Ideabox Ventures matures from accelerator into VC firm

Ideabox Ventures, an Indonesian VC firm, has been jointly launched by Indonesian telecoms operator Indosat Ooredoo, together with Kejora Ventures and Mountain Partners SEA.

An evolution of their the annual acceleration programme Ideabox, which is currently in its third year, the programe has produced 14 startups. Running for 120 days, its he programme runs sees each venture receive up to US$5,000 in funding. The firm will be targeting investments in early stage or pre-series A startups with a proven traction in the region. However, the original accelerator programme itself will continue operation.

During a press conference, Indosat Ooredoo President Director and CEO Alexander Rusli stated: “We have decided to take Ideabox into the next level. We formalise it in form of a company so that we can include more money,”

This joint venture (JV) will also see partnerships being forged with several global institution in Asia, Europe, and North America. Among these such as such as Shift., MDEC, Plug and Play Indonesia, Mountain Middle East, Rheingau Founders, Mountain Fintech, Founders Instute, and Mountain Nazca,

According to Andy Zain of Kejora Ventures’, under the new structure, Ideabox Ventures is now able to fund up to US$500,000 per startup. In addition to the funding, they will provide strategic commercial advice and support the expansion of portfolio firms.

With Indonesia expected to be Asia’s next trillion dollar economy, joining the ranks of China, Japan, India, Australia and South Korea, as well as the next large e-commerce market, IHS argued that Indonesia’s economy has the “capacity for robust long-term economic growth of around 5.4 percent per year over the 2016 to 2020 time horizon.”

Indonesia’s GDP is projected to grow to $2.21 trillion by 2023 and surpass Australia, which as of 2015 had a GDP of $1.13 trillion. Currently, Indonesia’s GDP stands at $861.9 billion in 2015. As such, by 2023 the Indonesian economy will also be larger than Russia, Spain or the Netherlands.

This is likely to see a proliferation of more such JVs as entrepreneurs and investors seek to ride on this growth narrative that has seen Indonesian venture capital funding grow rapidly over the 2010-2015 period, according to data compiled by Tech in Asia.

Number of VC deals in Indonesia for 2010-2015. Credit: Tech in Asia

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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.