Indonesian soonicorns with dreams of graduating Unicorn University – The Executive Brief

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Hello reader,

Back when I was in college, there was nothing more I wanted than to graduate. The days were slow and the curriculum, frankly, was boring and shared too many similarities with what I had already learned in high school. Fortunately, on campus, I got to meet and connect with plenty of witty and talented students, many of whom became close friends.

This made my life easier, but the yearning to set foot into the “real” world never subsided. It had a place in my daily thoughts – the dream land where opportunities in business, journalism, and policymaking await. Or, at least, this is what I believed and I was partially correct. The opportunities were there, but so were the unforeseen obstacles.

After graduating, I realized that I was trying to ply my trade in a different league. Fellow students are no longer the only competitors; adults with a wealth of experience, knowledge, and skills are also firmly setting their sights on the same opportunities. Soonicorns go through something similar.

A soonicorns’ desire to achieve the coveted unicorn status is understandable, given the finish line is in sight. While the pros definitely outweigh the cons in this case, not enough consideration is given to the hurdles that come with the unicorn tag. It is not a level playing field.

Soonicorns fly under the radar while unicorns put themselves on the map, where the bigger players, with no need for venture capital funding to fuel growth, are circling and taking a closer look – whether as an acquisition target or to join in as a competitor. In today’s premium pick, we examine some Indonesian startups that seem destined to join the exclusive billion-dollar club.

Today we look at,

• Indonesia’s soonicorns and their backers
• The pre-series A funding round of an Australian no-code platform
• Other newsy highlights such as funding galore in the worlds of crypto, fintech, and edtech

Also, in light of the Lunar New Year, our weekly free newsletters – The Top Up and The Checkout – take a break on February 2 and 3, respectively. However, it is back to business the week after. Don’t worry, the Daily Newsletters will continue to land in your inbox every day.

Premium summary

Stick a horn on it already!

Image credit:Timmy Loen

Indonesia is Southeast Asia’s second most prolific unicorn hub after Singapore. The largest archipelago in the world has 11 unicorns after adding six from last year alone.

While there’s no formal criteria for soonicorns, Tech in Asia looked at Indonesian companies that are valued above US$500 million. So far, eight homegrown startups fit the bill, and three of them are less than US$200 million away from hitting unicorn status.

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