Indonesia is ultimately an early stage ecosystem for startups.
We see more and more newcomers on the ground each year. The good thing is that the growing number of startups are matched by increasing interest from venture capitalists (VCs) in the country. Let’s take a look at which verticals receive most attention from VCs and successfully attract follow-up investments.
According to Tech in Asia data, ecommerce accounts for more than 30 percent of the total number of startups that raised funding in Indonesia. Narrowed down to startups that raised follow-up funding (defined here as those who have raised series A or higher after their seed round), ecommerce players are even more dominant with over 40 percent out of the total follow-up funding for startups. This fact leads to the conclusion that ecommerce is still the hottest category in Southeast Asia’s biggest market.
Startups that capture mass markets are obviously top options for most VCs. Tokopedia, Bukalapak, Traveloka, and Elevenia are among this category. In more niche markets, we can see players such as HappyFresh, Ralali, Bilna and others. Other verticals that get attention from VCs are media, classifieds, search, and discovery sites.
Here is the complete list of Indonesian startups that raised and announced follow-up funding, sorted by verticals and latest funding date.
Ecommerce
1. HappyFresh (Tech in Asia profile)
HappyFresh is a grocery shopping app that enables customers to order groceries directly from offline supermarkets. The startup partners with some major supermarket brands in Indonesia and Malaysia in order to provide its shopping items.
Founding year: 2014
Latest funding date: September 2015
Latest funding stage: Series A
Total disclosed funding: US$12 million
Investors: 500 Startups, Vertex Venture Holdings, Asia Venture Group, Ardent Capital, Sinar Mas Digital Ventures (SMDV), Beenext, Cherry Ventures
2. BerryKitchen (Tech in Asia profile)
Media
Classifieds
Search and discovery
Others
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