BRI Ventures, the VC arm of Indonesia’s state-owned Bank Rakyat Indonesia (BRI), has announced the first close of its Sembrani Nusantara fund at IDR150 billion (US$10.62 million).
As per a press note, this represents more than half of the fund’s IDR300 billion (US$21.24 million) closing target.
Launched in June 2020, the Sembrani Nusantara fund aims to build a pipeline for Indonesian startups to grow and find good exits.
The fund focuses on potential billion-dollar startups that are pursuing sustainable growth and real metrics, rather than hype-driven unicorns that are notorious for unrealistic and paper-based valuations.
As per a press release, the fund will announce new investment deals with two Indonesian startups this month.
Incoming investors are largely Indonesia-based, including VC firm Celebes Capital, Fazz Financial Group, serial investor Pandu Sjahrir, Indonesian fintech platform Investree, as well as Grab.
The fund aims to look beyond typical investment areas like fintech and focus on micro, small and medium enterprises (MSMEs).
BRI Ventures claims it plays to its parent company’s strength as the world’s largest microfinance institution by aligning the fund’s investment thesis to focus on education, agro-maritime, retail, transportation, and healthcare sectors.
The fund seeks to ensure diversity across investment cycles by helping local startups pursue IPOs as an exit route.
Through its new fund, BRI Ventures is also exploring new ways for investors to participate in the nation’s startup community.
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