Impact investor Patamar Capital has injected an undisclosed sum into Indonesia-based student loan platform Dana Cita, according to two people familiar with the development.
The investment has been made through Patamar Capital’s women SME-focused impact fund, which was launched last year in collaboration with the Australian government’s Investing in Women initiative.
Prior to Dana Cita, Patamar has invested in Vietnamese digital platform JupViec and Indonesian farm-to-table fresh produce distribution platform SayurBox through its women SME-focused vehicle.
The Dana Cita investment was closed in the latter half of last year, sources said. Other undisclosed venture capital investors are said to have joined the round.
Founded by Naga Tan and Susli Lei, Dana Cita claims to be the first such startup in Indonesia that offers student loans to finance degree programmes. It says that students can avail of affordable loans to pursue tertiary education and training. Dana Cita recently launched a pilot programme with borrowers from a mix of academic and vocational institutions such as UI, ITB, STMIK, and PNJ.
Prior to the latest round, Dana Cita raised $120,000 seed funding in January 2018 from Y Combinator programme and GE32 Capital.
Patamar Capital, formerly Unitus Impact LLC, is a venture capital firm specialising in early stage and Series A investments. The Investing in Women initiative focuses on early-stage investments in Indonesia, Vietnam and the Philippines. It plans to make six to eight direct investments of between $200,000 and $300,000 in women-led businesses at the seed or pre-Series A stage. The fund will make investments between July 2017 and July 2019.
The women SME-focused fund also runs an impact accelerator programme where four of the 12 participating companies are chosen by peers to receive $25,000 in funding.