Mandiri Capital Indonesia also prepares follow-up funding round for its existing portfolio

Mandiri Capital Indonesia (MCI), a subsidiary of Indonesian state-owned Bank Mandiri Group, announced that it will add four new startups in its company’s portfolio. Specifically, MCI is aiming for startups in the insurtech and investment management sectors, particularly wealth management.

MCI CEO Eddi Danusaputro said that the firm is currently in talks with two startups in the two sectors, so he would not be able to share further details. Once the deal is finalised, the two startups are expected to support Bank Mandiri Group with the technology that they have built.

“At the moment we are still in discussion [with the startups], but we are ready to invest in Series A stage. They should at least have had a traction,” he told DailySocial at the recent Indonesia PE-VC Summit.

Danusaputro said that MCI is preparing between IDR40 billion (US$2.8 million) and IDR50 billion (US$3.5 million) to invest this year. The firm also planned to allocate from its own pocket, to participate in follow-up funding for its existing portfolio, for IDR50-60 billion (US$3.5-4.2 million).

Also Read: Mandiri Capital Indonesia prepares fresh funds for 4 startups this year

“We are taking from different pockets [source of fund] for new and existing startups. If Amartha or Privy requires follow-up funding, we will prepare the fund from our own pockets,” he explained.

Apart from these two startups, Danusaputro also stated that in the future the firm will target startups working in the cybersecurity sector. The sector is considered crucial for all financial institutions, not limited to banks. As technological development gets more advanced, so it the cybersecurity threat that comes with it.

“Cyber security is required as it is a basic necessity for all financial institutions. We have not found a suitable startup [to invest in]; it may have not been a priority this year, but we predict that this will be what we need,” he said.

MCI currently has 10 portfolio in the lending, payment, and enterprise solutions sectors. These companies are Jurnal, Cashlez, Amartha, Yokke, Moka, PrivyID, PT Penyelesaian Transaksi Elektronik Nasional (PTEN), Investree, PT DAM, and KoinWorks.

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The article Bidik Empat Startup Baru, Mandiri Capital Lirik InsurTech dan Manajemen Investasi was written in Bahasa Indonesia by Marsya Nabila for DailySocial. English translation and editing by e27.

Image Credit: Mandiri Capital Indonesia

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