Conglomerates-backed Indonesian VC tech fund to be launched in 6 months

A woman online shopping with a touch-screen device. Photo: Unsplash

An Indonesian tech venture capital fund backed by the country’s largest conglomerates will be launched within the next six months, the communications minister said on Thursday.

“We, Indonesian investors, must immediately enter the tech market,” Minister of Communications and Information Rudiantara told Reuters.

He said the fund, which would be pooled from Indonesian conglomerates, was supported by his ministry, with its structure currently being discussed with the country’s financial regulators (OJK).

The size of the fund has not been disclosed.

Reuters