<article>BRI Ventures (BVI), the corporate venture capital arm of state-lender Bank Rakyat Indonesia, has partnered with Singapore-based marketplace platform Fundnel to launch the BVI-Fundnel Secondaries Fund, according to a statement.
The vehicle aims to build a portfolio of high-growth Indonesian companies, increasing accessibility for a wide range of investors to invest directly in Indonesian startups.</article>

BRI Ventures (BVI), the corporate venture capital arm of state-lender Bank Rakyat Indonesia, has partnered with Singapore-based marketplace platform Fundnel to launch the BVI-Fundnel Secondaries Fund, according to a statement.
The vehicle aims to build a portfolio of high-growth Indonesian companies, increasing accessibility for a wide range of investors to invest directly in Indonesian startups.
BVI and Fundnel will work with startups to find structured and standardised processes for employees to find secondary liquidity for their stock options. Both expect to attract investment of at least $50 million.
Nicko Widjaja, BVI&#8217;s CEO, said the exit environment has been more challenging due to various unfavourable macro conditions that lead to a supply crunch.
Despite the challenge, Indonesia&#8217;s digital economy, which is expected to reach $124 billion in 2025, remains promising with increasing smartphone adoption and expanding telecommunication infrastructure in rural areas.
&#8220;Through this exclusive partnership with Fundnel Group, BRI Ventures is thrilled to make growth capital investments in private late-stage Indonesian companies to help provide liquidity in the market. Together with BRI Ventures’ strong track record of investments and huge ecosystem and Fundnel’s extensive pipeline of secondary opportunities, this partnership will also serve as an attractive entry point for larger foreign funds to enter Indonesian growing tech startups,&#8221; he said in the statement.
BVI and Fundnel signed a memorandum of understanding (MOU) on Monday to formalise the cooperation. Kelvin Lee, Fundnel CEO, said the MOU marks their commitment &#8220;to provide access and liquidity to Indonesian startups.
Fundnel Group—with Fundnel as its private investments technology platform and Hg Exchange (HGX) as its private digital securities exchange—has handled over US$12 billion worth of private alternative assets to date.
Meanwhile, BRI Ventures—whose assets under management reached $320 million—is currently managing three funds, including a fintech-focused balance sheet fund and two venture funds Sembrani Nusantara and Kiqani.
Sembrani Nusantara, launched in December 2021, will invest in the direct-to-consumer (D2C) sector with a total investment target of up to Rp500 billion. It has backed Yield Guild Games Southeast Asia, a blockchain-based gaming company.

BRI Ventures, Fundnel launch $50m fund to target late-stage startups

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