500 Startups backs seed round for Indonesian angel investment network ANGIN

Left to right: Cardig International CEO Pak Diono Nurjadin, 500 Startups managing partner Khailee Ng, Sintesa Group CEO Shinta Kamdani, and ANGIN managing director David Soukhasing

Indonesian angel investment network ANGIN has announced the closing of a seed funding from 500 Startups and three Indonesian investors.

ANGIN declined to disclose the financial terms of the funding.

The three investors involved in the seed round, as revealed in an official statement, are Sintesa Group CEO Shinta Kamdani, Pak Cardig International CEO Diono Nurjadin and Alpha JWC co-founder and managing director Jefrey Joe.

Founded in 2013, ANGIN is the first structured angel investment network in Indonesia. It claims to be the largest network of high-net-worth individuals in Indonesia who pool resources together to engage in early-stage investment and mentoring.

The network currently manages 33 investments which include crowdfunding platform KitaBisa.com, community data startup Qontak and co-working space ReWork.

While investment remains the main objective for ANGIN, the investment network has organically expanded its offerings to new services such as consulting, technology, content and research.

The seed funding comes after ANGIN, which has been bootstrapping since its inception, had decided to search for external support to help it meet a growing market demand for its services.

“We are excited to work with a solid mix of VC and individuals who are fully aligned with our vision and impact mission. We are already preparing to launch new features, improving our services to our angel investors and will continue to strive on supporting Indonesian startups across Indonesia,” ANGIN Managing Director David Soukhasing said in the statement.

In an interaction with DEALSTREETASIA, Soukhasing said the funding will be used to expand ANGIN’s team to serve the growing demand for its services and to further develop its technology as the network looks to leverage technology to support its scale.

Furthermore, some of the funding will also be used to finance the development of new services and expand ANGIN’s presence in more cities in Indonesia.

“In terms of objective, right now we manage 33 investments and we hope to get close to 50 by year end,” Soukhasing said. ”We have closed 73 clients and getting to 100 would be a good KPI.”

Other than being an investment platform, ANGIN contributes to the growth of the Indonesian entrepreneurship ecosystem through its services, startups and partnerships with local and international organizations.

The network also pioneered the field of gender lens investment by launching the first Women Fund in Indonesia.

Also Read:

Indonesia: ANGIN’s startup-investor site Connector.id to launch full version soon

500 Startups backs Cambodian property platform KhmerHome.com’s seed round

India’s angel investors seek further easing in rules amid tax concerns

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.