Indonesia’s Jokowi to launch VC fund backed by state-owned enterprises

Details:

• Telkom Group, Bank Mandiri, and Bank BRI seem to be the initial investors of the fund, which was also backed by other big SOEs.
• The agreement has yet to be finalized, but the fund will invest in startups established by Indonesian founders and operate in the country.

Dive deeper:

• Telkom Group, Bank Mandiri, and Bank BRI run their own venture capital arms: MDI Ventures, Mandiri Capital, and BRI Ventures, respectively. (Read also: Telkom’s tentacles in the digital space)
• Aside from the SOEs, Indonesian private conglomerates such as Djarum Group and Sinar Mas are also involved in the country’s tech scene as operators and investors. (Read also: Mapping Indonesian conglomerates’ tech activities)