Exclusive: 1982 Ventures announces investments in 5 Indonesian startups

1982 Ventures, a Singapore-based early-stage VC firm, says it has invested in five Indonesian startups over the past few months.

The firm led or participated in the previously undisclosed rounds of Luna POS, Citcall, HiPajak, Aman, and Monit. Overall, 1982 Ventures’ fintech-focused portfolio now has a total of nine Indonesian startups.

The funding amounts were not disclosed.

With the latest investments, 1982 Ventures now has 21 companies in its portfolio. The VC expects to invest in another 15-20 companies via its first seed-stage fund.

Herston Elton Powers, 1982 Ventures’ managing partner, tells Tech in Asia that Indonesia is a “core market” for the firm.

“There is no better time to be a fintech investor in Indonesia,” says Powers, who co-founded the firm with fellow Tryb alumnus Scott Krivokopich. “The new wave of fintech founders have more resources (e.g., capital, talent, mentors and technology) available to build the next set of unicorns.”

An oversubscribed round

Among 1982 Ventures’ recent investments is Monit, a fintech startup also backed by Init 6, the VC firm founded by Bukalapak’s co-founders. Monit describes itself as an “integrated experience” combining payments, expenses, cash, and corporate cards.

Another firm, Wagely, offers earned wage access (EWA) services and aims to become the go-to financial wellness platform for workers. It operates in Indonesia and Bangladesh, and counts Global Founders Capital as an investor.

1982 Ventures founders Scott Krivokopich (left) and Herston Elton Powers / Photo credit: 1982 Ventures

Besides investing in Indonesian firms, 1982 Ventures also backed companies from other Southeast Asian countries. These include Infina, a Vietnamese retail investment platform; Bluesheets, a Singapore-based bookkeeping automation platform; and NextPay, a Philippine SME-focused digital bank.

“Our investment pipeline for fintech is robust and deep and we expect our deal activity to accelerate,” Powers says. “As a fintech specialist fund, 1982 Ventures is able to [perform due] diligence and execute investments very fast.”

In December 2021, the firm announced the first close of its seed-stage fund at US$12.5 million. Now, Powers says it has reached US$15 million and expects the round to be oversubscribed. The firm is due to announce the final close of the fund in the next few weeks.

As Tech in Asia previously reported, 1982 Ventures’ portfolio had delivered returns of 3x. The VC aims to continue focusing on Southeast Asian fintech, which has an unrealized value of US$10 billion, according to a report. 1982 Ventures is also looking to expand into countries like Bangladesh and Pakistan.