1. Startups

Mandiri Capital Continues "Beyond Fintech" Investment Thesis, Ready to Fund Four New Startups This Year

Throughout 2021, MCI has made new investments in three startups and four further investments into its portfolio

Mandiri Capital Indonesia (MCI) said it would inject three to four new startups engaged in the sector fintech and fintech enablers throughout 2022. MCI will enter with a nominal starting from Rp. 100 billion and above to a more diverse investment stage from the initial stage to series C, through fund under the auspices of MCI.

Targeted startup vertical "beyond fintech", starting from corporate enabler, SME enabler, wealthtech, earned wage access (EWA), logistics techand edutech. To DailySocial.id, President Director of MCI Eddie Danusaputro said MCI's thesis strategy in investing depends on fund managed. When fund This comes from the Mandiri Group, of course it must be related to the group's mandate, which is to encourage transformation initiatives and positive impacts for the Mandiri Group through optimizing synergies.

“We are always looking for what the needs of the group are, that's the thesis. Then look for startups. Funds from Mandiri also continue to roll, sometimes it can be for two years, or once a year or two, it all comes back from what is needed," said Eddi.

According to him, so far, MCI has only managed two fund active. First, fund whose funds are sourced from the Mandiri Group. Second, the Indonesia Impact Fund (IIF) which focuses on startups that create environmental and social impacts refers to the five goals in the SDGs (sustainable development goals). So far IIF has injected a startup with undisclosed details.

Eddie also confirmed that fund The new targeting of LPs outside the Mandiri Group is still ongoing. He reasoned that the delay in the plan was due to the Covid-19 pandemic. Initially, the plan has been formed since 2019 with a target fund of $100 million. MCI has done roadshow to Japan and South Korea for the fundraising process.

2021

Over the past year, MCI participated in seven fundings, consisting of three new investments and four investments follow-on. When detailed as follows, I) new investment for Bukalapak, in Pre-IPO funding with an undisclosed nominal; II) AyoConnect for pre-series B funding with a total amount of around Rp. 143 billion; III) startup insurtech in mid-December 2021.

Meanwhile, for investment follow-on, there is an investment in Amartha with a total amount of more than Rp510 billion; V) iSeller for pre-series B funding with a total injection of Rp120 billion; VI) Crowdee for series B funding, and VII) PrivyID for series B funding with a value of more than IDR 251 billion.

Towards the end of last year, MCI along with four other BUMN CVCs were involved by the government to support Red and White Fund (Red and White Venture Fund or MPF). MPF is an initiative from the Ministry of SOEs as a managed fund that aims to accelerate local startups that have the potential to become unicorns.

More Coverage:

In the first phase, MPF will close the managed fund of $300 million or equivalent to 4,3 trillion Rupiah supported by five SOEs. So far the MPF has not been operational, it has only been officially announced by the President. The five CVC BUMNs involved in the initial formation of this managed fund, including MCI, will each send a representative to be placed as 'Co-Fund Manager.'

The targeted investment target is the advanced stage for startups that enter status soonicorn/centaur.

Are you sure to continue this transaction?
Yes
No
processing your transactions....
Transaction Failed
try Again

Sign up for our
newsletter

Subscribe Newsletter
Are you sure to continue this transaction?
Yes
No
processing your transactions....
Transaction Failed
try Again