JAKARTA (TheInsiderStories) – Local venture capital firm, PT Mandiri Capital Indonesia (MCI) allocated funds Rp100 billion (US$7.14 million) to acquires new startup in 2020, local media reported yesterday (12/11). The funds divided Rp50 billion to invest in new startups and the remaining to increase the equity participation in 13 startups that have been invested.
CEO of MCI, Eddi Danusaputro said, the company would look for technology-based insurance startups as the priority target to help the group and remittances services.
Since 2016, he continued, the parent company had poured funds worth Rp980 billion to the company. For this year, PT Bank Mandiri Tbk (IDX: BMRI) has injected capital into three technology-based financial companies.
Danusaputro revealed that the mandate of the holding company was to find a technology company with several sub-sectors, such as payment systems, financing, managed funds, and others. So far, MCI has focused on sectors engaged in the payment system, financing and offering small and medium business solutions.
While, Bank Mandiri‘ vice president, Pantro Pander Silitonga stated through startups, the bank had a commitment to extending credit of up to Rp500 billion. So far, the venture capital firm and its unit has distributed loans Rp120 billion.
Earlier, investment manager of MCI, Rabbi Amrita Givatama, explained, the company will continue to intensify startup investment for the period of next year. At least three to four startups are planned to be funded.
“Later, we will also prepare venture funds to prepare more funds for startups in Indonesia and possibly in the Asia region,” he said.
The rapid development of the digital start-up industry is one cause. Its targeting, the new venture funds will introduce to the public and start investing in 2020.
At present, Mandiri Capital has invested in 13 portfolios. Among them are Moka, Mekari, Amartha, PrivyID, and LinkAja.
Written by Lexy Nantu, Email: firstname.lastname@example.org