10 Indonesian startups with impressive growth and funding

While there has been an increased number of startup funding rounds in Indonesia in recent years, the archipelago’s investment scene is mysterious because the majority of funding news features undisclosed amounts of capital. Occasionally, Tech in Asia will get wind of a specific number, but more often we just get clues like “seven-figure amount” or a “significant series A” investment, but not too often. Because of this, quantifying the best-funded startups in Indonesia is nearly impossible – perhaps like trying to bake a cake using a recipe with no measurements.

The term “best-funded” also carries a vague definition, as different startups have different financial needs for stable growth. US$1 million is probably not a sustainable investment to big boys like Lazada Indonesia or Traveloka, but it’s more than enough for smaller firms like Female Daily Network to scale up. With this in mind, we’ve put together a list of Indonesian startups based on a couple checkboxes.

The criteria to have made this list is the amount of observable growth a startup has seen relative to the number of funding rounds it has closed. Keep in mind that these picks are subjective and in no particular order (raising money doesn’t necessarily equate to success). Tech in Asia invites you to join in by including names of companies you think deserve honorable mention in the comments below.

1. BukaLapak

BukaLapak is a consumer-to-consumer ecommerce marketplace that directly competes with the likes of Tokopedia. It’s clear that BukaLapak doesn’t have as much cash as its competitor, but it has seen consistent funding and considerable growth. Back in July 2011, the company – which was born from local digital agency Suitmedia – closed a seed round with a Jakarta incubator called Batavia, which was run by Rebright Partners and local financial firm Corfina Group. Batavia Incubator no longer exists, but BukaLapak sure does. At the time of funding, the site was already receiving more than 9 million monthly pageviews.

In September 2012, BukaLapak got another hit of venture funding when it secured a series A round from Gree Ventures after adding a new payment system that allowed visitors to use Bank Mandiri’s Clickpay.

In February 2014, the firm announced a series B round of funding from Aucfan, IREP, 500 Startups, and once again Gree Ventures. BukaLapak also received investment from Japan’s IMJ Investment Partners at some point.

• Stage: Series B, undisclosed by Aucfan, IREP, 500 Startups, and Gree Ventures
• Total Disclosed Funding: None
• Investors: Rebright Partners, Corfina Group, Aucfan, IREP, 500 Startups, Gree Ventures, IMJ Investment Partners
• More: BukaLapak on Techlist

See: 5 online marketplaces that compete with Tokopedia

2. Adskom