startup looks for these companies in Indonesia and helps them sell their goods on global platforms such as eBay and Amazon.
Wear Fable is a fashion e-commerce site for men and women. They aim to build a community of fashion lovers especially for students and yuppies who are more internet savvy.
Moodoo is a daily mood stimulant app that aims to help stimulate your mood through unique ambient sounds. The team prides themselves on a brainwave technology that is also being used by reputable institutes around the world such as US Army, Harvard, MIT, etc.
Pasarminggu is an e-commerce service that combines fresh grocery orders and delivery. Customers can order through the website, phone, sms, and email before Pasarminggu delivers it to their doorstep. It currently only serves East Jakarta region.
Kelir TV is a video platform that enables media publishers to deliver an optimal and smooth video experience across desktop and mobile devices.
Ideosource’s portfolio companies
Kark uses QR codes on physical items to produce augmented reality graphics on devices. It aims to be a media promotion tool that connects physical products to digital media. At the moment, it is working on Kark Mobile Education that uses it technology to show digital graphic representations of words or characters to help children learn.
Touchten is aguably one of the more successful game studios in Indonesia. Some of its games include Sushi Chain, which has more than three million downloads; Infinity Sky, which has more than two million downloads; and their latest, Train Legend, which has recorded 200,000 daily downloads on Google Play. With this formula of building successful games, the company aims to develop a platform that can help other game developers to acquire, retain and monetize users more effectively.
Gimmie provides white label loyalty programs to companies. Using its platform, companies get to create their own loyalty programs and give rewards. Gimmie has established a partnership with SingTel in Singapore, MOL and Berjaya Group in Malaysia, and Smart in Philippines.Saqina.com is a Muslim daily wear and accessories e-commerce business. The founders have nine chain stores in Jakarta selling muslim apparel and have recently ventured into the e-commerce space. Being the biggest muslim country in the world, they have a big market to serve.