Mandiri Capital ropes in former MDI veep Agusta to lead new venture fund

Mandiri Capital Indonesia, the venture capital arm of state-owned lender Bank Mandiri, has appointed Joshua Agusta, a former VP of Investments at MDI Ventures, as director.

According to his LinkedIn profile, Agusta will be in charge of fundraising and investments for Mandiri Capital’s new venture fund.

Mandiri Capital is currently in the market to raise up to $100 million for its second fund and is seeking to tap external investors for the first time. Its previous fund, a $40-million vehicle, was bankrolled by parent Bank Mandiri.

Mandiri Capital’s portfolio companies include names such as Moka, Koinworks and Investree. Last week, the firm led an investment in financial management startup Halofina.

According to Mandiri Capital CEO Eddi Danusaputro, the fintech-focused investor, which had predominantly backed companies for strategic purposes, will now start to look beyond pure fintech for deals through its venture fund and will also have a greater focus on investment returns.

Another exit at MDI Ventures

Agusta parted ways with MDI, the corporate venture capital unit of state-owned telco Telkom Indonesia, last month after a four-year stint. He had joined the firm in 2015 as the head of its Indigo accelerator programme and had worked his way up to become a VP, helping the company record seven exits in the space of four years.

Agusta’s departure followed that of former MDI Ventures CEO Nicko Widjaja, who left in July to join BRI Ventures, a VC firm backed by state-owned lender BRI.

MDI Ventures is yet to appoint Widjaja’s replacement. Like Mandiri Capital, it is seeking external investments for its latest fund, which will be its third vehicle.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.