Kejora Capital and SBI Capital have partnered to launch a US$30 million fund called the SBI Kejora Orbit, designed to invest in early stage tech startups in Indonesia, according to the company statement. The final close of the fund is expected to be by the end of June.
The first Orbit Fund will infuse US$200,000 to US$ for each startup in areas ranging from supply chain, education, healthcare, consumer goods and retail, agriculture, fintech, and digital media.
According to the statement, Orbit has received “strong” backing from an undisclosed group of investors which include family offices, high net worth individuals, corporations, and other institutional investors across Indonesia, Singapore, Japan, and Europe.
“More than ever, startups nowadays need support from experienced VC. Orbit Fund will not only provide financing but also offer combined resources from Kejora and SBI and insights from the extensive portfolio companies across the 25 countries to help build a strong generation of startups in Indonesia,” said Billy Boen, Director at Orbit Fund, who will also be leading the operation and investment initiatives.
“Since our first co-investment with Kejora more than three years ago, we have continuously cemented our confidence in the Indonesian technology sector through investments and partnerships. As such, we are thrilled to renew our commitment to the technology asset class in Indonesia with the launch of Orbit Fund,” said SBI Holdings president and CEO Yoshitaka Kitao.
Japanese financial giant, SBI Holdings, has already been an active investor in the region, having invested in several prominent companies such as Tokopedia, Investree, Ralali, Amartha, and Taralite. This will mark SBI’s first fund focusing entirely on Indonesia.
Kejora, on the other hand, is a local venture capital firm that oversees more than US$380 million in assets under management across three funds, namely Kejora Star Capital I, Kejora Star Capital II and InterVest Star Southeast Asia Growth Fund I. The VC’s prominent deals include Indonesian delivery firm Sicepat Ekspres, C88 Group, SmartStudy, and Sorabel.
Source: e27.co / WRITER: Shagun Karki