<article>Silicon Valley-headquartered <a href="https://www.dealstreetasia.com/tag/Fenox-Venture-Capital">Fenox Venture Capital</a> says it is set to announce three investments in Indonesian startups in the coming month and targets up to three more deals in the country by the end of the year.</article>

Silicon Valley-headquartered <a href="https://www.dealstreetasia.com/tag/Fenox-Venture-Capital">Fenox Venture Capital</a> says it is set to announce three investments in Indonesian startups in the coming month and targets up to three more deals in the country by the end of the year.
So far this year, Fenox has made three investments in Indonesia. It invested in on-demand laundry service Ahlijasa, travel platform Travelio and most recently contributed in the $24-million Series B funding round raised by point-of-sale app operator Moka.
Speaking exclusively to DEALSTREETASIA, Fenox Southeast Asia manager Retno Dewati said the VC firm has recently closed two more deals, which it will announce soon, and is in the final stages of closing one more. While Dewati declined to name the three startups, she revealed that they are fintech, logistic and adtech companies.
Beyond the three startups, she added that Fenox will be looking to back up to three other Indonesian startups by the end of the year, which will bring the VC firm’s total Indonesian investments during the year to nine.
Dewati said Fenox has not prioritised any sector in particular for potential investments but finds fintech, including sharia fintech, as arguably the most promising area in Indonesia.
When asked about ticket size, she said the firm’s Indonesian deals are all likely to follow the investment strategy for its Southeast Asian investments.
“For Southeast Asia, we start from $200,000 up to $1 million for new investment, but can be up to $2 million for follow-on investments,” Dewati said.
Fenox’ investments in Indonesia are not made out of one specific fund, Dewati explained. Instead, the firm will deploy funds from the most suitable out of its 20+ existing parallel funds, each backed by multinational corporations.
&#8220;When we find a good deal in Southeast Asia, we try to bring it to our LPs and tell them how the company can complement their business and can even help them expand into a new business, instead of starting from scratch. So we offer that to the LPs and then invest using their fund,&#8221; Dewati said.
Of Fenox’ numerous LPs, one which has developed a notable interest in the Southeast Asian market, and Indonesia in particular, is Infocom Group, one of Japan’s largest information technology (IT) solution providers. Following the launch of a $20-million fund backed by the Japanese company in 2014, Fenox has, for the last couple of years, teamed up with Infocom to run the GnB Accelerator program.
The program accepts up to 10 startups in each batch that go through a 3-month intensive program and receive $50,000 investment. This year, Fenox said it has invested in six startups so far through the GnB Accelarator program.
Founded in 2011, Fenox describes itself as a global, sector-agnostic VC firm, with a team of more than 60 people operating out of offices across eight different countries, including Japan, Indonesia, and South Korea. In Indonesia, its portfolio companies include Bridestory, Alodokter, Hijup and Travelio.
Fenox Venture earlier this year made its investment debut in Vietnam by backing Hanoi-based mobile top-up service firm OnOnPay.
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So far this year, Fenox has made three investments in Indonesia, the latest being its follow-on contribution in the recently announced $24 million Series B funding round raised by point-of-sale app operator Moka.

Fenox to announce 3 Indonesian deals soon, targets up to 3 more by year-end

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Fenox to announce 3 Indonesian deals soon, targets up to 3 more by year-end

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