I. Introduction to Indonesia Tech Deals
The growing technology and digital economy market in Indonesia have been attracting many foreign and domestic technology investors from Venture Capital to tech company giants. There have been many major transactions in this sector and based on expert's observation, there interests from investors are still going strong.
Having said that, we compile herein the recent Tech Deals that have been completed. The information we provide in this article is complied based on the deals that have been announced and publicly known.
II. Start Up & Tech Investment Deals between 1st January – 31st May 2021 Period
Please refer to the table below on the list of Tech Deals that have been completed during the period of 1st January to 21 May 2021:
| No | Company Name | Sector | Stage | Investor | Funding Date |
| 1 | PT Pintu Kemana Saja (Pintu) | Blokchain Platform; Fintech | Series A | Blockchain Ventures, Coinbase, Intudo Ventures, PT Gesit Perkasa, Pantera Capital, The Spartan Group | 26 May |
| 2 | Qontak | Software as a Service | M&A | Mekari / PT. Mid Solusi Nusantara | 25 May |
| 3 | Lemonilo | Health, F&B | Series B | Sequoia Capital | 25 May |
| 4 | PT Tanihub Indonesia (TaniHub) | E-commerce; AgroTech | Series B | BRI Ventures, Flourish Ventures, Intudo Ventures, MDI Ventures, Openspace Ventures (NSI Ventures), Tenaya Capital (Lehman Brothers Venture Partners), UOB Venture Management, Vertex Ventures | 21 May |
| 5 | Transfez | Fintech | Seed | Beenext, East Ventures | 18 May |
| 6 | PT Five Jack (Itemku) | E-commerce | M&A | Bukalapak | 18 May |
| 7 | GoTo Group (Gojek) | Logistic & Transportation | M&A | GoTo Group (Tokopedia) | 17 May |
| 8 | Mekari | Software as a Service | Series D | EV Growth, MidPlaza Holding, MoneyForward | 17 May |
| 9 | GoTo Group (Tokopedia) | E-commerce | M&A | GoTo Group (Gojek) | 17 May |
| 10 | BukuKas | Software as a Service | Series B | - | 17 May |
| 11 | Bizhare | Fintech | Pre-series A | AngelCentral, GK-Plug and Play Indonesia, PT Generasi Digital International (GDILab) | 17 May |
| 12 | Lifty Media | Media | Pre-series A | - | 17 May |
| 13 | GoTo Group (Gojek) | Logistic & Transportation | Strategic investment | Telkomsel | 12 May |
| 14 | GajiGesa | Fintech | Strategic investment | OCBC NISP Ventura | 10 May |
| 15 | SIRCLO | E-commerce | Series B | East Ventures, SMDV | 7 May |
| 16 | Bonza | Analytics | Series A | East Ventures, Elev8 | 6 May |
| 17 | Cermati | Financial Advisor | Series C | Centauri Fund, Djarum Group, MDI Ventures | 5 May |
| 18 | PT. Social Bella Indonesia (Sociolla) | E-commerce | Series F | East Ventures, Indies Capital Partners, Jungle Ventures, L Catterton | 5 May |
| 19 | Modal Rakyat | Fintech | Early Stage | Fazz Financial | 4 May |
| 20 | Hangry | F&B | Series A | Alpha JWC Ventures, Atlas Pacific Capital, Heyokha Brothers, Salt Ventures | 3 May |
| 21 | Bibit | Fintech | Early Stage | AC Ventures, East Ventures, Harvard Management Company, Prosus Ventures, Sequoia Capital, Tencent | 3 May |
| 22 | Amartha | Fintech | Series C | MDI Ventures, Mandiri Capital Indonesia (MCI), UOB Venture Management, Women's World Banking Capital Partners II fund | 3 May |
| 23 | SayurBox | E-commerce | Series B | Astra Digital, Global Brain Corporation, Ondine Capital, Strategic Year Holdings, Syngenta | 30 April |
| 24 | iGrow | Fintech | M&A | LinkAja | 30 Apr |
| 25 | Populix | Analytics | Pre-Series A | Intudo Ventures, Quest Ventures | 29 Apr |
| 26 | Super | Social Commerce | Series B | Amasia, Insignia Ventures Partners, SoftBank Ventures Asia (SoftBank Ventures Korea), Y Combinator | 29 Apr |
| 27 | TADA | Fintech | Series B | Finch Capital, MDI Ventures, Sovereign's Capital, Telkomsel Mitra Inovasi (TMI) | 29 Apr |
| 28 | DOOgether | Lifestyle | Pre-series A | PT Prasetia Dwidharma | 27 Apr |
| 29 | SayurBox | E-commerce | Strategic Investment | PT Astra International Tbk | 22 Apr |
| 30 | Halodoc ID | Health-tech | Series C | Allianz X, Astra, Bangkok Bank, Blibli, Novo Holdings, Openspace Ventures (NSI Ventures), Singtel Innov8, Telkomsel Mitra Inovasi (TMI), Temasek Holdings, UOB Venture Management | 21 Apr |
| 31 | CoLearn | Ed-Tech | Series A | AC Ventures, Alpha Wave Incubation (AWI), GSV Ventures, Surge | 20 Apr |
| 32 | Ruangguru.com | Ed-Tech | Series C | East Ventures, GGV Capital, Tiger Global Management, UOB Venture Management, Venturra Capital | 19 Apr |
| 33 | Bukalapak | E-commerce | Series F | BRI Ventures, Emtek Group, GIC-Government of Singapore Investment Corporation, Microsoft, NAVER, SC Ventures | 15 Apr |
| 34 | Shipper | Logistic & Transportation | Series B | AC Ventures, DST Global, FLOODGATE, Insignia Ventures Partners, LightSpeed, Prosus Ventures, Sequoia Capital, Y Combinator | 15 Apr |
| 35 | Orami | E-commerce | M&A | SIRCLO | 7 Apr |
| 36 | Flash Coffee | F&B | Series A | Conny & Co., DX Ventures, Global Founders Capital, White Star Capital | 6 Apr |
| 37 | J&T Express | Logistic & Transportation | Late Stage | Boyu Capital, Hillhouse Capital, Sequoia Capital | 2 Apr |
| 38 | Atome Finance Indonesia (Mega Finadana
Finance) |
Fintech | M&A | Atome Insignia Ventures Partners, Saison Capital, Sovereign's Capital | 1 Apr |
| 39 | Nimbly Technologies | Enterprise Solution | Pre-series A | Insignia Ventures Partners, Saison Capital, Sovereign's Capital | 30 Mar |
| 40 | Ajaib | Fintech | Series A | Alpha JWC Ventures, Bangkok Bank, Horizons Ventures, ICONIQ Capital, Insignia Ventures Partners, Ribbit Capital, SoftBank Ventures Asia (SoftBank Ventures Korea), Y Combinator | 29 Mar |
| 41 | Binar Academy | Ed-Tech | Seed | EduSpaze, Indonesia Women Empowerment Fund (IWEF), SAVEarth Fund, Teja Ventures | 25 Mar |
| 42 | YukStay | Software as a Service | M&A | Flokq | 25 Mar |
| 43 | KitaBeli | E-commerce | Series A | AC Ventures, East Ventures, Go-Ventures | 24 Mar |
| 44 | IDCloudHost | Cloud Computing | Series A | Init 6 | 23 Mar |
| 45 | Segari | E-commerce; AgroTech | Seed | AC Ventures, Beenext, Saison Capital | 22 Mar |
| 46 | Pluang (Emas Digi) | Fintech | Bridge | Go-Ventures, Openspace Ventures (NSI Ventures) | 22 Mar |
| 47 | Brick | Fintech | Seed | 1982 Ventures, PT Prasetia Dwidharma, Rally Cap Ventures | 18 Mar |
| 48 | Andalin | Logistic & Transportation | Series A | Sembrani Nusantara Fund | 16 Mar |
| 49 | PT Esensi Solusi Buana | Enterprise Solution | Series A | AC Ventures, Beenext, Skystar Capital | 15 Mar |
| 50 | LinkAja | Fintech | Series B | Gojek | 9 Mar |
| 51 | SiCepat | Logistic & Transportation | Series B | DEG, Daiwa Securities Group Inc., Falcon House Partners, Indies Capital Partners, Kejora Ventures, MDI Ventures, Pavilion Capital, Trihill Capital, Your-insurer.com | 5 Mar |
| 52 | Xendit | Fintech | Series B | Accel Partners, Y Combinator | 3 Mar |
| 53 | Advotics | Analytics | Early Stage | East Ventures | 2 Mar |
| 54 | Dropezy | Logistic & Transportation | Bridge | Kopi Kenangan, Taurus Ventures | 2 Mar |
| 55 | PT. Eden Pangan Indonesia (Eden Farm) | E-commerce; AgroTech | Pre-series A | AC Ventures, Corin Capital, Investible | 1 Mar |
| 56 | NgeLESin | Ed-Tech | Seed | Astra Ventura | 1 Mar |
| 57 | Amartha | Fintech | Debt | Lendable | 24 Feb |
| 58 | Bizzy | E-commerce | M&A | Warung Pintar | 24 Feb |
| 59 | Saturdays | Lifestyle | Seed | Alpha JWC Ventures, Kinesys Group | 23 Feb |
| 60 | FUNDtastic | Fintech | Series A | Ascend Capital Group,INDIVARA GROUP | 22 Feb |
| 61 | Member.id | Loyalty Software | Seed | Alto Partners,East Ventures | 17 Feb |
| 62 | GajiGesa | Fintech | Seed | Alto Partners, Defy, GK-Plug and Play Indonesia, Kanmo Group, Next Billion Ventures, Quest Ventures | 4 Feb |
| 63 | Brick | Fintech | Seed | Antler | 4 Feb |
| 64 | PasarPolis | Fintech | Strategic investment | International Finance Corporation (IFC) | 4 Feb |
| 65 | BukuWarung | Software as a Service | Early Stage | Adyen, Nubank, Revolut, rocketship.vc | 3 Feb |
| 66 | Stockbit | Fintech | Early Stage | Sequoia Capital | 2 Feb |
| 67 | Ula | E-commerce | Series A | B Capital Group, LightSpeed, Quona Capital, Sequoia Capital | 28 Jan |
| 68 | CrediBook | Software as a Service | Early Stage | Alpha JWC Ventures, Insignia Ventures Partners, Wavemaker Partners | 25 Jan |
| 69 | Majoo | Software as a Service | Seed |
- |
14 Jan |
| 70 | RevivalTV | Media | Seed | Access Ventures | 14 Jan |
| 71 | BukuKas | Enterprise Solution | Series A | Cambium Grove Capital (CGC), Endeavor Catalyst, Founder Bank Capital, January Capital, Saison Capital, Sequoia Capital | 12 Jan |
| 72 | Sampingan | Enterprise Solution | Series A | Access Ventures, Altara Ventures, Antler,Golden Gate Ventures,XA Network,iSeed Ventures | 12 Jan |
| 73 | Titik Pintar | Ed-Tech | Seed | Indonesia Women Empowerment Fund (IWEF) | 12 Jan |
| 74 | ALAMI Sharia | Fintech | Series A | AC Ventures, Golden Gate Ventures, Quona Capital | 11 Jan |
| 75 | Ajaib | Fintech | Series A | Alpha JWC Ventures, Horizons Ventures, Insignia Ventures Partners, SoftBank Ventures Asia (SoftBank Ventures Korea), Y Combinator | 11 Jan |
| 76 | Hangry | F&B | Series A | Alpha JWC Ventures, Surge | 7 Jan |
| 77 | Nimbly Technologies | Enterprise Solution | Early Stage | Insignia Ventures Partners, Saison Capital, Sovereign's Capital | 7 Jan |
| 78 | Nusantics | Biotechnology | Series A | East Ventures | 6 Jan |
| 79 | Bibit | Fintech | Early Stage | 500 Startups, AC Ventures, EV Growth, East Ventures, Sequoia Capital | 5 Jan |
| 80 | Sayurbox | E-commerce | Early Stage | Astra Digital | 4 Jan |
III. NLP Commentary to Recent Tech Deals
The capital funding of Indonesia's startups blooms in 2021 despite the economic slowdown in 2020 due to the coronavirus outbreak. Despite the economic impact of the pandemic, the technology sector is still growing given that social restrictions have pushed Indonesia to digitalized its economy. The particular areas which have been attracting many interests are, fintech, e-commerce, and Software as a Service (SaaS), logistic and transportation, ed-tech, and health-tech.
Experts view that fintech sector is potential because there are many Indonesians who have not been engaged in formal financial services i.e., banking. They also predicted that e-commerce would keep emerging within this year.
Transportation and logistics startups are also advantaged due to the emerging e-commerce business and various mobilization restrictions imposed by the Indonesian government during the pandemic. It is not surprising that Gojek is targeting a Series F fundraising of US$3 billion (around Rp50 trillion) according to the disclosed information that we can access publicly. However, the real amount of investment may be different due some investors are reluctant to disclose the same when funding takes place.
In addition, ed-tech and health-tech platforms are found attractive by numerous investors since early 2020. Google, Temasek, and Bain and Company noted that the use of digital health services has quadrupled compared to before COVID-19. Meanwhile, the number of downloads of educational applications has tripled within 2020.
Considering the above points, we predict that the investment climate in the technology industry would keep intensifying in the second half of 2021.
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