10 of Indonesia’s most active venture capital firms

(Update May/12/2016: Added a note on the mehtodology. The rest of the article remains unchanged)

Investors’ interest in Indonesia is growing fast. The country still poses risks, but entices with a high reward value proposition. Some of the early venture capital firms to fuel Indonesia’s tech boom came from Japan and Singapore. US-based and local VC firms soon joined the party.

In no particular order, here’s a list of ten active investors in Indonesia’s tech startup market at the moment.

This list was created with two criteria in mind. First, VC firms were ranked by all-time number of  investments in Indonesian startups. Second decisive factor was the firm’s most recent deal. Firms many deals overall but without any recent deals were ranked lower.

 

1. CyberAgent Ventures

Headed by Takahiro Suzuki and Steven Vanada, CyberAgent Ventures is the investment arm of Japanese tech giant CyberAgent. Its office in Jakarta has invested in epayments solutions company Coda, game development firm Touchten Studios, fashion ecommerce VIP Plaza, and online marketplace Tokopedia. It’s also one of the investors in baby ecommerce site Bilna, which recently merged with women-focused ecommerce shop Moxy to form MoxyBilna. Among CyberAgents more recent investments is Ralali, an online marketplace for  industrial tools.

2. Mountain Kejora

 

 

Sebastian Togelang and Andy Zain run Mountain Kejora Ventures (formerly known as Mountain SEA Ventures), the Indonesian affiliate of the Zurich-based Mountain Partners. A self-proclaimed company builder, Mountain Kejora Ventures established the well-known accelerator Ideabox, which is also powered by local telco Indosat. Mountain Kejora tends to invest in companies coming out of its incubator, but not exclusively. Its investments include  financial comparison startup Cek Aja, company comparison site for employees Qerja, real time bargain finder Dealoka, and digital performance consultancy YDigital. One of its more recent investments is Jualo.

3. Ideosource

4. IMJ Investment Partners

5. East Ventures

6. Venturra Capital

7. GREE Ventures

8. Ardent Capital

9. 500 Startups

10. Convergence Ventures

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