Kejora and SBI Holdings Launches “Orbit Fund”, Ready to Invest 426 Billion Rupiah for Indonesia’s Early Stage Startups
Billy Boen is appointed as the Director; targeting startup of various business verticals
Randi Eka - 4 June 2020
and SBI Holdings today (03/6) launched the Orbit Fund. It is a joint venture in the form of a venture capital company focused on early-stage startups funding in Indonesia. In its debut, they’ve prepared US$ 30 million or equivalent to 426 billion Rupiah.
As per the information we received, Orbit Fund is to make its first closing on June 30, 2020, with the investors and immediately disburse the funds. To date, they claim to have received strong commitments from various investors, including family businesses, high net worth individuals (HNWI), corporations and institutional investors from Indonesia, Japan, Singapore, and Europe.
They are currently targeting edutech, healthtech, consumer goods, agritech, fintech, and online media sectors. Seed funding will be channeled starts from US$ 200 thousand to US$ 3 million.
In terms of operation, the company appoints Billy Boen as director. Previously, he is known as an entrepreneur, active as an angel investor, also an advisor for several companies in Indonesia. In addition to Boen, the VC’s leadership will also be assisted by Shunichi Keida. It will be supported by the team members consist of Leon Hermann, Yudi Anugrah, and Richie Wirjan.
“Orbit Fund is created for Indonesian startups. In addition to financial support, SBI Holdings and Kejora have experience in more than 25 other countries, and local and regional resources and insights to build technology startups in Indonesia. With the support of experienced venture capital, we believe that Orbit is capable to produce and build a strong generation of startups,” Billy said.
Meanwhile, Yoshitaka Kitao as President & CEO of SBI Holdings said “SBI Holdings is very proud to announce this collaboration, bearing in mind that for more than 3 years we have established relations with Kejora since our first co-investment. SBI Holdings believes that there will be many technological innovations popping up Indonesia, and the Orbit Fund is a renewal of our commitment to accelerate the growth of the technology sector in Indonesia. ”
Original article is in Indonesian, translated by Kristin Siagian