The Zenith program focuses on five industries, namely embedded finance; B2B value chains; merchant enablers; environment, social, and governance, as well as artificial intelligence.
Heaptalk, Jakarta — Mandiri Group’s venture capital arm, Mandiri Capital Indonesia (MCI), officially launched a startup accelerator named Zenith (08/23). Carrying the theme ‘Catalyzing Innovation, Growth, and Sustainability’, this program aims to encourage sustainable and mutually beneficial synergies for Mandiri and startups.
“Zenith is an acceleration program where we will help businesses, tech companies who wish to integrate with Mandiri business units,” said Chief of Investment Officer (CIO) at MCI I Made Putera Pratistha, also known as Dennis Pratistha at the program launch at Mandiri Tower, Jakarta (08/23).
This program is one of MCI’s efforts to foster a culture of collaboration. Dennis further explained that Zenith is part of the X, Y, and Z programs that are being worked on by MCI. Program X is Xponent, which is a business matchmaking event launched in 2022, while program Y will be introduced in the near future.
“Zenith is the culmination of creating added value for the Mandiri Group and startups through synergy. Zenith is a form of our commitment to contribute to the growth of the Mandiri ecosystem and support the growth of startups in Southeast Asia,” added Dennis.
The Zenith program focuses on five industries, namely embedded finance; B2B value chains; merchant enablers; environment, social, and governance (ESG), as well as artificial intelligence (AI). The criteria for startups to take part in this program include having a proven business model, product-market fit, and compatibility with Zenith’s industry focus.
Targeting 500 startups to participate
Registration is open for a month from August 23 to September 25, 2023. The selection phase will be held from September 26 to October 16, 2023. After that, six selected startups will join the onboarding session on October 23, 2023. Synergy Senior Manager at MCI Fleta Jovitasari said that the corporate venture capital targets around 500 startups to register for this program.
Lasting for twelve weeks, selected startups will attend three main sessions, consisting of mentorship, workshops, and synergy creation. SVP of Investment & Synergy at MCI Rabbi Amrita Givatama said that this program is equity free. This program invites startups not only to focus on raising funds but also to develop their business by building traction as well as to gain a captive market and be independent.
However, MCI is likely to consider investing if there are startups that meet the requirements. He voiced, “Investment can happen at the end (of the program). We will see whether they are integrated with the Mandiri Group or not through this program. If anything, this can be a catalyst for us to invest as we have seen that they have a working synergy.”
