Jakarta. Antler, a global early-stage venture capital, has committed to investing in 100 Indonesian startups within the next five years, the company said in a media conference on Wednesday. This plan will roll out beginning in 2022.
To be eligible, startups may apply to be a part of their program, which funds companies with “high potential.” They will assess the startup’s team, business idea, and product & market fit before deciding.
While over 50,000 applications have been sent to Antler, only the top 3-5 percent of startups across all sectors are accepted.
Each startup will receive $70,000 in cash, and $30,000 in Antler services, totaling up to $100,000 each. There are two cohorts of accepted applicants each year and 10-15 startups in each cohort or about 20-30 startups per year.
“We will invest in approximately $20-25 million for the next 3-5 years”, says Antler Partner and Country Head Subir Lohani.
Antler, founded in Singapore in 2017, has invested in over 350 tech startups in 16 nations. Antler Indonesia will be led by Partner and Country Head Subir Lohani, former CEO of Carmudi, and Kanta Nandana, their Program Director, an alumnus of the Antler Singapore branch.