Ex-Indonesian Cabinet minister joins VC firm East Ventures

INDONESIA-FOCUSED venture capital (VC) firm East Ventures has brought on board former Indonesian Cabinet minister Triawan Munaf as its first venture adviser.

Mr Triawan will be responsible for helping Indonesian startups scale their impact at a regional level, the company said in a press release on Tuesday.

"His experience in government and as an entrepreneur allows him to have a strong network and vast understanding of multiple sectors, thus helping us map out the opportunities in the country," said an East Ventures spokesman.

Heading into the second decade, East Ventures plans to bolster its portfolio and continue to focus on generating even greater impact for Indonesia's thriving startup space. 

Currently, Mr Triawan serves as the president commissioner of Garuda Indonesia, and is the honorary adviser of the Tourism and Creative Economy Ministry.

In 2015, he was appointed by President Joko Widodo as the head of Indonesian Creative Economy Agency (Bekraf) to lead the newly established ministerial-level agency. He was responsible for assisting the president in formulating, establishing, coordinating and synchronising policies for the nation's creative economy.

Willson Cuaca, co-founder and managing partner of East Ventures, said: "During his tenure as the head of Bekraf, Mr Triawan was known for his friendliness and practicality... He shares similar values with East Ventures, and together, we want to move even faster in developing Indonesia's digital economy by leveraging his experience and ability in execution."

"The digital economy is an important pillar in giving birth to more local entrepreneurs... I am thrilled to join the leading venture firm that shares the same vision of building a sustainable business ecosystem in Asia - especially Indonesia - and help create a more inclusive digital economy for the greater society," said Mr Triawan.

Established since 2009, East Ventures is the first early-stage investor in Indonesia and stands among the most consistently top-performing venture capitals globally with a constantly high IRR. It has supported more than 170 digitally-enabled companies in South-east Asia, with 130 firms founded in and operating in Indonesia.