Japan’s SBI, Indonesia’s Kejora Capital to launch $30 mil. VC fund in Indonesia
JAKARTA, NNA - Japan’s SBI Holdings Inc. and Indonesia’s Kejora Capital Management Pte. Ltd. have set up a joint venture to launch a $30 million venture capital fund focusing on startup companies in Indonesia.
The fund is expected to complete its first closing by June 20, 2020 and will soon start deploying capital, Kejora Capital Management said in a press release last Wednesday.
This will be the first venture capital fund for SBI Holdings that focuses on Indonesia, said the Japanese financial company in a separate press release the same day.
Each investment sum will be from $200,000 to $3 million and the fund will target startup companies which have innovative technologies in such fields as supply chain, education, medical, consumer goods and retail, agriculture, financial technology and digital media.
“Orbit Fund will not only provide financing but also offer combined resources from Kejora and SBI and insights from the extensive portfolio companies across the 25 countries to help build a strong generation of startups in Indonesia,” Billy Boen, who was appointed as director of Orbit Fund, was quoted as saying in the release.
SBI Holdings, whose core businesses include financial services, asset management and biotechnology-related businesses, has invested in a number of startup companies in Indonesia since 2011. Those companies include e-commerce firm Tokopedia and financial technology firm Investree.