$14.6b to pour into Indonesian startups, says AMVESINDO

Indonesian startups boom has just started. The country’s new-born sector is predicted to receive Rp200 trillion ($14.6 billion) of investments starting this year, as the government is pushing a tax amnesty bill which it says could bring Rp1,000 trillion ($73.2 billion) worth of evaded tax and assets back to Indonesia.

Indonesian association of venture capitals and startups (AMVESINDO) said the money is likely to be invested in tech-based firms. One of the reasons is because conventional sectors are still  recovering from the slowdown that hit global economy last year. Commodities, oil and gas, and property, for example, are suddenly less attractive now.

OJK, the government, the Indonesian chamber of commerce (KADIN), everyone is preparing to welcome these hot funds. We know that the tax amnesty is targeted to be implemented in July,”Teddy Lee, Head of fintech department at AMVESINDO told DEALSTREETASIA.

The tax amnesty bill is currently being discussed at the House of Representatives. The government had said that discussion with the House was expected to be completed by mid-June. It had missed the initial deadline of May 31.

Indonesian Finance Minister Bambang Brodjonegoro claimed his ministry is ready to run the tax amnesty program. He has administered several preparations, including a tax amnesty trial simulation system.

AMVESINDO was established recently (mid-May), in an effort to bring together industry players to map out plans and strategies for the future. The association comprises of 20 venture capitals (VCs) and about 40 startups.

Among the conventional VCs are Astra Mitra Ventura, Ventura Giant Asia, Celebes Artha Ventura, Mandiri Capital Indonesia, and Pertamina Dana Ventura.

While tech-based VCs include Alpha JWC VenturesConvergence Ventures,CyberAgent VenturesEast VenturesFenox Venture CapitalIdeosourceKejora VenturesMDI VenturesSkystar Capital,SMDV, Sovereign’s Capital, and Venturra.

Jefri Sirait, the president director of Astra Mitra Ventura was elected as chairman. His three deputies are Punjul Prabowo (Celebes Artha Ventura), Donald Wihardja (Convergence Ventures), and Teguh Basuki Ariwibowo (Pinjam).

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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.