With this funding provision, Superbank and Genesis Alternative Ventures will target the startups in Series B and C funding stages.
Heaptalk, Jakarta — PT Super Bank Indonesia (Superbank) and Genesis Alternative Ventures (Genesis) have launched a financing solution worth US$39.3 million, or equal to Rp600 billion, to back the startup industry in Indonesia.
The financing solution combines the principle of conventional bank credit and venture capital investing, targeted at Indonesia’s technology-based startups, while extending working capital to technology startups with a minimum dilution of shareholder equity. The collaboration between these entities emphasizes their strategic plans to empower Indonesia’s startups, specifically those at the Series B and C funding stage, to realize their further enhancement.
As the most considerable digital economy evolution around Southeast Asia, which is projected to elevate eight times from Rp632 trillion in 2020 to Rp4,531 trillion by 2023, the President Director of Superbank, Tigor Siahaan, revealed that the archipelago owns plenty of potential and opportunity to enhance local startups and the ecosystem further.
Tigor added, “We are thrilled to partner with Genesis to grant a robust financing avenue for innovative Indonesia’s startups. In today’s dynamic business environment, access to funding is critical for the ventures to thrive. This partnership exemplifies Superbank’s unwavering commitment to supporting local entrepreneurs and MSMEs to drive sustainable growth. Also, this cooperation marks our significant milestone into a digitally-focused bank that started six months ago,”
Cited in the DSInnovate report, the funding to startup companies showed a decrease in transaction value to US$4.2 billion in 2022, compared to the previous result of US$6.9 billion in 2021. However, last year’s number of investments increased to 260 deals, compared to the prior result of only 214 deals in 2021.
Despite performing a significant decrease of up to 60% year-on-year in terms of venture capital funding for startups in the Asian region, the Co-Founder and Managing Partner of Genesis Alternative Ventures, Jeremy Loh, voiced that Indonesia is still brimming with opportunities in terms of local startups and technology talents. With the same missions as Superbank, he claimed Genesis Ventures will continue to tap the vast potential that Indonesia’s startup owns.
Besides bolstering the startup industry in the country, Superbank, formerly known as Bank Farma, also continues to boost the potential of the SME sector by partnering with Amartha to provide working capital loans to about 1 million Indonesian women micro-entrepreneurs in early August 2023.
As additional information, Genesis Alternative Ventures is known as a venture lender that injects fresh funds into startups with loan schemes. In its journey, the company has several portfolios in Indonesia, such as social commerce RateS, direct-to-consumer startup Saturdays, and online grocery HappyFresh.