BRI Ventures, the corporate venture arm of state-owned Bank Rakyat Indonesia, has begun investing in brands focused on the direct-to-consumer (D2C) space through its Sembrani Kiqani investment fund.
The fund has already invested in Yield Guild Games Southeast Asia, a blockchain-based gaming company. Sembrani Kiqani plans to provide early-stage funding and mentorship to more D2C and metaverse firms in the future.
Photo credit: Sembrani Kiqani
Sembrani Kiqani has a total investment target of up to 500 billion rupiahs (US$35 million). BRI said that the fund has also raised money from local chain brands, family offices, and corporations. It will increase the total fund cap if it receives a positive response from D2C players.
See also: How BRI went from late adopter to frontrunner in Indonesia’s tech scene
“This can be the beginning of Indonesia as a creative economy powerhouse. We hope that brands from Indonesia will become homegrown winners so that they can compete with global brands that are increasingly entering the country,” BRI Ventures CEO Nicko Widjaja said in a statement.
Currency converted from Indonesian rupiah to US dollar: US$1 = 14,199 rupiah.
Editing by Samreen Ahmad and Lorenzo Kyle Subido
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