6 Gen.T Honourees Who Are Funding Indonesia's Startups
The companies of these six young leaders from the Gen.T List 2022 provide capital to the country's wide array of business owners, from micro-entrepreneurs to founders of high-growth startups
1. Dino Setiawan
Co-founder and CEO, AwanTunai
The Indonesian small business economy runs on cash. Dino Setiawan’s company AwanTunai is trying to change that, with software that allows companies to digitise their supply chain and also gives them access to working capital, as well as providing unbanked customers with credit. The company has raised US$89 million in five funding rounds, with investors including the International Finance Corporation, Global Brain, Insignia Ventures and OCBC NISP Ventures.
2. Joshua Agusta
Executive director, Vertex Ventures
One of Indonesia’s leading venture capitalists, Joshua Agusta is executive director at Vertex Ventures, running the Southeast Asia and India fund of the global technology and healthcare venture fund network, part of Temasek. Previously director of Venture Funds for Mandiri Capital Indonesia, the corporate VC arm of Bank Mandiri, Indonesia’s largest, he is also deputy head of investment and partnerships at the Indonesian Chamber of Commerce and Industry.
3. Ardelia Apti
Mapan provides easy access to financial services in a country where more than half of adults are unbanked. The company, run by former Gojek executive Ardelia Apti, is best known for Mapan Arisan, a digital savings and credit service that can be used to pay for goods and services. In 2022, the company raised US$15.1 million in a Series A round including Patamar Capital, Astra Digital and 500 Global.
4. Pitra Ciputra Harun
Co-founder, director and Indonesia country head, Asia Partners
Pitra Harun's Asia Partners equity firm runs a nearly US$400 million fund investing in disruptive technology startups. Its portfolio includes budget hotel startup RedDoorz, omnichannel healthcare provider Doctor Anywhere, automobile e-commerce platform Carsome and online tutoring facilitator Snapask. Before launching the company, he was head of digital goods for Indonesian e-commerce unicorn Bukalapak.
5. Michael Soerijadji
Founder and managing partner, AC Ventures
Michael Soerijadji heads early-stage venture fund AC Ventures, which boasts total assets under management of about US$380 million. Of that, about US$205 million was raised in 2021 for its Fund Il from investors including the World Bank's International Finance Corporation and Disrupt AD. Michael is also a director of mining and renewable energy company Adimitra, and a commissioner of skincare and beauty clinic company Euromedica.
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6. Andi Taufan
Founder and CEO, Amartha
Peer-to-peer microfinance lending platform Amartha connects people who need financing with those who can provide it, allowing small businesses to flourish. Targeting female owners of small businesses such as neighbourhood shops, and prioritising those with a positive environmental impact, the company founded by Andi Taufan has arranged loans worth more than US$250 million for more than 600,000 women. It has also raised US$63.5 million in funding across six rounds.