In continuation to our previous Tech Deals series (Tech Deals Vol. 1, Vol. 2, Vol. 3, Vol. 4, and Vol. 5), we provide herein, the recent tech deals completed between 16 July and 31 December 2022, and our brief commentary regarding the tech investment environment in Indonesia during the period.

During the third and fourth quarters of 2022, the tech investment environment in Indonesia remained affected by the current climate of the global economy, inflation, and crisis of the cost of living on the other side of the world. We have frequently seen news on layoffs in tech sector and decrease in funding for many start-ups. Despite these challenges and economic downturn, fundraising in tech sector in Indonesia has remained active. Some businesses have even managed to secure significant amounts of funding.

The Indonesian government has remained committed to develop the technology sector and continued to actively promoting it. The government has issued new regulations on this sector, including the one issued by the Financial Services Authority (Otoritas Jasa Keuangan or "OJK"), which imposes a maximum loan interest rate of 0,46% per day on the fintech lending sector (the previous limit was 0.4% per day), also business actors who are members of Indonesia Co- Financing Fintech Association (Asosiasi Fintech Pendanaan Bersama Indonesia or "AFPI"). OJK also issued OJK Regulation No. 10 of 2022 on Information Technology-Based Co-Financing Services stipulating that peer-to-peer lending providers must maintain a minimum capital of IDR 25 billion, with any capital increase in the form of cash, cash deposit, or stock dividend.

On a related matter, the governing authority for crypto assets, BAPPEBTI, would be moved to OJK to anticipate risks and protect customers and investors. It has been viewed that crypto assets have grown significantly and affected the economic stability.

I. Start Up and Tech Investment Deals in the period between 16 July and 31 December 2022

Please refer to the table below on the list of completed Tech Deals in the period from 16 July to 31 December 2022:

No Company Name Sector Stage Investor(s) Funding Date
1 Chickin Farming Seed East Venture 16 Jul
2 KitaBeli Marketplace Series B AC Ventures, Glade Brook Capital Partners, Go Ventures, InnoVen Capital SEA 18 Jul
3 Pintarnya Human Resources Seed East Ventures, Vertex Ventures SEA & India 19 Jul
4 Djoin SaaS Seed null 20 Jul
5 Home Credit Indonesia Lending, loans, and credit Early Stage Deutsche Bank 22 Jul
6 Kedai Sayur (KedaiMart, KedaiBiz, KedaiVenture) Retail Food Series A Kejora-SBI Orbit Fund, Triputra Group 25 Jul
7 Ideal Indonesia Lending, loans, and credit Bridge AC Ventures, Alpha JWC Ventures, Ciputra Group, Living Lab Ventures 27 Jul
8 Traveloka Travel & Tourism Strategic investment PTT Oil and Retail Business (PTTOR/OR) 28 Jul
9 GREENS Agriculture Tech Bridge East Ventures 2 Aug
10 FishLog B2B ecommerce Seed Accel Partners, BRI Ventures 3 Aug
11 Paxel Logistics Series C Amsaka Investama Sejahtera, Astra Digital, Central Capital Ventura (CCV), Endeavor Catalyst, FJ Labs, MDI Ventures, SIG (Susquehanna International Group) 9 Aug
12 DANA Indonesia Payments and remittance Bridge Sinar Mas Group 11 Aug
13 Lifepack Pharmaceutical s Series A Golden Gate Ventures 11 Aug
14 Diri Care mHealth Seed East Ventures, Surge 11 Aug
15 Momofin Internet Technology Seed null 15 Aug
16 NusaTrip Marketplace, Online Travel M&A Society Pass 15 Aug
17 Majoo SaaS Series A AC Ventures, BRI Ventures, Quona Capital, Xendit 15 Aug
18 Ahikoza Retail (fashion and beauty) Strategic investment null 16 Aug
19 Algobash SaaS Bridge Init 6 18 Aug
20 Kabina Construction Seed East Ventures 18 Aug
21 Superkul Logistics Seed East Ventures 25 Aug
22 Esensi Solusi Buana (ESB) SaaS Series B AC Ventures, Alpha JWC Ventures, Beenext, Northstar Group, Vulcan Capital 29 Aug
23 Aria (PT Aria Agri Indonesia) Agriculture Tech Seed Arkana Ventures, East Ventures, GK- Plug and Play Indonesia, Triputra Group 29 Aug
24 PT Jet Technology Commerce (Jet Commerce) Ecommerce seller tools and services Series B ATM Capital, Hidden Hill Capital (隐山资本), Hui Capital (惠友资本), Jinqiu Capital, Zhejiang SilkRoad Fund/ZSF (浙 江丝路基金) 30 Aug
25 Kripto Maksima Koin Financial Exchange M&A GoTo Group 30 Aug
26 KLAR Smile Dental Pre-series A AC Ventures, East Ventures, Venturra Capital 31 Aug
27 Charged Automotive Seed DeClout Ventures 1 Sep
28 (PT Adiwisista Finansial Teknologi) Lending, loans, and credit Series A Luminor Financial Holdings 2 Sep
29 Skorlife Financial accounting and admin Bridge AC Ventures, Saison Capital 5 Sep
30 Gokomodo B2B ecommerce Series A East Ventures, Indogen Capital, K3 Ventures, PT Sahabat Grup Indonesia (Sahabat Group), SMDV, Sampoerna Strategic Group, Triputra Group, Waresix 6 Sep
31 Alfabeta Artificial Intelligence Strategic investment Parkee 6 Sep
32 Genexyz Virtual Reality (VR) Seed Ekonomi Baru Investasi Teknologi, Future Creative Network, Infia Group 7 Sep
33 KARUN Human Resources Bridge REAPRA Ventures 9 Sep
34 UENA Restaurants & Food Seed East Ventures, IDN Media 12 Sep
35 Grouu Retail (food) Bridge Arkana Ventures, Javas Capital, Teja Ventures 13 Sep
36 Fazz Financial Payments and remittance Series C ACE & Company, B Capital Group, DST Global, EDBI Pte Ltd, Insignia Ventures Partners, InterVest, Lendable, Tiger Global Management, llham 14 Sep
37 Reku (Rekeningku) Investments tools and platforms Series A AC Ventures, Coinbase Ventures, Skystar Capital 15 Sep
38 Sermorpheus Cryptocurrency Seed 500 Global, AlphaLab Capital, BRI Ventures, Caballeros Capital, FEBE Ventures (For Entrepreneurs, By Entrepreneurs Ventures), Intudo Ventures 16 Sep
39 Agridesa Agriculture Tech Bridge Multifield, Triputra Agro Persada Group 17 Sep
40 Nusantics Biotechnology Series B illumina 19 Sep
41 Ralali B2B ecommerce Series D ACA Investments 19 Sep
42 Koltiva Agricultue Tech Bridge Blue7, Development Finance Asia, Planet Rise, Silverstrand Capital, The Meloy Fund 22 Sep
43 HappyFresh Marketplaces (food) Debt Genesis Alternative Ventures, InnoVen Capital SEA, Mars Growth Capital 22 Sep
44 Mycotech Lab (MYCL) Biotechnology Pre-series A AgFunder, Fashion for Good, Lifely VC, Rumah Group, Temasek Life Sciences Accelerator, Third Derivative 27 Sep
45 Traveloka Travel & Tourism Late Stage Allianz Global Investors, BlackRock, Indonesia Investment Authority (INA), Orion Capital Asia 29 Sep
46 Cosmart Retail (general) Seed East Ventures, Lightspeed, Vertex Ventures SEA & India 3 Oct
47 Bioma Marketplaces (general) Bridge East Ventures, Init 6 4 Oct
48 Ecoxyztem Environmental Innovation Early Stage Konservasi Indonesia, Pegasus Tech Ventures, Triputra Agro Persada Group 4 Oct
49 Waku (Wakuliner) Restaurants & Food Seed Nasa Ventures 4 Oct
50 Axle Asia Insurance Tech M&A bolttech 6 Oct
51 Jaring Pangan (JaPang) B2B ecommerce Pre-series A Gayo Capital 6 Oct
52 Qalboo Health & Wellness Bridge Antler, Iterative 6 Oct
53 eFishery Internet of Things Debt DBS Bank 7 Oct
54 Handyman Technology Internet Technology Pre-series A null 7 Oct
55 Wahyoo Ecommerce seller tools and services Series B East Ventures, EvoWood, Global Brain Corporation, Indogen Capital, Intudo Ventures, NH Absolute Return Partners, Nitto Prima Ventura 10 Oct
56 ALAMI Sharia Lending, loans, and credit Bridge AC Ventures, Capria Ventures (Capria Fund), East Ventures, FEBE Ventures (For Entrepreneurs, By Entrepreneurs Ventures), Quona Capital 10 Oct
57 FinAccel (Kredivo) Lending, loans, and credit Series D Cathay Innovation, Endeavor Catalyst, GMO Global Payment Fund, Jungle Ventures, Mirae Asset Venture Investment (미래에셋벤처 투자), Openspace Ventures (NSI Ventures), Square Peg Capital 11 Oct
58 Ayoconnect Internet Technology Series B CE Innovation Capital (CEIC), PayU, SIG Venture Capital 13 Oct
59 Waste4Chan ge Environmental Innovation Series A AC Ventures, Barito Mitra Investama, Basra Corporation, Delapan Satu Investa, Living Lab Ventures, Paloma Capital, SMDV, Urban Gateway Fund 14 Oct
60 Beleaf Farms Agriculture Tech Seed Alpha JWC Ventures, Arise, Sembrani Nusantara Fund 17 Oct
61 Pocket Financial accounting and admin Bridge East Ventures 17 Oct
62 PT. Social Bella Indonesia (Sociolla) Retail (fashion and beauty) Bridge East Ventures, Jungle Ventures, L Catterton, Temasek Holdings 18 Oct
63 Crewdible Self storage Series A Bukalapak 20 Oct
64 Xurya Renewable Energies Series A Mitsui & Co., PT Surya Semesta Internusa Tbk (SSIA) 20 Oct
65 Runchise SaaS Seed Alto Partners, Arise, East Ventures, Genesia Ventures, Init 6, Prasetya Dwidharma 21 Oct
66 YOUVIT Retail Series B Unilever Ventures, Wipro Ventures 21 Oct
67 FitHappy Health & Wellness Bridge East Ventures 24 Oct
68 Jago Coffee Retail (food) Pre-series A Arkblu Capital, BEENEXT, CyberAgent Capital (CyberAgent Ventures), Intudo Ventures 27 Oct
69 FishLog B2B ecommerce Pre-series A BRI Ventures, Triputra Agro Persada Group, Insignia Ventures Partners, Indogen Capital, Accel Partners, Patamar Capital 3 Nov
70 PasarMIKRO B2B ecommerce Seed Genting Ventures, 1982 Ventures, Resolution Ventures, Trihill Capital 4 Nov
71 Base (PT Basis Inovasi Global) Retail (fashion and beauty) Series A Antler, Rakuten Capital, East Ventures, Skystar Capital, Pegasus Tech Ventures 5 Nov
72 Broom Retail (automobiles) Debt DBS Bank 10 Nov
73 Privy ID Services, Internet Technology Series C MDI Ventures, Telkomsel Mitra Inovasi (TMI), Singtel Innov8, KKR (Kohlberg Kravis Roberts & Co), GGV Capital 14 Nov
74 Amilo Indonesia (Kahago) Logistics M&A Amilo 15 Nov
75 PASTechnologies (Pastech/Pashouses) Real Estate Bridge QED Investors 18 Nov
76 Healthpro Human Resource Early Stage Accelerating Asia 22 Nov
77 AgriAku Agriculture Tech Series A Indogen Capital, Go- Ventures, TNB Aura, Gentree Fund 28 Nov
78 TipTip Professional Networking Series A East Ventures, Vertex Ventures SEA & India, SMDV, BIG Ventures 28 Nov
79 ESQA Retail (fashion and beauty) Series A East Ventures, Unilever Ventures 29 Nov
80 Fairatmos Environmental Innovation Seed Go-Ventures, Kreasi Terbarukan TBS, Vertex Ventures SEA & India 5 Dec
81 Logol (Logistic Online) Logistics M&A Haulio 6 Dec
82 Education Tech M&A Flying Cape 6 Dec
83 Anantarupa Studios Games Seed Greenwillow Capital Management 6 Dec
84 Assemblr Augmented Reality (AR) Seed Ficus Capital 7 Dec
85 Eratani Agriculture Tech Seed AgFunder, BIG Ventures, TNB Aura, Trihill Capital 14 Dec
86 Plugo Ecommerce seller tools and services Series A Access Ventures, Altos Ventures, BonAngels, Mahanusa Capital, Pearl Abyss Capital (PAC) (펄어비스캐피 탈), Prodigy Investment (프로디지 인베스트먼트) 15 Dec

II. NLP Commentary on the Recent Tech Deals

Throughout 2022, the economic slowdown impacted many industries, including start-ups. In the latter part of the year, there were reports of layoffs, closures, and pivots. The reasons for this uncertainty are varied. Conflicts and hyperinflation in some countries, as well as difficulties in recovering from the COVID-19 pandemic, are just a few of the causes.

There has been a significant decline in the total value of investments in Indonesian start-ups. The total amount raised by Indonesian start-ups from the beginning of the year until November 2022 was USD 3.7 billion, with some 347 investors participating in the fundraising. It represents a 67.4% decrease of investment compared to that of the previous year, when the total amount reached USD 11.35 billion with 308 investors.

In Asia, decreasing venture capital funding for Asian start-ups and low liquidity activities have resulted in a wave of layoffs impacting more than 111,000 workers in various start-ups across the region. Businesses with the most layoffs in Southeast Asia were those in edtech and fintech sectors. Many start-ups that cut their workforce were in the development phase, particularly affecting those with Series B funding.

Due to the rapid changes in economic conditions, some start-ups, including Chope, JD.ID, Shipper, and Glints, have had to make the difficult decision to lay off employees. In terms of investment deals, the sectors with the most funding announcements were fintech lending and software as a service (SaaS), each of which, with 13 announcements. The start-up that raised the largest amount of investment was Xendit, with USD 300 million. Traveloka, which also received a large investment, could secure funding through a strategic agreement with investors including the Indonesia Investment Authority (INA). October saw the most investment deals, while December had the fewest. The total disclosed funding for the period was USD 1 billion.

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