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Indonesia Fund Fest aims to fund 20 nascent startups with US$4 million
Jakarta-based consultancy firm Chairos International Ventures opened on Wednesday applications for its second annual Indonesia Fund Fest, where early stage startups can compete for a slice of at least US$2 million.
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Young people using various gadgets (Shutterstock/File)
J
akarta-based consultancy firm Chairos International Ventures opened on Wednesday applications for its second annual Indonesia Fund Fest aimed at local early stage startups.
The event is modeled after the broadcasted-live-on-YouTube pitch deck, India Fund Fest, which was in turn inspired by popular American TV series Shark Tank, but less publicized than Indian pitch deck The Vault.
Applications are open until July 20. Chairos will shortlist the startups from around 1,000 expected applicants to 20 finalists, which will then – after conducting due diligence meetings – finalize an on-the-spot deal with 10 angel investors in Jakarta on Aug. 10. To date, four investors have been confirmed, all of whom are Indian nationals.
Indonesia Fund Fest founder Nalin Singh told reporters in Jakarta the event was expected to help raise at least US$2 million for the finalists but might reach up to $4 million. The latter figure, however, remains lower than the $7 million disbursed at last year’s India Fund Fest.
He added that each Indonesian finalist was expected to get between $200,000 and $500,000 in investment funds, which is average for seed funding rounds led by individual investors instead of venture capital companies (VCs).
“As far as Indonesia is concerned, the deal sizes have to be different [from India] because, here, the ask by entrepreneurs is different because the industry is still maturing. The investors we bring are not VCs. [Investors] are in the league where they do maybe half a million dollars,” he said.
He told The Jakarta Post that Chairos would charge a 7 percent commission fee from each successful investment transaction while the event website says the company charges an additional Rp 4.5 million ($318.4) post-application fee.
