The Lippo Group has set up a $15 million fund, dubbed Venturra Discovery, to invest in early stage startups in the archipelago. (Antara Photo/Aprillio Akbar)

Lippo Launches Fund to Invest in Early Stage Startups

BY :JG

SEPTEMBER 29, 2018

Jakarta. The Lippo Group, a diversified Indonesian conglomerate, has set up a $15 million fund to invest in early stage startups in the archipelago.

The group's venture capital arm, Venturra Capital, announced the creation of the fund, dubbed Venturra Discovery, on Wednesday (26/09) and said it would focus on investing in startups that need seed or pre-Series A funding of between $200,000 and $500,000.

"Three years ago, venture capitals focused on early stage startups. Now, as they have found success, they are focusing on larger and larger rounds of funding," Raditya Pramana, a partner at Venturra Discovery, said on Friday.

"It's just a shift in the market that is actually leaving a gap in seed funding for early stage startups, so we come with Venturra Discovery to fill the gap," he said.

Raditya, who previously served as an investment manager at Venturra Capital, is now a partner in Venturra Discovery. Other partners include Lippo Group executive director John Riady and former Google Indonesia chief executive Rudy Ramawy.

Stefan Jung and Tee Plern Suraphongchai, who are currently managing Venturra Capital, also serve as advisors to Venturra Discovery.

The Lippo Group, which is currently the only investor in the fund, has committed $15 million, or Rp 223 billion, to invest in 40 startups over the next four years.

Venturra Discovery has already provided funding to three startups, one in health care, another in enterprise solutions, and an incubator. Raditya said that while Venturra Discovery is agnostic in terms of sectors it would invest in, the fund pays particular interest to health care, niche consumer lending and real estate tech.

Venturra Capital is an investment institution created by the Lippo Group in 2015. It has already backed several successful startups in Indonesia, including online furniture retailer Fabelio, online discount firm Shopback, and cryptocurrency exchange Luno.

The Jakarta Globe is affiliated with the Lippo Group.

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