Telkom Group, Bank Mandiri and Bank BRI have backed Merah Putih Fund’s first close, reportedly sized at a hundreds of millions of dollars.
The government of Indonesia intends to launch a new fund next month in collaboration with state-owned corporations to invest in domestic startups DealStreetAsia reported yesterday.
Merah Putih Fund will be established in partnership with telecommunications company Telkom Group and financial services firms Bank Mandiri and Bank BRI. All three already have their own corporate venturing units and are set to be among the initial backers of the vehicle.
The fund will invest in domestic growth-stage companies, supplying between $10m and…
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
