Beenext Closes 2.2 Trillion Rupiah Fund, Indonesian Startups Remain a Potential

As a Singapore based Venture Capital, Beenext, which actively participated in the seed funding of Indonesian startups, today (16/6) announced the closing for two new managed funds, raising around US$160 million or equivalent to 2.2 trillion Rupiah. Previously, they've booked US$110 million in their first fund titled "Beenext Emerging Asia Fund".

The fresh fund came from institutions in the United States, Japan, family conglomerates, and businesses interested in the digital industry. The new round is designed to connect early-stage startups with Beenext's founder network, in order to gain global partnership opportunities and access to the best resources.

Beenext's investment approach is centered on the founder; outside of monetary commitments, they will also provide a key role in accelerating business. The company has invested in more than 180 startups around the world, 45 of those are in the Asia Pacific region.

"Covid-19 has affected every aspect of global business, but we continue to detect novice founders who push boundaries not only to survive but also thrive in these conditions [...] we feel required to nurture an entrepreneurial ecosystem to ensure reviving as a strong founding community," Founder & Managing Partner, Teruhide Sato said.

He added, "Beenext has always believed in building a business together with local founders and co-investors, in order to have a lasting impact. We look forward to being able to create and grow together with more new company founders."

Also mentioned in the release, the funds will be focused on ecosystems in India, Southeast Asia, and Japan. India will get the 50% portion of the first managed fund while also managed to increase funding in Southeast Asia.

Faiz Rahman from Beenext told DailySocial, "We plan to allocate 40% of the managed funds to Southeast Asia and Indonesia. We continue to focus on early-stage startups, in e-commerce, fintech, healthtech, agritech, logistics, HR-tech, and SaaS."

Beenext is yet to plant local teams and office buildings in Indonesia, however, they have invested in 16 Indonesian startups and several regional startups that are expanding into the Indonesian market. These include Ralali, Zilingo, Amartha, Dekoruma, Happy Fresh, Sweet Escape, Zenius, Snaphunt, Mekari, Andalin, Janio, Ritase, Provesty, AgenKan, Raena, Jendela360, Akseleran, AdaKerja, and TrustMedis. The last three names secured investments around early 2020.

–Original article is in Indonesian, translated by Kristin Siagian