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Aditya Hadi Pratama · · 1 min readIndonesia’s Jokowi to launch VC fund backed by state-owned enterprises
“Indonesia president Jokowi will launch Merah Putih Fund, a venture capital fund that is backed by state-owned enterprises (SOEs),” Tempo reported, citing a statement from deputy SOE minister Kartika Wirjoatmodjo.
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)
Editing by Miguel Cordon and Eileen C. Ang
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