PT Bank Rakyat Indonesia Tbk (BRI) is officially announced a corporate venture capital (CVC) named BRI Ventures (BV). It’s to debut with $250 million or around 3.5 trillion Rupiah for startups.
They are to focus on the growth-stage and late-stage startups – as in Series A and above. Coverage landscape is still around fintech, particularly those related to the increase of current consumer ecosystem.
BRI has appointed Nicko Widjaja to be the CEO. On the other hand, he is now an advisor to MDI Ventures. There is no announcement regarding his successor for MDI’s CEO, it might be in the next shareholder meeting. Following Nicko, MDI Ventures’ Head of Investment, William Gozali is appointed as BV’s VP of investments. Previously, the company is said to pour $100 million for BV for operational. It also to make maneuvers on getting connected to related parties in the national fintech transformation.
BV is said to have the biggest amount of venture funds for Indonesia with the number they’ve mentioned before. “…the digital disruption is real and there’s no immune to that. We’ve been left behind for five years in this industry (investment in the digital industry), it’s the fast progress and execution that enables one to roll the dice in this game,” he said.
BRI Ventures thesis on startup criteria
On Nicko’s opinion related to fintech sector in particular. Currently, the growing trend is the offline business optimation using technology. For example, Warung Pintar, Fore Coffee, Payfazz, and many more. He believes with BV, there will be more sectors to support through fintech channel and ecosystem, from retail, academic, and health.
In the previous interview with DailySocial at MDI’s office launch in Singapore, he revealed the success strategy on the venture business. Southeast Asia is getting the momentum of investment surge, while investors always need “consultant” to get the picture of the current ecosystem. With MDI, he provides comprehensive insights for all investors while transferring relevant skills in the market.
The year 2018 is the right moment for corporate ventures. There are 2740 CVC transactions during the year that adds up to $53 billion (announced) investment for the digital startup. Asia raises 38% of the total value.
Lead by the same sailor, Nicko Widjaja, BV is to focus on the investment for Series A and above, while MDI Ventures is going to lead the advance matters with stronger fundamental.
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Original article is in Indonesian, translated by Kristin Siagian
