Living Lab Ventures Launches Managed Fund for Healthtech and Biotech Startups

Sinar Mas Land, through its investment vehicle Living Lab Ventures (LLV), launched the Biomedical Fund, a managed fund that supports startups in the biomedical sector, research centers, biobanks and health technology.

Sinar Mas Land Chief Transformation Officer Mulyawan Gani hopes that the Biomedical Fund can play a role in ensuring health infrastructure in the country.

"Not only is it tough, but it is also at the forefront of technological progress. Through LLV's participation in biomedicine, now BSD City can truly become a living laboratory," he added in an official statement.

This launch was driven by the post-pandemic which gave rise to new trends in the Indonesian public health landscape. Apart from strengthening awareness, demand for easier and cheaper access to health services is also increasing.

The World Bank reports that the percentage of Indonesian public health spending on GDP increased from 2,6% in 2014 to 3,2% in 2022. However, this percentage is still lower than the average expenditure for low-income countries, namely 4,9%.

"The Biomedical Fund will provide funding to startups that have the potential to bring positive change in the provision of health services, including diagnostic technology, health data management, telemedicine and other innovative solutions," said Living Lab Venture Partner Bayu Seto.

So far, LLV has invested in a number of startups, such as Jumpstart, Amoda, Paper.id, and BRIK. This investment is not only aimed at the sector proptech, but also includes agnostic sectors that have sharp flexibility and opportunities. To date, LLV has empowered 27 startups that focus on three main technological aspects, namely smart technologies, digital life and mobility.

Genomics and biotechnology initiatives

There are not many managed funds focused on developing technology in the health sector in Indonesia. Two years ago, Bio Farma launched BioHealth Fund with a focus on biotech investment, collaborating with MDI Ventures. However, it is not yet known when these funds will be disbursed.deploy.

Meanwhile, East Ventures is reportedly raising new managed funds of $30 million for Healthcare Fund since last year. These funds will specifically be injected into early-stage healthcare startups and their derivative verticals.

Meanwhile, another initiative for the development of genomics has been launched by the Ministry of Health (Kemenkes) through the Biomedical & Genome Science Initiative (BGSi). The target is that 100 thousand samples can be collected by 2025.