Bank BRI Ventures CEO Nicko Wijaya says that “the philosophy behind BRI Ventures investment is ‘value over valuation’ in which our focus is seeking businesses with strong fundamentals. The funding will be channeled to start-ups that already produce products, have income from their operations and have a clear business strategy toward profit.”
Photo: The Jakarta Post
To grow, digital technology start-ups require venture capital and that is what several foreign investors have provided for various local start-ups.
The investors injected the venture capital into selected qualified start-ups, categorized as unicorns, or a privately held start-up valued at over US$1 billion, several years ago.
However, a change is taking place regarding digital technology start-ups to ensure sustainable growth.
“In today’s digital tech business ecosystem, the landscape has shifted from growth at all cost, to sustainable growth. The name unicorn has been adapted from Silicon Valley, which might no longer sit well with today’s ecosystem. Indonesia needs Sembrani, a symbol for Indonesian start-ups,” said Nicko Widjaja, CEO of PT BRI Ventura Investama (BRI Ventures), a subsidiary of BRI.
Nicko released the written remark in conjunction with the launch of Dana Ventura Sembrani Nusatara (Nusantara Venture Capital) in Jakarta on June 24.
With the launch of Dana Ventura Sembrani Nusantara, BRI Ventures aims to realize its commitment to provide easy access to venture capital for digital tech micro, small and medium enterprises (UMKMs) start-ups.
The breakthrough is also in line with the strategy that Bank BRI, as the holding company, has set to empower UMKMs.
Dana Ventura Sembrani Nusantara is expected to accelerate the expansion of local start-ups by delivering digital technology-based products and services, both online and offline.
The funding will be focused on seed-growth, comprising seed funding and venture capital Series A.
“The philosophy behind BRI Ventures investment is ‘value over valuation’ in which our focus is seeking businesses with strong fundamentals. The funding will be channeled to start-ups that already produce products, have income from their operations and have a clear business strategy toward profit,” Nicko explained.
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24 June 2020