By Ardi Wirdana
The Jakarta-based firm had closed its first fund, Convergence Capital I, at $30 million in 2016.
The three traveltech startups are Indonesia’s PegiPegi, Vietnam’s MyTour and the Philippines’ TravelBook. All three are subsidiaries of Japanese tech company Recruit Holdings.
Indonesia’s mobile payment startup Paytren has acquired 10 per cent stake in Polish football club Lechia Gdansk while HR platform SunFish Go has secured $2.5 million in a pre-Series A round.
The venture capital firm now believes it is necessary to start making direct investments in Indonesian startups.
The GET app currently offers two services — a ride-hailing service called GET WIN and a courier service called GET DELIVERY.
Bayan said the share purchase was aimed at giving the company full control over its subsidiaries owned indirectly by Kangaroo Resources.
With this round of financing, ARTOTEL plans to strengthen its existing operations while also expanding its business throughout Southeast Asia.
Public listings in Singapore hit a five-year low with 15 companies raising a total of about $523 million in 2018, while Indonesia recorded a new high by raising a total of $1.1 billion from 57 listings during the year.
The unicorn is said to be valued at $7 billion after the latest funding round.
The company has secured a capital commitment of $2 million from its existing investors, including a New York-based family office and the parent company of local automotive and finance firm Bintraco Dharma.