Qishin Tariq · · 1 min readIndonesian developer taps East Ventures, others for smart-city fund
Indonesian property developer Sinar Mas Land has launched the Urban Gateway Fund (UGF), an early-stage fund for startups offering proptech and smart-city solutions. The company will manage the fund alongside VC firms East Ventures and Redbadge Pacific, as well as infrastructure and investment firm Prasetia Dwidharma.
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South Korean construction and development company GS E&C will also be part of the fund as an investor and strategic partner.
UGF seeks to support startups that are developing solutions in six segments of urban living technologies: mobility and transportation, property technology, data analytics and AI, omnichannel retail, sustainable resource management, and smart-city tech.
Sinar Mas Land townships – starting with Bumi Serpong Damai (BSD City) in Banten, Indonesia – will be used as a testbed for the tech developed by these firms.
Michael Widjaja, the CEO of Sinar Mas Land Group, said UGF provides a structured avenue to bring promising startups into BSD City, where they will have opportunities to test and refine their solutions with funding support.
Sinar Mas Land has been working on making BSD City a smart township, partnering with Abu Dhabi-based artificial intelligence firm Group 42 to implement a smart-city and smart-campus platform there.
Editing by Miguel Cordon and Jaclyn Tiu
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