Indonesia’s Indogen Capital said to seek $50m for new venture fund

Indonesia. Photo by Nuh Rizqi on Pexels.

Jakarta-based venture capital firm Indogen Capital is on the road to raise a $50 million fund, according to two people aware of the development.

The fundraising exercise is understood to be in advanced stages. The VC firm did not respond to our query on its plans.

The Southeast Asia-focused VC firm claims to be sector agnostic and has so far invested in fintech, marketplaces, e-commerce, retail and real estate, among other sectors. Earlier this year, it announced plans to invest in 10 companies in 2019 to add to a portfolio that includes Malaysian used car platform Carsome, Indonesian travel platform Travelio and Philippine HR tech platform Venteny.

The VC has achieved three exits so far in Spacemob (acquired by WeWork), Clearbridge Health (IPO on Singapore Stock Exchange), and AINO (partially acquired by TIS Corp), and expects two more exits by 2020.

Indogen was set up by five founders. Between them, co-founders Chandra Firmanto and Hendry Willy have 35 years of experience running their respective family businesses across second and third-tier cities in Indonesia. The other three founders are investor Teezar Firmansyah, Tokopedia co-founder and director Leontinus Alpha Edison and Ciputra conglomerate heir Nararya Ciputra Sastrawinata.

According to media reports, the firm’s initial investments were funded by the founders and their family and friends.

Other VC firms raising a Southeast Asia-focused fund include Japan’s Saison Capital, the corporate venture capital arm of Credit Saison, and South Korea’s Big Bang Angels. The Japanese CVC firm recently announced the launch of a $55-million early-stage venture fund for Southeast Asia and India, while Big Bang Angels is seeking to raise a $20-million venture capital fund focused on deep tech startups in Southeast 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.

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.