Indonesia’s Indogen Capital extends deadline for final close of second fund

Jakarta, Indonesia. Photo by Tom Fisk on Pexels.

Indonesia-based venture capital firm Indogen Capital has pushed the final closing deadline of its $50-million second fund to the end of 2021 from its initial target of December 2020.

Indogen managing partner Chandra Firmanto told DealStreetAsia, the firm will delay the final closing as the COVID-19 pandemic has slowed the fundraising process due to travel curbs and other restrictions.

“We couldn’t rely on online calls because we still need to meet [our potential investors] and build the relationship first. COVID has created a boundary for us [to conduct meetings and undertake travel]. Yet, we believe many investors are interested in Indonesia,” Firmanto told DealStreetAsia.  

DealStreetAsia’s latest research and analytics report also shows that VC fundraising weakened during the quarter as a result of pandemic-induced national lockdowns.

At first close, Indogen’s second vehicle attracted capital commitments from six investors (LPs) including  Japan’s Striders Corporation and some undisclosed Indonesian conglomerates. 

Firmanto said Indonesia’s market is still attractive for foreign investors particularly investors from  Japan, Korea, and Greater China. 

Following the first close of the second fund, Indogen invested in two startups, Indonesia’s eatery solutions Wahyoo and esports firm EVOS.

By the end of 2020, it plans to invest in at least four startups across sectors such as SME-focused fintech lending, edtech, insurtech, and logistics. 

Two exits in the pipeline 

Early this year, Indogen had outlined an exit plan for two of its portfolio firms adding to the previous three exits it scored from the debut fund.

“For the first startup, we’re just offering the price on the secondary sale. Another exit is from the IPO of Philippine-based fintech startup Venteny,” Firmanto said, adding, Venteny will target its public market debut in Indonesia by 2021 or early 2022. 

He claimed that Venteny had doubled its revenue growth in Indonesia, compared to its country of origin, in the first eight months of its operations. Venteny, which operates an employee-financing startup, expanded to Indonesia in 2019 and has over 110,000 users. 

Betting on collaboration

The firm believes in building collaborations between international and local startups.

It facilitated the entry of Venteny into the Indonesian market. Similarly, it connected portfolio firm Wahyoo with Chinese ice-cream manufacturer Yili Group to distribute Joyday ice cream to Wahyoo’s partners including traditional small-scale local eateries, and restaurants. 

Indogen is also working to bring EVOS to develop the esports ecosystem in Japan in collaboration with Striders. 

 

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.