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Jakarta Post

Indonesian start-ups enjoy wave of funding, investment despite sluggish economy

  • Eisya A. Eloksari

    The Jakarta Post

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Jakarta   /   Tue, May 5, 2020   /  02:51 pm
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The founders of the startup Teman Netra give a presentation during the Apple Developer Academy graduation ceremony at BSD City In Banten on Jan. 14. Teman Netra has developed an application to help the visually-impaired to read books and money by simply scaning them with a smartphone. (JP/Adrian Wail Akhlas)

Eisya A. Eloksari The Jakarta Post/Jakarta The COVID-19 pandemic has put the global economy on a gloomy trajectory with small and established businesses alike hard hit. The government has slashed its GDP growth projection to between 0.4 and 2.3 percent this year, significantly lower than its initial estimate of 5.3 percent. However, a number of funding deals were announced throughout March and April despite the sluggish economy. Most of the deals were early or seed funding, signaling opportunities for start-ups to scale-up. Below are some of the start-up funding, venture capital investments and cohort programs announced during the two-month period. Peer-to-peer (P2P) lending P2P lending platform Modalku announced it received US$40 million through its series C funding in late April. The cofounder & CEO of the lending platform, Reynold Wijaya, said the funds would ...