The Jakarta Post
After three years of running a business accelerator program called Ideabox, telecommunications operator Indosat Ooredoo and its two partners have decided to take their cooperation to the next level by providing investments of up to US$500,000 for technology start-ups.
Indosat Ooredoo with Zurich-based globally operating company builder Mountain Partners and local venture capital firm Kejora on Thursday launched Ideabox Ventures, a venture capital firm focused on investing in early stage or pre-series A technology companies.
“A lot of start-ups struggle to find sources for post-seed funding. Ideabox Ventures will fill this gap and allow us to help build start-ups into viable businesses,” said Alexander Rusli, Indosat Ooredoo president director and CEO.
Other than funding, Ideabox Ventures will also provide go-to-market support and help start-ups to scale up their businesses through providing facilities, mentoring sessions and access to investors.
Ideabox Ventures is looking to fund technology start-ups in e-commerce and web services; digital payments and fintech; and the technology and security industries.
“Essentially, we will provide investments for start-ups with products targeting emerging markets,” Andy Zain, Kejora’s managing director, told reporters in Jakarta.
Despite the new development of Ideabox, the original accelerator program will continue to run. Ideabox will incubate start-ups in a 120-day program in which they will receive initial funding of up to $50,000.
In its past Ideabox programs, Indosat Ooredoo, Mountain Partners and Kejora produced 14 start-ups. Some notable examples include Singapore-based fintech startup Wobe and a mobile app that allows merchants to push promotions through e-vouchers, called Dealoka. (win)