DanaDidik, an Indonesian crowdfunding platform for students, has raised seed funding from Singapore-based impact investment fund Garden Impact, Tech in Asia reported.
The fresh funds will be used to “scale and enhance technology and service”. Meanwhile, financial terms were not disclosed.
Garden Impact focuses its investments on Southeast Asian businesses that create jobs and provide services and products for the marginalized. Its expansion capital is aimed for SMEs that have social impact, with potential for growth and asset appreciation. Agriculture, healthcare, basic infrastructure, clean energy, and consumer services and products are among the key sectors the fund operates in.
“Garden Impact’s business is in line with our vision. We need patient capital,” the startup’s co-founder Dipo Satria was quoted as saying by Tech in Asia.
DanaDidik enables Indonesian students to borrow funds from their sponsors, which they can pay back in instalments once they have graduated and found a job.
DanaDidik was one of the nine startups that recently graduated from Plug n Play Indonesia’s acceleration program. It completed the program along with other eight startups – video platform for job interviews Astronaut, financial management firm Brankas, online bus ticket booking site Bustiket, two-wheeled vehicles ad provider Karta, KYCK, second-hand car inspection service provider Otospector, groceries e-commerce firm Sayurbox, and job portal Wonderworx.
PNP Indonesia is now in the process of recruiting startups for the second batch of its accelerator programme.