Kejora Capital and Tokyo-based financial giant SBI Holdings announced the first close of their newly launched joint venture fund ‘SBI Kejora Orbit Fund I’. The $30 million fund will focus on early-stage technology companies in Indonesia, from seed to series A rounds, with each ticket size ranging between $200,000 and $3 million. Its focus areas include supply chain, education, medical, consumer goods & retail, agriculture, financial technology, and digital media.
The team also welcomed Billy Boen as the director of Orbit Fund, who has extensive experience in Indonesian entrepreneurial scenes, angel investing, and advisory roles in various companies from tech startups to large enterprises in Indonesia. He will lead with Shunichi Keida, alongside the team with Leon John Hermann, Yudi Anugrah, and Richie Wirjan. It is also stated that the fund is strongly backed by a diverse group of investors including family offices, high net worth individuals, corporations, and other institutional investors in Indonesia, Singapore, Japan, and Europe.
“More than ever, startups nowadays need support from experienced VC. Orbit Fund will not only provide financing but also offer combined resources from Kejora and SBI and insights from the extensive portfolio companies across the 25 countries to help build a strong generation of startups in Indonesia,” said Billy in a statement.
Kejora currently oversees $380 million assets under management with 35 portfolios across Indonesia, Malaysia, Singapore, the Philippines, Thailand, Hong Kong, and South Korea. Orbit is the fourth fund operated by Kejora, following early-stage fund Kejora Star Capital I, Kejora Star Capital II, and growth stage fund InverVest Star Southeast Asia Growth Fund I. Recently, Kejora Star Capital II was named by Preqin as one of the top performing funds—ranking eighth globally and being the only representative from Southeast Asia on the top 10 list.
SBI Holdings itself has been investing in several Indonesia’s companies since 2011, including Amartha, Investree, Ralali, Taralite, and Tokopedia. However, Orbit will be its first fund that solely focuses on Indonesia.
“We are very pleased to officially announce the launch of our joint venture with Kejora. Since our first co-investment with Kejora more than three years ago, we have continuously cemented our confidence in the Indonesian technology sector through investments and partnerships. As such, we are thrilled to renew our commitment to the technology asset class in Indonesia with the launch of Orbit Fund,” said Yoshitaka Kitao, President & CEO of SBI Holdings.