Indogen Capital announced its partnership with Tokyo-based investment firm Striders Corporation via its subsidiary Striders Global Investment Pte Ltd. The partnership will enable Striders to further strengthen its presence in the Southeast Asia region, identify potential startups for investment with Indogen, and assist Southeast Asian startups to extend their footprints to Japan and South Asia. In its statement, Striders believes that Southeast Asia region would be the next growth driver in the world, and Indonesia would be the Silicon Valley of Southeast Asia.
It is stated that Striders is looking at several sectors that show promising growth following the COVID-19 pandemic—including online entertainment, real-estate tech, fintech, artificial intelligence (AI), internet of things (IoT), and online retail. Moreover, Striders will also be able to introduce Japan technology, goods, and services to Southeast Asia through Indogen’s strong network.
Striders itself has established its presence in Indonesia since 1971 through its subsidiary PT Citra Surya Komunikasi, making itself as one of the oldest Japanese advertising agencies in Jakarta. In addition, Striders is also running several types of business, ranging from real estate, hotel, technology, manufacturing, retail, as well as overseas business in Taiwan, Singapore, and Sri Lanka.
Meanwhile, Jakarta-based Indogen Capital was established in 2017, led by managing partner Chandra Firmanto. It is sector agnostic and focuses mostly on post-seed stage up to series A startups in Southeast Asia, assisting both Indonesian startups to expand into the region and foreign startups and investors to enter the Indonesia market.
So far Indogen Capital is managing two funds: a $10 million first fund raised in late 2016, and a $50 million for its second fund which it has been preparing since early this year.
Of 18 Indogen Capital’s portfolio companies in more than eight Southeast Asian countries, three have made their exits: electronic payment solution AINO which was acquired by TIS Corp Japan; Singapore coworking space provider Spacemob which was acquired by WeWork; and healthcare company Clearbridge Health which listed in Singapore stock exchange.
Other portfolios from Indonesia include coworking space provider GoWork, online fashion marketplace Hijup, and real-estate tech startup Travelio.