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Venture Capital (VC) firms provide capital to startups with long-term growth potential. Over the last decade, Indonesia has seen a number of VC firms emerge, as the country’s startup ecosystem has grown.
This article focuses on venture capital firms in Indonesia and was last updated on 28 October 2022. If I'm missing a fund, please let me know and I'll add it.
Be sure to check out Venture Capital Careers for VC jobs.
AC Ventures is a leading Southeast Asian venture capital firm investing in early-stage startups focused on Indonesia and ASEAN. The firm’s mission is to partner with and empower entrepreneurs with more than capital. AC Ventures combines operational experience, industry knowledge, deep local networks, and resources to create value for startups. Its vision is to be a generational partner to founders driving positive societal change and economic impact in Indonesia and beyond.
AC Ventures currently has over US$500M in assets under management, invested across five funds. Since 2012, the firm’s partners have invested in more than 100 technology companies in the region, including some of the most iconic names in the ASEAN digital ecosystem.
Absolute Confidence is an Indonesia-based venture capital firm that invests in angel and seed rounds. They’re industry agnostic and are excited to team up with hungry and visionary founders who bring wide positive impact. They admire entrepreneurs with global ambitions who use technology to solve relevant problems.
Access Ventures is a venture capital firm focusing on early stage technology companies in Southeast Asia, with a core focus on Vietnam and Indonesia. They opportunistically source startups that have regional or global business models, and have portfolio companies with origins in Silicon Valley, Korea, and Singapore. Their partners have a combined 50+ years of experience in global finance and technology investment, which provide us with extensive networks amongst senior business leaders.
Alpha JWC Ventures is a Southeast Asian early-to-growth stage venture capital firm that debuted in Indonesia in 2016. With deep Indonesian roots, far reaching experience in Southeast Asia, and a global network, they’ve grown to be the region’s largest and best performing early-stage fund with 57 active portfolio companies and US $650m of AUM.
Asiantrust Capital is a boutique investment firm that nurtures long-term relationships with founders and partners across various deals and investments across Indonesia.
They manage various investment portfolios ranging from capital markets, private projects, mergers & acquisitions, and the startup landscape. Their investment team consists of versatile problem-solvers and executors with knowledge and backgrounds across multi-industries.
BALI INVESTMENT CLUB is an angel network that invests in and venture-builds impact-driven Indonesian businesses. Their mission is to support profitable impact-driven projects, improve the lives of their members and local communities, and foster greater sustainability on Bali and its surrounding islands.
Bali Venture Partners is a privately held investment fund that opportunistically invests in a range of early-stage growth enterprises at Seed/Series A and Growth Equity. They provide initial and early-stage capital to visionary entrepreneurs pursuing solutions to real-world problems.
East Ventures is a pioneering and leading sector-agnostic and Indonesia-focused venture capital firm that was founded in 2009. They have provided multi-stage investment, including Seed and Growth for over 250 companies in Southeast Asia.
Their startup investment philosophy revolves around “2P”:
People: They believe good founders have three core traits: integrity, high-level self-awareness and paradoxical trait.
Potential market: They always ask founders about the potential market size and the target of a reasonable market they want to see.
For growth-stage investments, they focus on traction.
Their philosophy means they can make fast decisions. Deals can be done within 24-48 hours.
Finch Capital is a Thematic Growth Investor in technology companies in Finance, Real Estate and Health run by exceptional entrepreneurs. Their mission is to fund and support the best entrepreneurs creating products that will shape the future of these themes. They leverage our international network and industry expertise to enable their portfolio companies to grow into leaders in their field.
They have a strong preference for teams that have worked together in some form in the past and complement each other on skills and ways of working.
To date, they’ve funded 45 companies across three funds. Their smallest initial ticket was €500K and their largest was €40m.
Golden Gate Ventures is a venture capital fund in Southeast Asia (SEA) founded by Silicon Valley natives. Since 2011, the firm has launched four funds, managed US$250M AUM, and invested in 60+ companies.
Their mission is to Empower the Audacious (through Human and Financial Capital). They believe in empowering founders who are risk-takers, who dare to challenge the norms, and leverage technology to change the way the world works.
They focus on Southeast Asia - and have invested deeply across Singapore, Indonesia, Vietnam, Malaysia, Thailand, and the Philippines, but have also invested in startups around the world expanding to Southeast Asia.
Ideosource is a venture capital firm dedicated on making investment in early-stage to later-stage. From the infancy of Indonesia’s internet economy in 2011, Ideosource has ignited the local Internet ecosystem. Their approach combines a bottom-up investment selection process with a top-down view of the economy.
Their team finds 3 key investment themes drive their investment strategies:
For early stage companies, they’re looking an innovative, unique and new solutions to local problems and has potential for application in other regions with strong and insightful founders.
They’re also looking companies that disrupt the offline market to become online.
For a late stage investment, they’re looking to the Number 1 in category, unbeatable traction and ability to attract follow on investments.
Indogen Capital is a sector agnostic investor based in Jakarta, Indonesia. They aim to be value-adding partner for founders looking to grow in expand into Southeast Asia market, typically investing in post-seed stage up to series A companies.
They’ve consistently generated above average returns for their investors through value-creation activities leading to strong portfolio exits by leveraging their key members’ extensive networks and operating experience across various functions and sectors.
Insignia Ventures Partners is an early-stage technology venture capital firm partnering with unstoppable founders to build great companies in Southeast Asia. Since 2017, they’ve invested in 70+ emerging technology companies across industries and geographies in the region, including unicorns Carro, Ajaib, GoTo, and Appier, and category leaders including Payfazz, Shipper, tonik, and Flip.
They partner early with founders and support them from seed through growth stage as their companies create meaningful impact for millions of people in Southeast Asia and beyond.
Intudo Ventures is an “Indonesia-only” venture capital firm with a concentrated portfolio approach capitalizing on the rapid growth of private consumption and rising middle class in Indonesia (270+ million population, fourth most populous country in the world) with over US$230 million in committed capital.
They invest in Indonesian homegrown companies (initial check sizes of US$1-US$20 million) led by best-in-class "Pulkam S.E.A. Turtle" returnee and local founders in the agriculture, B2B & enterprise, education, finance & insurance, health & wellness, logistics and new retail & entertainment sectors.
Kejora Capital is a leading venture capital firm in Southeast Asia. They build successful technology companies through empowering startups to scale rapidly throughout Southeast Asia and beyond. They’re industry-agnostic investors, covering funding rounds from Seed to Series C:
Pre-seed and seed stage: They invest < US$200k and actively support early founders with their extensive co-working spaces, hands-on mentorship programs, and accelerators.
Early stage: They invest US$200k-3m in category winners early.
Growth stage: After backing early startups and founders, they continue to support startups through their growth stage, writing checks of US$5M to US$20M.
Focus: Beyond providing funds, they support their startups development to reach pre-IPO standards, provide Post-IPO advisory, M&A and other strategic purposes. They proactively connect their startups with their extensive global network of investors and strategic partners for continued growth and follow-on investment, starting from US$20M.
Monk’s Hill Ventures is a venture capital firm investing in early-stage tech companies, primarily Series A, in Southeast Asia. They take a first principles approach in how they operate and make decisions at MHV. They break down ideas and business models to understand the fundamentals.
Since their founding in 2014, Monk’s Hill Ventures has invested in more than 30 fast-growing startups spanning multiple business models and industry verticals.
Openspace are a multi-stage investor in Southeast Asian B2C and B2B businesses with a compelling vision for expansion. Their emphasis is on consumer, healthcare, finance, enterprise, and frontier technologies.
Sovereign’s Capital invests directly in promising, early-stage technology companies across Seed and Series A stages with clear differentiators, to include data moats, complex or deep technologies, sticky customer relationships, or other sources of value.
They have a broad range of industry expertise, with a bias for industries where their partners and advisors have relevant experience. These include B2B software, deep tech, B2C software, healthcare IT, and tech-enabled goods and services. They typically deploy $250,000 to $3 million per investment, and they work closely with portfolio companies to provide targeted strategic and operational partnership.
Venturra is an Indonesia and Southeast Asia-focused venture capital firm investing in early-stage high-growth businesses. The firm’s primary investment focus is in technology-enabled companies that have the ambition to redefine industries.