BRI Ventures Prepares Funds for Non-Fintech Startups in Jakarta and Singapore

BRI Ventures, corporate venture capital owned by BRI, is preparing a new managed fund as an investment vehicle for non-financial startups.fintech of 2020.

BRI Director of Digital, Information Technology and Operations, Indra Utoyo, confirmed the permit to invest in non-bankfintech (Special Purpose Vehicle/SPV) is being managed by the Financial Services Authority (OJK).

"This is still under the control of BRI Ventures, but it is called venture funds because it can be used for anything, including non-fintech. [For funding] there is our Limited Partner from outside," Indra said DailySocial.

In an interview some time ago, VP of Investor Relations and Strategy at BRI Ventures, Markus Liman, said that the preparation of the managed fund was targeted to be completed this February.

There are seven non-fintech Investment targets include agro-maritime, health, education, tourism and travel, transportation, as well as retail and creative industries.

"We are opportunistic in terms of numbers, so we're not aiming for how much" deal. But in pipeline, we already have 6-8 deal in a year if you see bandwidth and Opportunity exists," he said.

Based on the latest information to DailySocial, Markus also revealed that his party is currently preparing SPV permits not only in Indonesia, but also in Singapore.

"Entity will be formed in Singapore for acquire license to the Monetary Authority of Singapore. However, a fixed investment vehicle funds," said Mark.

Meanwhile, as noted in BRI's 2019 financial report, BRI Ventures is said to be targeting the retail and creative industries as the main focus of investment in 2020.

According to Markus, the retail and creative industries in Indonesia and abroad have a more ready market. He assessed that other business verticals needed Yago's defensive effort longer to walk.

"This sector is more prepared, both from [business] actors and their supporting ecosystems," he added.

The new BRI Ventures standing in 2019, has received an injection of funds of Rp. 1,5 trillion from its parent company. The financial report notes that these funds have been distributed in three stages, namely Rp. 200 billion (March), Rp. 800 billion (July), and Rp. 500 billion (December).

The total investment disbursed by BRI Ventures in 2019 was only IDR 278,11 billion in the form of 17 percent equity participation in the platform. e-money LinkAja.