BRI Ventures closes first round of new Indonesia tech fund
[SINGAPORE] BRI Ventures, the corporate venture arm of state-owned Bank Rakyat Indonesia, said it completed the first close of a planned 300 billion rupiah (S$28.4 million) tech fund.
The so-called Sembrani Nusantara Fund raised more than 150 billion rupiah from investors including Grab Holdings, Celebes Capital, Investree, Fazz Financial Group and prominent Indonesian investor Pandu Sjahrir.
BRI Ventures plans to use the new capital to make early-stage investments in education, agro-maritime, retail, transportation and healthcare in Indonesia, the largest Internet market in South-east Asia with almost 300 million people.
The firm aims to finance small and medium-sized companies and help them go digital. The strategy plays to Bank BRI's strength as one of the largest lenders in Indonesia specialising in microfinance, said Nicko Widjaja, chief executive officer of BRI Ventures.
BLOOMBERG
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups
Vietnam education startup Prep bags US$7 million in Series A funding
Cruise operator Viking prices IPO within range to raise US$1.54 billion: source
Ninja Van axes more than 20 employees in tech team in Singapore
Temasek-backed PsiQuantum to build first commercial quantum computer
Fast-fashion giant Shein wants to sell skincare, toothpaste and toys, too
GoTo narrows Q1 loss to 420 billion rupiah with TikTok deal, cost cuts