Indonesia Tech Deals Vol. VII - June 2023

In continuation to our previous Tech Deals series (Tech Deals Vol. 1Vol. 2Vol. 3Vol. 4Vol.5 and Vol. 6), we provide herein, the recent tech deals completed in the period between 1 January and 30 April 2023, and our brief commentary regarding the same.

As mentioned in our earlier article on "Failed Start-Up/Tech Companies in Southeast Asia, Why They Failed, and Effective Solutions from an Indonesian Law Perspective" (here), tech investment in Indonesia was significantly impacted by the global economic condition, inflation, and the cost- of-living crisis. Although the number of tech investments is decreasing this year compared to that of the previous year, the completed start-up and tech investors are still active in different tech- related sectors. This includes the recent interest of investors in fitness platforms, such as Fit Hub, and renewable energy platforms, such as Swap.

I. Start Up and Tech Investment Deals in the period between 1 January and 30 April 2023

Please refer to the table below on the list of Tech Deals completed during the period from 1 January to 30 April 2023:

No Company Name Sector Stage Investor(s) Funding Date
1. Legit Group Restaurants & Food Series A East Ventures, MDI Ventures, SMDV 2-Jan
2. Qoala Insurance tech Series B Eurazeo, Indogen Capital, responsAbility Ventures 3-Jan
3. Bengkel Mania Enterprise Software Bridge null 3-Jan
4. Bingkai Karya Digital Media Bridge Cempaka Foundation, PT. BSB 5-Jan
5. Imajin Marketplaces (miscellaneous niche) Seed 500 Southeast Asia, East Ventures, Init 6, Kao Kele 6-Jan
6 FLIK Payments and remittance Bridge East Ventures, GMO Venture Partners, Init 6, Saison Capital 9-Jan
7. PT Swift Logistics Solutions Logistics M&A GoTo Group (Tokopedia) 11-Jan
8. Surplus Indonesia Marketplaces (Food) Seed Salam Pacific Indonesia Lines Ventures (SPIL Ventures) 16-Jan
9. Mindtera Education tech Seed East Ventures, Seedstars International Ventures 16-Jan
10. Komunal Indonesia Lending, loans, and credit Series B AlphaTrio Sustainable Technology Fund, East Ventures, Gobi Partners, Ozora, Skystar Capital, Sovereign's Capital 17-Jan
11. Desty Ecommerce seller tools and services Pre-series A East Ventures 24-Jan
12. Kick Avenue Marketplaces (fashion and beauty) Series A KREAM, SneakerLAH 24-Jan
13. DCT Agency Advertising Platforms Pre-series A Living Lab Ventures 25-Jan
14. YUKK Marketplaces (general) M&A iSeller 26-Jan
15. iSeller Ecommerce seller tools and services Series B Intudo Ventures, KVision (Kasikorn Vision), Mandiri Capital Indonesia (MCI), Openspace Ventures (NSI Ventures) 26-Jan
16. PT. Eden Pangan Indonesia (Eden Farm) B2B ecommerce Bridge AC Ventures, AppWorks, Telkomsel Mitra Inovasi (TMI) 31-Jan
17. Cyber Security Bridge East Ventures, MAGIC Fund 1-Feb
18. MyRobin Human Resource M&A BetterPlace 6-Feb
19. Asa Ren Biotechnology Early Stage Marcy Venture Partners (MVP), Naya Capital, Northstar Ventures, PT Diagnos Laboratorium Utama Tbk (Diagnos Laboratories), Top Harvest Capital 9-Feb
20. Migo Digital Media Series C MNC Group 10-Feb
21. Ledgerowl Financial Accounting & Admin Bridge Init 6, Investible 21-Feb
22. Proglix B2B ecommerce Seed 500 Global, Arkana Ventures, MAGIC Fund, MDI Ventures, Number Capital 23-Feb
23. Semaai Agriculture Tech Bridge Accion Venture Lab, BEENEXT, Surge, XA Network 27-Feb
24. Jagofon Marketplaces (consumer electronics) Seed Orbit Startups 3-Mar
25. Flokq Real Estate Pre-series A SOSV 3-Mar
26. Gently Retail (miscellaneous niche) Bridge Init 6 8-Mar
27. Broom Retail (automobiles) Pre-series A AC Ventures, BRI Ventures, MUFG Innovation Partners, Openspace Ventures (NSI Ventures), Quona Capital 14-Mar
28. Bababos Marketplaces (miscellaneous niche) Seed East Ventures 15-Mar
29. Gaspack Internet Technology Bridge 500 Global, Arise, Tokoin, eMerge 17-Mar
30. Bang Jamin Insurance Tech Seed BRI Ventures, Northstar Group 17-Mar
31. PT Etana Biotechnologies Indonesia Biotechnology Seed Deutsche Investitions - und Entwicklungsgesellschaft (DEG), East Ventures, HighLight Capital/HLC, YF Capital (Yunfeng Capital)  
32. FinAccel (Kredivo) Lending, loans, and credit Series D GMO Venture Partners, Jungle Ventures, Mizuho Bank, NAVER Financial, Openspace Ventures (NSI Ventures), Square Peg Capital 23-Mar
33. Qoala Insurance tech Series B AppWorks, Eurazeo, Indogen Capital, responsAbility Ventures 28-Mar
34. Social Bread Internet Marketing Seed East Ventures, Living Lab Ventures 29-Mar
35. Baskit B2B ecommerce Bridge DS/X Ventures, Forge Ventures, PT Prasetia Dwidharma, Sketchnote Partners 29-Mar
36. Mobee Cryptocurrency Unspecified Stage 1982 Ventures 30-Mar
37. Fresh Factory Storage Pre-series A East Ventures, SBI Ven Capital, TAP Applied Agri Services, Trihill Capital 3-Apr
38. Swap (PT Swap Energi Indonesia) Renewable Energies Pre-series A Ondine Capital 4-Apr
39. Fit Hub Fitness Seed BAce Capital, East Ventures, Gentree Fund, Trihill Capital, Wavemaker Partners 10-Apr
40. Travelio Marketplaces (Property) Series C AppWorks, DAOL Ventures, Orzon Ventures, Pavilion Capital 10-Apr
41. Legit Group Restaurants & Food Series A East Ventures, MDI Ventures, SMDV, Winter Capital 11-Apr
42. Cakap Education Tech Series C Heritas Capital, MDI Ventures 12-Apr
43. Zi.Care Enterprise Software Series A Oriza Greenwillow Technology Fund 13-Apr
44. Power Commerce Asia E-commerce seller tools and services Bridge null 27-Apr
45. Jojonomic SaaS Bridge Ango Ventures 27-Apr


II. NLP Commentary on the Recent Tech Deals and the Rise of ESG (Environment, Social, and Governance) Sector

Despite the decrease in investment, startups in the e-commerce and marketplace sector still dominated the investment funding during the first quarter of the year. Some new sectors, such as renewable energy, have managed to successfully receive new funding. We also note the interest towards ESG investing in Indonesia, which will rise a lot of potentials, as Indonesia is moving towards a low-emission and sustainable economy.

The growth of ESG sector is supported by the Government of Indonesia through the Ministries of Industry and Finance that will allocate IDR 7 trillion (USD 455.88 million) to subsidize electric motorcycle sales through 2024, to speed up the growth of the electric vehicles ecosystem in Indonesia. Mrs. Sri Mulyani, the Minister of Finance, has made a statement that the subsidies will cover the sale of 800,000 new electric motorcycles, as well as the conversion of 200,000 conventional motorcycles to electric motorcycles.

Furthermore, the Indonesian government is actively promoting carbon trading to support net zero emission efforts to reduce the production of greenhouse effect. Several initiations supported by the Ministry of Energy and Mineral Resources have been implemented, with the ultimate goal of achieving the net zero emission by 2060.

Based on the above developments, we project that Indonesia will see major investments in the ESG sector, including in the development of environmentally conscious tech-enabled businesses.

The article above was prepared by Marshall S. Situmorang (Partner) and Audria Putri (Senior Associate).

Disclaimer: The information herein is of general nature and should not be treated as legal advice, nor shall it be relied upon by any party for any circumstance. Specific legal advice should be sought by interested parties to address their particular circumstances.