Indonesia’s MDI Ventures appoints former AC Ventures partner Donald Wihardja as CEO

Donald Wihardja

MDI Ventures, the venture capital arm of Indonesian state-owned telco firm Telkom Indonesia, has appointed former AC Ventures partner Donald Wihardja as its new CEO.

According to an official statement from MDI, Wihardja will focus on “strengthening the relationship with its main backer, Telkom Indonesia, and empowering the existing leadership team vision of the firm, to be the top Multi Stage VC fund in SEA.”

Wihardja’s appointment comes nine months after his predecessor, former MDI Ventures CEO Nicko Widjaja, quit to join BRI Ventures. It is understood that the firm had considered numerous internal and external candidates before coming to a final decision.

During the nine months without a CEO, MDI was managed by its leadership team including managing partner Kenneth Li, Investment VP Aldi Adrian Hartanto and Synergy and Accelerator head Alvin Evander.

For Wihardja, the move comes just a few weeks after his VC firm Convergence Ventures announced a merger with fellow local VC firm Agaeti Ventures to form a new entity called AC Ventures.

He has experience working both as a venture capitalist as well as an operator. Prior to his time at Convergence, Wihardja served as a C-level executive at companies such as 2C2P, Indomog, and Quvat Management.

MDI currently boasts assets under management of $290 million across three funds. It has offices in Indonesia, Singapore and the United States. It seeks to become a multi-stage VC firm and provide seed to growth-stage capital to startups.

After fully deploying its first fund of $100 million, MDI currently invests in companies from its $40 million TMI Fund in collaboration with Telkomsel and $150 million Centauri Fund in collaboration with KB Investments.

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.