Indonesian MDI Ventures, Finch Capital confirm first close of $40m Arise fund

Indonesian Telkom-backed MDI Ventures and Finch Capital has announced the first close of its $40-million joint debut fund, Arise.

The fund has gathered commitments from third-party corporate investors, family offices, and high-net-worth backers. One of the fund’s backers is Indonesia’s publicly traded ICT firm PT Metrodata Electronics Tbk. 

The announcement confirms the DealStreetAsia report published earlier this week.

Arise aims to back 25 “real businesses” that are building interesting tech in ASEAN over the next three years. After the first close, Arise is in the process of executing new investments. The fund targets at least five deals by the end of 2021.

Co-helmed by Aldi Adrian Hartanto’s MDI Ventures and Hans de Back’s Finch Capital, the fund is focused on startups at post-seed and pre-series A-stages. It is looking at ticket sizes ranging from $250,000 to $3 million per round.

Based in Indonesia, Arise will look into the regional funding gap for early-stage tech companies. Going beyond writing cheques, the fund seeks to invest in startups early, even before the founders fully solidify their ideas and teams, provide access to strategic go-to-market partners via its corporate LP network and long-term capital through its affiliated sister funds, including MDI Ventures, Centauri Fund. 

“Despite the significant influx of high-quality founders over the last decade, a disproportionate allocation of capital makes the situation more challenging for promising entrepreneurs to secure investments during the region’s economic slowdown,” Aldi Adrian Hartanto, Partner at Arise said in the statement.

Hartanto adds, “Startups backed by Arise should ideally go on to receive investment from Centauri at the Series A stage, MDI Ventures at Series B and later stages, and finally – in some cases – see a meaningful exit via acquisition with Telkom Group as one of the potential buyers or IPO.”

“We’ve seen many seed-stage companies struggling to access the right markets, which is reflected by a lack of traction,” says Hans De Back, Managing Partner at Finch Capital. “Our role is to solve this problem with immediate go-to-market avenues by collaborating with our network of enterprise partners such as Metrodata and portfolio companies. In this way, we can enable companies to grow much faster and set them up stronger for Series A.”

Finch Capital, which focuses both on European and ASEAN markets, announced the first close of its third European Fund earlier this year. MDI Ventures, with $830 million in AUM, provides startups with a wide range of opportunities to get plugged into Indonesia’s Telkom Group of businesses in telecom, multimedia, property, financial services, and a network of other state-owned enterprises.

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.