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Indonesia commodity player & LP Gunung Sewu sets sights on fintech, big data
December 5, 2017 News analytics big data FinTech

 

Indonesia-based commodity player Gunung Sewu appears to have the country’s still-nascent startup industry like a fog: no one notices it at first, but it rises and rises, and suddenly, it’s everywhere.

In addition to investing from its own balance sheet, Gunung Sewu is a limited partner (LP) in Indonesia-focussed venture capital firms Alpha JWC Ventures and Convergence Ventures, as well as US-based impact fund Patamar Capital.

In total, Gunung Sewu has pumped in about $17 million into digital and tech-related businesses within the span of five years. The group invested between $1.2 million and $1.5 million from its balance sheet across eight startups mostly operating in fintech, big data, and analytics in the last 12 months.

Gunung Sewu joins the cluster of Indonesian conglomerate giants – like Sinarmas, Lippo, and Djarum, who either for returns or synergies with their existing, core businesses – are paying attention to the tech space.

“We are quite independent in the sense of there’s no restrictions when it comes to budget, or deciding which verticals to invest. But right now, we have been looking a lot at fintech, big data, and analytics,” Head of Investments at Gunung Sewu, Irwan Liem, described the company’s style and direction.

“We invest more in founders and less in business models, because we know that business models are always changing in this space. We offer them more of added value rather than synergies with core businesses,” he added.

Gunung Sewu’s latest announced investments were in June, when it participated in MDI Ventures-led pre-series A funding for e-signature provider PrivyID and marketing SaaS firm Kofera.

In February, Gunung Sewu joined a $1.4 million pre-series A round led by Golden Gate Ventures for Printerous.

This article was originally published on www.dealstreetasia.com and can be viewed in full

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