Fenox VC and Japanese IT giant Infocom launch accelerator in Indonesia

Aniz Uzzman, Fenox co-founder and CEO at the GnB launch event in Jakarta.

Indonesia’s capital Jakarta, the archipelago’s startup hub, has a new accelerator. The program calls itself GnB. It is a joint venture between US-based venture capital firm Fenox and the Japanese IT company Infocom.

Like similar programs, GnB will groom early-stage startups through mentorship and access to facilities and funding opportunities. Headed by Infocom’s Kentaro Hashimoto, GnB says it will accept entrepreneurs in a variety of verticals, such as mobile, consumer Internet, or health IT.

GnB plans to announce the first startup in its program tomorrow after a pitch competition. In addition to a spot in the accelerator, the winner will be given US$50,000 in equity funding in return for a 10 percent stake. GnB will accept applications through its website and is expected to start its three-month program in April with a batch of six startups.

In case you’re wondering, GnB stands for green and blue – Fenox’ and Infocom’s respective company colors.

Why they’re putting down roots in Indonesia

Fenox is no stranger to Indonesia. Among its 65 investments across the globe are a handful of startups in the archipelago, and others across Southeast Asia.

The decision to tie up with a Japanese firm makes sense if you look at the details. Anis Uzzaman, Fenox co-founder and CEO, studied and obtained his PhD in Japan. He has a number of investments there through Fenox. And that Japan sees promise in Southeast Asia’s largest economy is no secret. Japanese investors were among the first to invest in Indonesian tech companies.

It’s a good moment to put down roots in Indonesia’s blossoming startup ecosystem. Investments are on the rise and local startups like Go-Jek are expanding rapidly.

“Fenox has been active in Indonesia for a long time and seen its potential. The large population, the rising internet penetration, and the increasing readiness of local entrepreneurs, these are positive signals,” said Anis Uzzman at today’s launch event.

GnB will join other local incubation and acceleration programs like Ideabox, Indigo, GEPI, and Skystar in the quest to sniff out Indonesia’s best entrepreneurs and, possibly, help raise Southeast Asia’s next startup unicorn.