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///LATE STAGE • Sociolla • US$ 250M • Commerce///POLICY • Gold Export Duties: Progressive Reference-Price Ladder Kicks In///SERIES A • Hangry • US$ 10.5M • F&B///POLICY • Coal Export Tax 2026: Indonesia Signals a New Resource-Rent Phase///SERIES B • Honest • Undisclosed • Fintech///POLICY • Export FX Repatriation: Proceeds Routed Through State Banks From 2026///SEED • Arummi Foods • US$ 2M • F&B///POLICY • OJK POJK 4/2025: Financial Aggregators Move Into a Licensing Regime///PRE-SEED • IDRX • US$ 300k • Web3///POLICY • Finfluencer Rules: OJK Tightens Conduct Around Securities Marketing///SERIES C • Yup • US$ 32M • Fintech///POLICY • Dormant Accounts: New Standardization Changes Bank Data and Ops///LATE STAGE • Sociolla • US$ 250M • Commerce///POLICY • Gold Export Duties: Progressive Reference-Price Ladder Kicks In///SERIES A • Hangry • US$ 10.5M • F&B///POLICY • Coal Export Tax 2026: Indonesia Signals a New Resource-Rent Phase///SERIES B • Honest • Undisclosed • Fintech///POLICY • Export FX Repatriation: Proceeds Routed Through State Banks From 2026///SEED • Arummi Foods • US$ 2M • F&B///POLICY • OJK POJK 4/2025: Financial Aggregators Move Into a Licensing Regime///PRE-SEED • IDRX • US$ 300k • Web3///POLICY • Finfluencer Rules: OJK Tightens Conduct Around Securities Marketing///SERIES C • Yup • US$ 32M • Fintech///POLICY • Dormant Accounts: New Standardization Changes Bank Data and Ops
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Indogen Capital
VC

Jakarta| Est. 2016

Sector-agnostic VC with 37-41 portfolio, 1 unicorn, 2 IPOs, 5 exits (Carsome, Shipper, Aruna, Evos, Travelio). Chandra Firmanto MP. Co-founded Cydonia Web3 fund with Finch Asia & Tokocrypto execs (2022). Strong Japan/Korea ties via JETRO.

StagePre-Series A
TicketUndisclosed
StatusActive

Investment Thesis

Indogen Capital is a sector-agnostic investor in SEA with deep operating experience in Indonesian market. Focus on post-revenue pre-Series A to Series B. Connected to Jababeka, Mahaka Media Group, JETRO ecosystem. Team of 13 including 5 partners. Philosophy: value-adding partner helping founders grow in or expand into Indonesia. Strong focus on profitability and exit planning.

Operating Model

  • 01Market entry support
  • 02Japan/Korea cross-border
  • 03Exit planning focus
  • 04Profitability advisory
  • 05Cydonia Web3 fund

Key People

  • C
    Chandra Firmanto

Notable Investments

CarsomeQoala AgriAkuJejakinTransTRACK

Verified Deal Flow (2019-2025)

StartupDateStageAmountSector
JejakinMay 2024SeedUS$ 2.7MClimate / Energy
AgriAkuNov 2022Series AUS$ 5MAgritech
ArunaJan 2022Series AUS$ 30MAgritech
iSeller2021Pre-Series BUS$ 8MSaaS / AI

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