The most active late-stage investors in Indonesia

When startups reach late-stage funding, they usually show fast growth potential and are ready to develop to a greater level. In turn, investors take higher chances by injecting bigger amounts of cash, as it is considered less risky than their early-stage counterparts.

Late-stage funding, which refers to series C and subsequent rounds, can be traced back to as early as 2012 in Indonesia. That year, Tokopedia received an undisclosed amount of series C funding from two Japanese VC firms, namely Beenos Partners (formerly known as Netprice Partners) and SBI Investment.

Over the years, dozens of tech firms in the country have closed late-stage rounds. That said, it’s not common to reach this part of the fundraising journey, as prominent companies like produce marketplace Sayurbox and agritech firm TaniHub are still in their series B rounds.

Those who make it to series C, however, have not always received the same amount of attention. Among the industries with startups that have closed late-stage rounds, ecommerce and fintech receive the most interest, eating more than half of the funding pie.

The profiles of late-stage investors have also expanded as more of the country’s startups mature.

Several venture capitalists that typically provide seed funding have also participated in late-stage rounds. Moreover, giant foreign tech companies and investment managers such as SoftBank have also joined late-stage fundraises, betting much larger figures.

In this article, we map out the 25 most active late-stage investors in Indonesian startups. These investors have diverse backgrounds, ranging from VCs and investment banks to conventional private companies.

The table below lists down the investors that have participated in the highest number of late-stage funding rounds in Indonesia.

The following chart highlights the trend of Indonesia’s late-stage investments in the last decade.