Indonesia to launch new state-backed fund to invest in tech startup winners

Photo by Falaq Lazuardi on Unsplash

The Indonesian government is planning to roll out a new investment vehicle, titled Merah Putih Fund, in December to invest in homegrown mature startups as part of efforts to tap into the burgeoning tech ecosystem, a top executive told DealStreetAsia.

The fund will be set up in partnership with the venture capital units of Indonesia’s top state-owned enterprises including Telkom Group, Bank Mandiri and Bank BRI, among others. The fund will draw capital from the various state-owned enterprises.

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