BEENEXT's Commitment to Support Indonesian Startup Founders

After last year closing two managed funds(funds) new, raised $160 million or equivalent to 2,2 trillion Rupiah, Singapore-based venture capitalist BEENEXT this year has a number of plans to roll out for the startup ecosystem in Indonesia.

To DailySocial, BEENEXT partner Faiz Rahman said that his party is always open to every opportunity and challenge to serve/contribute to the community together with startup founders. BEENEXT also still focuses on early-stage investments and supports startup founders who have solutions to every major problem in every country where they operate.

"We do have some areas where we think we can add more value like fintech, marketplaces/e-commerce, consumer tech, SaaS, agritech, healthcare, and others. But more than that, we respect and follow the founders' guidelines because we believe the founders know better than us."

Previously BEENEXT was involved in initial funding to Transfez together with East Ventures. Asked what the main reason they were interested in investing in Transfez, BEENEXT Managing Partner Hero Choudhary revealed, his party is always looking for opportunities to get involved with ideas. fintech innovative, especially the founders.

"We are very lucky to meet Edo and Bondan [founder Transfez] who are great founders and feel lucky to have partnered to participate in their journey through this investment. They identify major problem statements in areas that have high social implications. Their purely digital approach is also highly relevant in a post-pandemic world. Our investment decisions are based on trust in the founders and the needs of the market."

Through partnerships with more than 200 startups, BEENEXT now claims to have an extensive network of founders across Southeast Asia, India and Japan. Throughout 2020 and 2021, BEENEXT includes venture capital who are quite active in investing in startups. In Indonesia they also invest in Windows 360, Freshand The Essence of Global Solutions.

Indonesian startup ecosystem

BEENEXT noted that currently Indonesia's ecosystem is growing faster than ever. You can see that more and more founders are building companies and solving big problems.

In Indonesia today many founders have extensive experience in operating and deep insight in increasing business scale in the companies they work for; then now they decided to be founder. It is known that several former employees of large startups have indeed become successful founders.

"We're seeing the number and power of entrepreneurs grow, the next founder cycle is emerging across many verticals. We're hearing a lot of positive news in the market about the initiative go public. The successful IPO is proof for Indonesia as a market that we cannot ignore. We believe this positive news also encourages and inspires more people, especially the younger generation to start their businesses," said Faiz.

On the other hand, government support such as infrastructure (physical, logistics, payments) is also increasing. The government is very supportive in fostering innovation. Indonesia is also currently at a good stage in terms of internet penetration, GDP per capita and other relevant measures. Giving more attention from global investors to Indonesia to invest sustainably.

"On the other hand, the 2020 pandemic has also accelerated digital adoption in various fields. Indonesia is at an important stage in its history and we are very optimistic and believe in the future potential," said Faiz.