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.