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Jakarta Post

Indonesian start-ups seek to expand, accumulate more funding in 2021

  • Eisya A. Eloksari

    The Jakarta Post

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Jakarta   /   Tue, January 12, 2021   /  08:31 am
The Jakarta Post Image
Start-up employees work in the Innovation Room, an incubator space for start-ups provided by the Manpower Ministry in Jakarta, in this file photo.(JP/Rainier Nathaniel )

Indonesian start-ups are looking forward to more funding and clearer paths to profitability in 2021 as the technology industry blooms amid the COVID-19 pandemic, with optimism in the sector fueled by ample dry powder. The Venture Capital and Startup Indonesia Association (Amvesindo) stated that the country could see more funding in 2021 despite a slowdown in the second half of 2020 due to the coronavirus outbreak. “Even during a pandemic, venture capitalists [VCs] always anticipate a good deal,” Amvesindo chairman Jefri Sirait told The Jakarta Post on Dec. 21. Amvesindo data show that US$1.9 billion in capital has been raised by 52 start-ups in Indonesia as of September last year. The association expects the 2020 year-end figure to reach $2.5 billion, which would be slightly lower than $2.9 billion in capital raised by 113 start-ups in 2019. In October last ye...