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BRI steps up venture capital funding effort
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(Courtesy of BRI)
T
he boom in the startup industry today has prompted PT Bank Rakyat Indonesia (Persero) Tbk (BRI) to push ahead with its venture capital funding program, marked by the recently agreed cooperation with PT BRI Ventura Investama (BVI).
With a memorandum of understanding (MoU) signed in Jakarta on Nov. 25, the parties agreed on business planning and development through venture capital and equity participation in the form of loans for a certain period of time.
The signing was conducted by BRI executive vice president for the Wealth Management Division Tina Meilina and BRI Ventures CEO Niko Widjaja. The signing ceremony was also attended by BRI director of consumer Handayani.
"This synergy will be implemented in several activities, namely literacy or introduction to venture fund products, consulting activities related to venture fund products as an alternative investment product at BRI, and marketing activities for venture fund products," Handayani said.
Seeing the rapid development of the startup business in Indonesia, Bank BRI hopes to provide support to its subsidiary in marketing the Venture Fund to HNWI (High Net Worth Individual) millennial investors -- in this case aimed at BRI's private banking business segment -- to draw angel investors to capital investment.
BRI Ventures is a venture capital company under the BRI Group. Before being acquired by Bank BRI at the end of 2019, BVI was named PT. Sarana Nusa Tenggara Timur Ventura, which was a venture capital company under the Bahana Artha Ventura group.
After being acquired by BRI, BVI is currently focused on developing startups and micro, small and medium enterprises (MSMEs) under the EARTH ecosystem: education, agriculture & maritime business, retail & consumer goods, transportation & logistics, health and medical tech.
Currently, BRI Ventures has a venture fund called Sembrani Nusantara, which has obtained permission from the Financial Services Authority (OJK).
The Sembrani Nusantara Venture Fund, which began in June, eyes investment outside the financial technology (fintech) sector, including MSMEs.
This will certainly be supported by BRI Bank being the largest microfinance institution in the world.
