In continuation to our previous Tech Deals series (Tech Deals Vol. 1, Vol. 2 and Vol. 3), we provide herein, the recent tech deals completed between the period of 1 January and 31 March 2022, and our commentary regarding the same.
During this period, the completed start-up and tech investments are quite diverse. They consist of companies in different sectors of technology. In addition to the usual investments, we get to see the GoTo Group's IPO during this period. It was dubbed as one of the largest IPOs in Asia this year. The GoTo IPO was also the first one that utilized the multiple voting shares (MVS) scheme, which will likely attract more tech unicorns and decacorns alike to go public in Indonesia (please see section III of this Tech Deals Vol. 4 for our commentaries on the IPO stage of Indonesian Tech Companies).
Overall, it has been a great start of the year especially for tech investments in Indonesia.
I. Start Up and Tech Investment Deals in the period between 1 January and 31 March 2022
Please refer to the table below on the list of Tech Deals that have been completed during the period from 1 January to 31 March 2022:
|
No |
Company Name |
Sector |
Stage |
Investor(s) |
Funding Date |
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|
1 |
UpBanx |
FinTech |
Bridge |
Alpha JWC Ventures, Alto Partners, Digital Rantai Maya (DRM), Number Capital, Oliver Jung, UBI Capital, Y Combinator |
1 Jan |
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|
2 |
Brankas |
FinTech |
Series B |
AFG Partners, Beenext, Insignia Ventures Partners, Integra Partners, Treasury, Visa |
5 Jan |
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|
3 |
Power Commerce Asia |
E-Commerce |
Series A |
Interport Mandiri Utama, SAP Express |
6 Jan |
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|
4 |
VCGamers |
Marketplace |
Bridge |
Beenext, Rans Ventures |
7 Jan |
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|
5 |
Olsera |
point-of-sales ("POS") Software |
Seed |
Kejora- SBI Orbit Fund |
7 Jan |
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|
6 |
PT Dektos Digital Corbuzier |
Media |
Early Stage |
Digital Mediatama Maxima (DMMX), SiCepat |
8 Jan |
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|
7 |
eFishery |
Aqua-Tech |
Series C |
Aqua-Spark, Go-Ventures, Northstar Group, Sequoia Capital, SoftBank Vision Fund, Temasek Holdings, Wavemaker Partners |
11 Jan |
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|
8 |
KoinWorks |
FinTech |
Series C |
AC Ventures, East Ventures, MDI Ventures, Quona Capital, Saison Capital, Triodos Investmen Management |
11 Jan |
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|
9 |
Kedai Sayur |
Agro-Tech |
Bridge |
- |
11 Jan |
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|
10 |
Pluang (EmasDigi) |
FinTech |
Series B |
Accep Partners, BRI Ventures, Go-Ventures, Openspace Ventures (NSI Ventures), Square Peg Capital, UOB Venture Management |
12 Jan |
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|
11 |
PasarMIKRO |
Agro-Tech |
Seed |
1982 Ventures |
13 Jan |
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|
12 |
Fine Counsel |
Fashion |
Seed |
Azure Ventures |
18 Jan |
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|
13 |
Moladin |
E-Commerce |
Series A |
East Ventures, Global Founders Capital SEA, K3 Ventures, Northstar Group, Sequoia Capital |
18 Jan |
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|
14 |
Lummo (BukuKas) |
FinTech |
Series C |
CapitalIG (Google Capital), Sequoia Capital, Tiger Global Management |
19 Jan |
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|
15 |
MyRobin |
Outsourcing Software |
Pre-series A |
Accion Venture Lab, Antler, Astor Investment Management, BANSEA (Business Angel Network of Southeast Asia), Investible, SOSV, Seedstarts, Vulpes Investment Management |
20 Jan |
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|
16 |
Riliv |
Health-Tech |
Seed |
Benson Capital Partners, East Ventures, Sankalpa Ventures, Teja Ventures, Telkom Indonesia |
21 Jan |
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|
17 |
RateS |
Social Commerce |
Series A |
Beacon Venture Capital, Insignia Ventures Partners, Vertex Ventures |
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|
18 |
Lumina |
Job Community Platform |
Seed |
Alpha JWC Ventures, Y Combinator |
24 Jan |
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|
19 |
Grouu |
Food & Beverages ("F&B") |
Bridge |
Selera Kapital |
26 Jan |
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|
20 |
CoLearn |
Ed-Tech |
Series A |
AC Ventures, Alpha JWC Ventures, Bina Nusantara University, January Capital, KTB Network, S7 Ventures (S7V), Surge, TNB Aura |
26 Jan |
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|
21 |
Aruna |
E-Commerce |
Series A |
AC Ventures, East Ventures, Indogen Capital, Prosus Ventures, SIG Venture Capital, SMDV, Vertex Ventures |
27 Jan |
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|
22 |
Gajiku |
FinTech |
Seed |
AC Ventures, Agung Ventures, Monk's Hiil Ventures |
27 Jan |
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|
23 |
Kargo Technologies |
Logistic & Transportation |
Strategic Investment |
Teleport |
27 Jan |
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|
24 |
Ayoconnect |
FinTech |
Series B |
Alto Partners, PayU, Tiger Global Management |
31 Jan |
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|
25 |
Astro |
E-Commerce |
Series A |
AC Ventures, Accel Partners, Global Founders Capital, Goodwater Capital, Lightspeed Venture Partners, Sequoia Capital |
31 Jan |
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|
26 |
Pensieve Technology |
Artificial Intelligence ("AI") |
Bridge |
- |
2 Feb |
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|
27 |
Grupin |
Social Commerce |
Early Stage |
East Ventures, Skystar Capital, Surge |
4 Feb |
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|
28 |
Noice |
Media |
Pre-series A |
RANS Entertainment |
7 Feb |
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|
29 |
Bananas |
E-Commerce |
Seed |
Arise, East Ventures, MDI Ventures, SMDV, Y Combinator |
7 Feb |
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|
30 |
Ternak Uang |
FinTech |
Seed |
Alto Partners, Kinesys, Group |
7 Feb |
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|
31 |
Sirka |
Health-Tech |
Seed |
AC Ventures, Goodwater Capital, Sequoia Capital, Wavemaker Partners, Y Combinator |
7 Feb |
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|
32 |
Tentang Anak |
Parenting |
Seed |
Insignia Ventures Partners |
8 Feb |
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|
33 |
Majoo |
Software as a Service |
Pre-series A |
AC Ventures, BRI Ventures, Quona Capital, Xendit |
10 Feb |
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|
34 |
Brick |
FinTech |
Seed |
Antler, Better Tomorrow Ventures (BTV), Flourish Ventures, Rally Cap Ventures, Trihill Capital |
10 Feb |
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|
35 |
PT Dektos Digital Corbuzier |
Media |
Early Stage |
Prestige Corp |
14 Feb |
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|
36 |
Grow Commerce (Berrybenka) |
Fashion |
Seed |
AC Ventures, East Ventures, Irongrey |
15 Feb |
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|
37 |
Andalin |
Logistic |
Series B |
Beenext, Cardig Aero Services (CAS Group), Intudo Ventures |
15 Feb |
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|
38 |
Semaai |
AgroTech |
Bridge |
Beenext, Surge |
15 Feb |
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|
39 |
Akulaku |
FinTech |
Series A |
Siam Commercial Bank |
15 Feb |
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|
40 |
KitaLulus |
Edu-Tech |
Seed |
Go-Ventures |
16 Feb |
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|
41 |
Jangjo |
Waste Management Software |
Seed |
Darmawan Capital |
16 Feb |
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|
42 |
NOBI |
Fin-Tech |
Seed |
AC Ventures, AppWorks, CAKRA Ventures, Global Founders Capital, Skystar Capital |
17 Feb |
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|
43 |
Monit |
FinTech |
Early Stage |
1982 Ventures |
18 Feb |
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|
44 |
Jendela360 |
Properties/ Real Estate |
Series A |
Sinar Mas Group |
18 Feb |
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|
45 |
HiPajak |
Tax |
Seed |
1982 Ventures |
24 Feb |
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|
46 |
Broom |
FinTech |
Bridge |
AC Ventures, Quona Capital |
25 Feb |
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|
47 |
Aldmic COOPN Digital (Aldmic Technology) |
E-commerce |
Series A |
COOP Marketing |
28 Mar |
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|
48 |
Powerchain |
Clean Energy tech |
Early Stage |
New Energy Nexus Indonesia |
29 Mar |
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|
49 |
TipTip |
Media |
Seed |
East Ventures, Emtek Group, SMDV, Vertex Ventures |
29 Mar |
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|
50 |
Xurya |
Clean Energy tech |
Series A |
New Energy Nexus Indonesia |
29 Mar |
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|
51 |
Akulaku |
FinTech |
Series D |
Lend East |
30 Mar |
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|
52 |
Sribu |
Design |
Acquisition |
Mynavi Corporation |
30 Mar |
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II. NLP Commentary to Recent Tech Deals
With the massive vaccination program, the Ministry of Health has stated that Indonesia will transition out of the pandemic state into the endemic state. This is followed by the easing of health-and-safety protocols in some public spaces as the number of Covid-19 cases is slowly decreasing. The Indonesian government has also eased restrictions for foreigners travelling to Indonesia. Mandatory quarantine is no longer required for travelers who have been vaccinated. With life generally starting to return to normal, people's mobility will increase and economic activities will be triggered. Investments will slightly change, meaning that opportunities in some other technology-based sectors are increasing.
In the previous period, health-tech, Edu-tech, and grocery e-commerce, which enable digitalization of health-and-education services and grocery shopping from the comfort our homes, were the most attractive sectors. With the easing of Covid-19 restrictions, it appears that more investors are now into e-commerce, fintech, and agro-tech businesses. Some new sectors such as parenting (i.e., Tentang Anak), clean energy tech (i.e., Powerchain, Xurya), and media are gaining interests.
Our data shows that fintech still dominates the start-up funding and will continue to do so, given that many fintech players in Indonesia are entering maturity stage.
In addition to fintech, a new trend of agro-tech start-ups appears to increase the investment flow. In the first three months of 2022 alone, the agro-tech sector managed to raise more than IDR 3.1 trillion fund, which exceeded the total funding collected from this particular sector the previous year.
III. IPO and Beyond for Indonesian Tech Giants
Having seen the successful IPO of GoTo using the MVS scheme, it appears that many other tech companies are considering IPO in the near future. Investors of many Indonesian tech companies are also supporting the approach given that major investors of GoTo such as Alibaba, SoftBank, and Sequoia Capital have made substantial profits from GoTo's IPO.
Given the promising outlook of onshore IPO in the Indonesia Stock Exchange, companies such as Traveloka, Tiket, and Kredivo are considering listing in Indonesia rather than in the United States through SPAC. The Indonesia Financial Services Authority (Otoritas Jasa Keuangan or "OJK") has issued several regulations to make IDX a more attractive space for going public.
In addition to IPO, Indonesian public in general is substantial consumers of tech products, resulting in an even more exciting growth of the tech market.
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.