BRI Ventures launches new Indonesia-focused early-stage fund

By Ardi Wirdana

June 24, 2020

BRI Ventures, the venture capital arm of Indonesia’s largest state-owned bank Bank Rakyat Indonesia (BRI), has launched an early-stage investment fund and is seeking 300 billion rupiah ($21 million) for its first close.

Sembrani Nusantara, as the vehicle is called, is BRI Ventures’s first fund to tap external investors for capital.

From its first fund, which was derived from its parent company’s balance sheet, BRI Ventures has made investments in Investree, Modalku, Payfazz, Tanihub, Ayopop and Nium.

Named after a unicorn-like creature in Indonesian folklore, Sembrani Nusantara will focus on investments in education, agro-maritime, retail, transportation, and healthcare sectors.

Speaking at its launch, BRI Ventures CEO Nicko Widjaja said the VC firm aims to make its first investment from the new fund within the next quarter and hopes to back up to 15 startups in the next three years.

The new fund is locally incorporated and licensed by the nation’s Financial Services Authority (OJK).

The Sembrani fund makes BRI Ventures the latest CVC of a state-owned company to launch a multiple-LP venture fund. The move was pioneered by MDI Ventures, the VC arm of telco firm Telkom Indonesia, and has been followed by Mandiri Capital Indonesia, the VC unit of Bank Mandiri.

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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.

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

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  • 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. 
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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.
APPLY NOW