Despite of the ongoing Covid-19 pandemic, start-up and technology investments in Indonesia remain excited during the last quarter of 2021. During the period of October – December 2021, investment deals in the fintech sector dominated the business, followed by those in e-commerce, which remains as an attractive sector in Indonesia throughout 2021. This includes the recent interest of investors in grocery shopping platforms such as Astro.

In continuation of our previous Indonesia Tech Deals series published in July 2021 and October 2021, we compile herein, the recent Tech Deals that have been completed in the period of October - December 2021. The information that we provide in this article is compiled based on the deals that have been announced and publicly known and our brief analysis on the Tech Investment outlook in 2022.

I. Start Up & Tech Investment Deals between 1st October – 31st December 2021 Period

Please refer to the table below on the list of Tech Deals that have been completed during the period from 1 October to 31 December 2021:


Company Name




Funding Date

1 OVO FinTech Strategic Investment Grab 4 Oct
2 Ajaib FinTech Series B Alpha JWC Ventures, DST Global, Horizons Ventures, Insignia Ventures Partners, Ribbit Capital, SoftBank Ventures Asia (SoftBank Ventures Korea) 4 Oct
3 Ula E-commerce Series B AC Ventures, Alter Global, B Capital Group, LightSpeed, Northstar Group, Prosus Ventures, Quona Capital, Sequoia Capital, Tencent (腾讯) 4 Oct
4 KlinikGo Health-Tech Seed 5Digital Ventures, Gaido Group, Risjadson Holding & Investment 11 Oct
5 iSeller Software as a Service ("SaaS") Bridge AppWorks, Indogen Capital, Mandiri Capital Indonesia (MCI), Openspace Ventures (NSI Ventures) 13 Oct
6 PT Esensi Solusi Buana (ESB) Enterprise Solution Series A AC Ventures, Alpha JWC Ventures, Beenext, Skystar Capital, Vulcan Capital 13 Oct
7 GoCement Construction Platform Seed Arise, Beenext, Ideosource, MDI Ventures 18 Oct
8 CROWDE FinTech Series B Mandiri Capital Indonesia (MCI), Monk's Hill Ventures 21 Oct
9 GoTo Group E-commerce, Logistic & Transportation Late Stage Abu Dhabi Investment Authority (ADIA) 21 Oct
10 Farmacare Health-Tech Seed Beenext, Indonesia Women Empowerment Fund (IWEF), Taurus Ventures, iSeed Ventures 22 Oct
11 PrivyID Saas Series B Buana Sejahtera Group, Endeavor Catalyst, GGV Capital, Gunung Sewu Group, MDI Ventures, Mandiri Capital Indonesia (MCI), Telkomsel Mitra Inovasi (TMI) 26 Oct
12 Delos E-commerce; AgroTech Seed Arise, MDI Ventures, Number Capital, iSeed Ventures 28 Oct
13 Investree FinTech Series D responsAbility Ventures 28 Oct
14 Nama Beauty Healthcare Seed AC Ventures, Digital Mediatama Maxima (DMMX), SiCepat 1 Nov
15 Shinta VR Media, Social Networking & Communication Pre-series A Rentracks, Telkomsel Innovation Center (TINC), Tigalapan Investama 1 Nov
16 Music and Entertainment, Social Networking & Communication Late Stage Affinity Equity Partners 2 Nov
17 Astro Saas Seed AC Ventures, Global Founders Capital, Goodwater Capital, Lightspeed Venture Partners 2 Nov
18 Jiwa Group Food and Beverages ("F&B") Pre-series A Capsquare Asia Partners, Openspace Ventures (NSI Ventures) 6 Nov
19 PT. Eden Pangan Indonesia (Eden Farm) E-commerce; AgroTech Series A AC Ventures, AppWorks, Corin Capital, Global Founders Capital, Investible, OCBC NISP Ventura, Trihill Capital 8 Nov
20 Paras Digital Saas Seed Black Dragon Capital, Dragonfly Capital (蜻蜓资 本), GFS Ventures, Moonwhale Ventures 9 Nov
21 DishServe F&B Pre-series A Genting Group ( 云顶集团), Insignia Ventures Partners, MyAsiaVC, Ratio Ventures 9 Nov
22 Kasual Fashion Seed East Ventures 9 Nov
23 PT Moduit Digital Indonesia FinTech Pre-series A PT ALTO Network, Recripocus Moduit Holdings (RMH) 9 Nov
24 GoTo Group E-commerce, Logistic & Transportation Late Stage Avanda Investment Management, Fidelity International, Google Inc., Permodalan Nasional Berhad (PNB), Primavera Capital (春华资 本), SeaTown Holdings, Temasek Holdings, Tencent (腾讯), Ward Ferry 11 Nov
25 KaryaKarsa Saas Seed Accelerating Asia, Sketchnote Partners 16 Nov
26 Ula E-commerce Series B Tiger Global Management 16 Nov
27 Klinik Pintar Health-Tech Series A Golden Gate Ventures, PT Bundamedik Healthcare System (BMHS), Sequis Life, Skystar Ventures 17 Nov
29 Health-Tech Bridge - 19 Nov
30 SUN Energy Energy Series A PT Delta Dunia Makmur, PT TBS Energi Utama (PT Toba Bara Energi) 22 Nov
31 Pintek FinTech Series A Accion Venture Lab, Blue7, Earlsfield Capital, Finch Capital, Fox Ventures, Global Founders Capital, Heritas Capital, Kaizenvest, Strive (GREE Ventures) Accion Venture Lab, Blue7, Earlsfield Capital, Finch Capital, Fox Ventures, Global Founders Capital, Heritas Capital, Kaizenvest, Strive (GREE Ventures)
32 Jago Coffee F&B Bridge Beenext, PT Prasetia Dwidharma 24 Nov
33 J&T Express Logistic & Transportation Late Stage Boyu Capital (博 裕资本), Hillhouse Capital (高瓴资本), SIG China (海纳亚洲 ), Sequoia Capital, Tencent (腾讯) 24 Nov
34 Bareksa FinTech Series C Grab 25 Nov
35 Desty FinTech Pre-series A East Ventures, Fosun RZ Capital (复星锐 正资本), January Capital, Jungle Ventures 26 Nov
36 GajiGesa FinTech Pre-series A MMV (MassMutual Ventures), Wagestream 30 Nov
37 Flip FinTech Series B Sequoia Capital India, Insight Partners, and Insignia 8 Dec
38 Lemonilo E-commerce Series C Sequoia Capital, Sofina 13 Dec
39 Fuse Fintech Series B East Ventures, Emtek Group, GGV Capital, eWTP Capital 13 Dec
40 Reciki Clean tech Series A Circulate Capital 15 Dec
41 Praktis ( Logistics & transportation Pre-series A East Ventures, Triputra Group 14 Dec

II. NLP Commentary to Recent Tech Deals

In mid-July 2021, Indonesia, again, experienced the Covid-19 outbreak due to the spread of the Delta Variant. This was indeed surprising and considered as a setback for many businesses that have just gradually returned to normal in the previous two months (May and June). The high surge of Covid-19 cases forced the Indonesian government to implement a strict social restriction measure requiring most Indonesian companies to re-implement a mandatory work-from-home arrangement and temporarily close down public spaces, that allow social gatherings.

Despite such setback, it appears that September 2021 was the month with the highest frequency of startup funding in the last three years. At least 28 startups announced that they have received funding, with the total investment of, at least, USD 359 million (IDR 5.1 trillion). Startups in the fintech sector still dominated the business funding during the 4th quarter of 2021, with major fintech players successfully managed to secure fundings (please refer to Section I of this article for the list of completed deals).

III. 2022 Tech Investment Market Outlook

Today, despite of the new Covid-19 Omicron variant that has hit Indonesia and the expected re-enactment of strict social restrictions, the forecast shows that the tech investment trend would remain active in 2022. Indonesia, being the home of major tech unicorns and decacorns in Asia, seems to maintain its position as the start-up hotspot, at least, for the next few years. In addition to being the recipients, we note that several local investors have setup their own funds-and-venture capital firms. In the upcoming years, we will likely see more Indonesian-based investors more actively participate in tech deals across the region and beyond.

In addition to the funding rounds and major tech related transactions, local unicorns and decacorns, such as GoTo, OVO, and Traveloka, are expected to enter IPO in 2022. The Indonesia Stock Exchange, together with the Financial Services Authority (Otoritas Jasa Keuangan) have encouraged these local tech companies to consider listing in Indonesia through the issuance of a new regulation that allows a listing of multiple classes of shares. Interest of the general public on tech investments is also increasing, making Indonesia more attractive and, consequently, lucrative to technology-based companies.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.