The biggest war chests in Indonesia’s tech scene

Hello readers,

I apologize in advance to our readers who don’t follow European football, but what about that Newcastle United takeover, huh? It’s the latest instance of massive amounts of money being injected into a club, and jokes about how it could now sign the very best in the world (Kylian Mbappe or Erling Haaland to Tyneside, anyone?) have been flying around.

Of course, money can’t guarantee success in the fickle world of professional sports, but it does help. The same principle applies (more or less) in the world of business. Today’s premium piece spotlights the 50 top-funded startups and tech companies in Indonesia, and I’m quite certain there are some pretty successful companies on that list. Take a guess at who occupies the top spot, then click in to see if you got it right.

Today, we look at:

• The 50 top-funded tech companies in Indonesia
• An Israeli femtech firm that got some funding to expand
• Other newsy highlights such as Facebook shelving its facial recognition system and a cricket NFT firm that raised a US$17.4 million seed round

Premium summary

Money, money, money (in Indonesian tech companies)

Image credit: Timmy Loen

So, which tech firm in Indonesia is no. 1 in terms of funding? Did you bet on the newly merged GoTo Group? Or ecommerce giant Bukalapak? Maybe you like coffee (and left-field guesses) and went with Kopi Kenangan?

Well, guess again.

• Big players: GoTo Group and Bukalapak did indeed rank high – they’re just behind the leader.

• Prominent names: Ecommerce and fintech feature prominently in this high-ranking bunch, with payment gateway Xendit, edtech firm Ruangguru, and business-to-business marketplace GudangAda landing in the top 10.

• A final clue: SiCepat, a company that’s in logistics, came in ninth place. The top company is also in logistics – do you have the answer now?

Read more: Meet the 50 top-funded startups and tech companies in Indonesia

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