Indosat Partners with SoftBank to Launch a US$ 50 M Venture Capital Fund in Indonesia
Jakarta, 23 May 2014 – Indosat has announced the successful first close and launch of a US$ 50 M Venture Capital Fund in coordination with SoftBank to be called the SB ISAT Fund. The Fund will primarily target growth-stage Indonesian companies which are category leaders in sectors such as ecommerce, digital and social media and mobile financial technology. Indosat will be an anchor tenant and leading investor in the Fund. The Fund will be managed by a team of international and local investment professionals from SoftBank as both general partner and a limited partner and will have other limited partners with regional and sector expertise as investors. The fund will seek to leverage SoftBank’s extensive investment expertise in venture capital and Indosat’s local market presence and knowledge.
“Indosat is committed to investing in and growing the digital services ecosystem in Indonesia and has built a strong digital services infrastructure including a high speed mobile broadband network and dedicated business units focused on mobile finance, payments, advertising and ecommerce to provide access to customers beyond traditional communications,” said Alexander Rusli, Indosat’s CEO and President Director. “We are already providing strong financial support to the Indonesian entrepreneurs through our IWIC idea competition, and Indonesia’s leading startup accelerator, the Ideabox. The SB ISAT investment fund will allow Indosat to stay ahead of the fundamental changes in the telecommunication and internet industry and drive growth. We look forward to partnering with SoftBank, and not only providing funding but also commercial, infrastructure and strategic support to promising Indonesian technology companies.”