An angel investor network of startup founders and executives, seeking to help new Indonesian founders with funding and expert advice, has launched in Indonesia.
Called Kopital Network, the entity will function independently, James Prananto, co-founder of Kenangan Brands, the Indonesian New Retail F&B group behind Kopi Kenangan, told DealStreetAsia.
While Prananto is an angel investor in Kopital Network, he said it does not affiliate with any startups or companies including his own. “Potential founders who partner with the network don’t automatically have ties with Kopi Kenangan. Of course, we’ll connect them with Kopi Kenangan if we see there’s a potential synergy. However, Kopital Network, Kenangan Fund, and Kopi Kenangan are separate entities,” he said.
Startups in Indonesia, Southeast Asia’s largest economy, enjoyed ample liquidity in the past couple of years but a slowdown in growth capital has led to layoffs and tapered scaling plans lately, projecting a hostile environment for new founders without sound market knowledge.
Thirty-eight founders and executives have joined the network, including former Grab senior director Agung Nugroho; Number Capital’s Hendra Kwik; Rohit Gulati, managing director and partner at BCG Singapore; and AyoConnect co-founder and CEO Jakob Rost.
Angel investors usually invest around $20,000 to $50,000 in each project. Members of Kopital Network, however, not only offer their personal funds but also mentorship.
“It was inspired by our own experience when we started Kopi Kenangan. When we got the first term sheet with strange vocabularies, one of our angel investors really helped us navigate things in the beginning,” said Prananto, adding that first-time founders need lots of guidance from fellow entrepreneurs with deeper experience in the startup world but they often lack access.
Fandy Cendrajaya, who manages Kenangan Kapital, will act as a gatekeeper for the Kopital Network, the first point of contact for aspiring or existing founders to send proposals through their social media channels.
“Good business will get investments easily. What’s missing is guidance from people who have done it before. This is the whole point of Kopital Network, we provide new founders with access to these people who can support their startup journey,” said Kopi Kenangan’s Prananto.
In the future, Kopital Networks will host different events, from investors’ and founders’ meet-ups to incubators.