VC arm of Indonesia’s state-owned Bank Rakyat BRI Ventures has announced the first close of its Sembrani Nusantara fund at IDR150 billion (US$10.62 million) in a press statement.
Participating investors include Grab, Indonesian VC firm Celebes Capital, Fazz Financial Group, the fintech P2P platform Investree, and serial investor Pandu Sjahrir.
According to the statement IDR150 billion (US$10.62 million) represents more than half of the fund’s closing target which is IDR300 billion (US$21.24 million.
Launched in June 2020, the Sembrani Nusantara fund wishes to build a pipeline for Indonesian startups to grow and find good exits.
The fund plans to announce an investment into two Indonesian startups next month according the the release.
“We have been heartened by the response from Sembrani Nusantara Fund’s investors on this first close. The fund’s backers are primarily Indonesians with experience investing in startups and venture funds,” explained Nicko Widjaja, CEO of BRI Ventures.
“Some are startup founders themselves, who believe in our goal to build a pipeline of future, sustainable Indonesian champions,” he added.