Singapore-based financier to finance more Indonesian digital startups

**By APD Writer Muhammad Sohail **

JAKARTA, Sept. 23 (APD) – Tapping on Indonesia’s strong economic outlook, a Singapore-based financier fir, East Ventures, is keen to finance more of Indonesian digital technology entrepreneurs, adding its venture investments in Indonesia’s Series A digital startups.

The intention in doing so was expressed in its recent sixth funding allocation for digital technology-based firms in Southeast Asia region amounted 30 million U.S. Dollars.

“The sixth fund would focus on Indonesia to leverage on the fund’s local expertise, expected to eventually empower young digital entrepreneurs across Southeast Asia region,” a statement issued by East Ventures co-founders Wilson Cuaca, Batara Eto and Taiga Matsuyama said on Saturday.

The firm’s sixth fund is highly expected to further expand East Ventures’ mission in creating opportunities for young digital entrepreneurs to build long and sustainable firms in the region, the statement said.

Indonesia has earned investment grade ratings from prominent global rating agencies of Fitch, Moody’s and Standard & Poors (S&P) with positive outlook for its sound economy parameters and government economic reform programs aimed at vibrating the nation’s economy.

Indonesia has set target to see 5.5 to 6.1 percent economic growth next year, higher than 5.2 percent targeted this year. Southeast Asia’s largest economy recorded 5.02 percent growth last year.

Results of a recent study carried out by global management consulting firm AT Kearney showed that investment deals has soared to 3 billion U.S. Dollars in the first eight months this year,

thanks to its strong macroeconomic outlook and favorable demographic figure. That investment deals figure was 60 times higher since 2012.

The study also revealed that 244 firms have completed 381 investment deals in Indonesia from 2012 to 2017 year-to-date.

East Ventures, which apparently amongst the most active technology investor Southeast Asia region, contributed to 192 of the deals or half of the total deal figure Indonesia during the period.

According to the firm, it partly funded over 70 percent of Indonesian firms receiving series A investment portfolio.

Under current administration of President Joko Widodo development of digital economy has been put among Indonesia’s primary priorities.

The president and his Singapore counterpart Lee Hsien Loong have recently signed an agreement on joint efforts to develop digital economy center located in Indonesia’s territory of Batam, which is adjacent to Singapore.

（ASIA PACIFIC DAILY）