Ideosource, one of Indonesia’s earliest venture capital firms, is looking to raise $15 million to invest in local movies in a move that sees it complementing its previous investment in technology.
The Ideosource Film Fund, which has so far raised around $2 million mostly from individual investors, will be looking to attract institutional money, including from fellow VC funds, as it looks to hit the $15-million mark by next year, according to Ideosource managing partner Andi Boediman.
“We will locate around $10 million for the financing. The remaining $5 million will be in the form of equity,” Boediman said.
Boediman has set up a company called Ideosource Entertainment to manage the fund as well as produce its own films.
“That’s why VC firms can join because it will not be a fund of funds. I will set it up as a limited company, where they can have equity. We have started fundraising for this. I will close around $3 million by the start of the year,” he added.
The Ideosource Film Fund has already started deploying capital and has invested in five films, including a few in which it co-invested with Indonesian unicorn Go-Jek.
For Ideosource, its investment in films comes after the full deployment of its $15-million tech fund, through which it invested in 27 early-stage tech startups, including aCommerce, Orori, e-Fishery, and Bhinneka.
In the technology sector, Boediman and his co-partner Edward Ismawan, is currently looking for possible IPO or M&A for the portfolios, something it has previously done before through its investment in digital kiosk company M Cash, which went public on the IDX in 2017.
“The public market is now starting to appreciate technology. Four years ago, it didn’t. It is because of the promotion of Go-Jek, Tokopedia and the others. So there is a positive perception and trust in tech companies. So I think it would be a good timing,” he said.
In an exclusive interview with DEALSTREETASIA, Boediman spoke at length about investment opportunities in the film industry, as well as his views on the evolving tech investment space and Indonesian IPO.