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

1

UpBanx

FinTech

Bridge

Alpha JWC Ventures, Alto Partners, Digital Rantai Maya (DRM), Number Capital, Oliver Jung, UBI Capital, Y Combinator

1 Jan

2

Brankas

FinTech

Series B

AFG Partners, Beenext, Insignia Ventures Partners, Integra Partners, Treasury, Visa

5 Jan

3

Power Commerce Asia

E-Commerce

Series A

Interport Mandiri Utama, SAP Express

6 Jan

4

VCGamers

Marketplace

Bridge

Beenext, Rans Ventures

7 Jan

5

Olsera

point-of-sales ("POS") Software

Seed

Kejora- SBI Orbit Fund

7 Jan

6

PT Dektos Digital Corbuzier

Media

Early Stage

Digital Mediatama Maxima (DMMX), SiCepat

8 Jan

7

eFishery

Aqua-Tech

Series C

Aqua-Spark, Go-Ventures, Northstar Group, Sequoia Capital, SoftBank Vision Fund, Temasek Holdings, Wavemaker Partners

11 Jan

8

KoinWorks

FinTech

Series C

AC Ventures, East Ventures, MDI Ventures, Quona Capital, Saison Capital, Triodos Investmen

Management

11 Jan

9

Kedai Sayur

Agro-Tech

Bridge

-

11 Jan

10

Pluang (EmasDigi)

FinTech

Series B

Accep Partners, BRI Ventures, Go-Ventures, Openspace Ventures (NSI Ventures), Square Peg Capital, UOB Venture Management

12 Jan

11

PasarMIKRO

Agro-Tech

Seed

1982 Ventures

13 Jan

12

Fine Counsel

Fashion

Seed

Azure Ventures

18 Jan

13

Moladin

E-Commerce

Series A

East Ventures, Global Founders Capital SEA, K3 Ventures, Northstar Group, Sequoia Capital

18 Jan

14

Lummo (BukuKas)

FinTech

Series C

CapitalIG (Google Capital), Sequoia Capital, Tiger Global Management

19 Jan

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

16

Riliv

Health-Tech

Seed

Benson Capital Partners, East Ventures, Sankalpa Ventures, Teja Ventures, Telkom Indonesia

21 Jan

17

RateS

Social Commerce

Series A

Beacon Venture Capital, Insignia Ventures Partners, Vertex Ventures

18

Lumina

Job Community Platform

Seed

Alpha JWC Ventures, Y Combinator

24 Jan

19

Grouu

Food & Beverages ("F&B")

Bridge

Selera Kapital

26 Jan

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

21

Aruna

E-Commerce

Series A

AC Ventures, East Ventures, Indogen Capital, Prosus Ventures, SIG Venture Capital, SMDV, Vertex Ventures

27 Jan

22

Gajiku

FinTech

Seed

AC Ventures, Agung Ventures, Monk's Hiil Ventures

27 Jan

23

Kargo Technologies

Logistic

&

Transportation

Strategic Investment

Teleport

27 Jan

24

Ayoconnect

FinTech

Series B

Alto Partners, PayU, Tiger Global Management

31 Jan

25

Astro

E-Commerce

Series A

AC Ventures, Accel Partners, Global Founders Capital, Goodwater Capital, Lightspeed Venture Partners, Sequoia Capital

31 Jan

26

Pensieve Technology

Artificial Intelligence ("AI")

Bridge

-

2 Feb

27

Grupin

Social Commerce

Early Stage

East Ventures, Skystar Capital, Surge

4 Feb

28

Noice

Media

Pre-series A

RANS Entertainment

7 Feb

29

Bananas

E-Commerce

Seed

Arise, East Ventures, MDI Ventures, SMDV, Y Combinator

7 Feb

30

Ternak Uang

FinTech

Seed

Alto Partners, Kinesys, Group

7 Feb

31

Sirka

Health-Tech

Seed

AC Ventures, Goodwater Capital, Sequoia Capital, Wavemaker Partners, Y Combinator

7 Feb

32

Tentang Anak

Parenting

Seed

Insignia Ventures Partners

8 Feb

33

Majoo

Software as a Service

Pre-series A

AC Ventures, BRI Ventures, Quona Capital, Xendit

10 Feb

34

Brick

FinTech

Seed

Antler, Better Tomorrow Ventures (BTV), Flourish Ventures, Rally Cap Ventures, Trihill Capital

10 Feb

35

PT Dektos Digital Corbuzier

Media

Early Stage

Prestige Corp

14 Feb

36

Grow Commerce (Berrybenka)

Fashion

Seed

AC Ventures, East Ventures, Irongrey

15 Feb

37

Andalin

Logistic

Series B

Beenext, Cardig Aero Services (CAS Group), Intudo Ventures

15 Feb

38

Semaai

AgroTech

Bridge

Beenext, Surge

15 Feb

39

Akulaku

FinTech

Series A

Siam Commercial Bank

15 Feb

40

KitaLulus

Edu-Tech

Seed

Go-Ventures

16 Feb

41

Jangjo

Waste Management Software

Seed

Darmawan Capital

16 Feb

42

NOBI

Fin-Tech

Seed

AC Ventures, AppWorks, CAKRA Ventures, Global Founders Capital, Skystar Capital

17 Feb

43

Monit

FinTech

Early Stage

1982 Ventures

18 Feb

44

Jendela360

Properties/ Real Estate

Series A

Sinar Mas Group

18 Feb

45

HiPajak

Tax

Seed

1982 Ventures

24 Feb

46

Broom

FinTech

Bridge

AC Ventures, Quona Capital

25 Feb

47

Aldmic COOPN Digital (Aldmic Technology)

E-commerce

Series A

COOP Marketing

28 Mar

48

Powerchain

Clean Energy tech

Early Stage

New Energy Nexus Indonesia

29 Mar

49

TipTip

Media

Seed

East Ventures, Emtek Group, SMDV, Vertex Ventures

29 Mar

50

Xurya

Clean Energy tech

Series A

New Energy Nexus Indonesia

29 Mar

51

Akulaku

FinTech

Series D

Lend East

30 Mar

52

Sribu

Design

Acquisition

Mynavi Corporation

30 Mar

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.