<article><a href="https://www.dealstreetasia.com/tag/Mandiri-Capital-Indonesia">Mandiri Capital Indonesia</a>, the VC arm of the Indonesian state-owned lender Bank Mandiri, is seeking to raise a venture fund with a target size of around $50-100 million, CEO Eddi Danusaputro told DEALSTREETASIA.</article>

<a href="https://www.dealstreetasia.com/tag/Mandiri-Capital-Indonesia">Mandiri Capital Indonesia</a>, the VC arm of the Indonesian state-owned lender Bank Mandiri, is seeking to raise a venture fund with a target size of around $50-100 million, CEO Eddi Danusaputro told DEALSTREETASIA.
Unlike its previous fund, which was derived fully from the balance sheet of Bank Mandiri, the new fund will be mostly raised from external LPs (limited partners or investors).
Having recently secured approval from regulators to raise the venture fund, Mandiri Capital has already started fundraising and plans to make its first close in the second quarter of this year, Danusaputro said. He added that the firm will be approaching both local and international investors for the fund.
Since it started operating in 2015, Mandiri Capital has been investing from its $40-million first fund, making investments between $500,000 and $2 million into pre-Series A to Series A stage startups.
As a subsidiary of a state-owned bank, Mandiri Capital is bound by the country&#8217;s stringent banking regulations, one of which clearly states that bank subsidiaries cannot invest in companies unrelated to financial services. This has prompted Mandiri Capital in the past to focus solely on investing in pure fintech.
However, with the new LP structure and bigger size, the new fund will allow Mandiri Capital to chase a broader mandate beyond pure fintech and also inject higher amounts into bigger companies.
“We will be looking at fintech plus fintech related sectors. We will focus on Series A and B stages,” Danusaputro said.
Among the companies Mandiri Capital has backed through its first fund are P2P lender Amartha, mobile point-of-sale (mPOS) developer Cashlez and digital signature platform PrivyID. Its most recent deal was a lead investment in the $16.5-million Series A round for local P2P startup Koinworks.
Mandiri Capital counts as the first CVC by a local bank in Indonesia and the second by a state-owned enterprise, after Telkom Indonesia&#8217;s MDI Ventures. Following Bank Mandiri&#8217;s lead, the local second bank to launch a VC arm is Bank Central Asia (BCA), which invests in tech startups through Central Capital Ventura.
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Unlike its previous fund, which was derived fully from the balance sheet of Bank Mandiri, the new fund will be mostly raised from external LPs.

Indonesia's Mandiri Capital seeks to raise up to $100m for new venture fund

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Indonesia's Mandiri Capital seeks to raise up to $100m for new venture fund

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