LIVE
///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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Mandiri Capital IndonesiaCVC
Jakarta| Est. N/D
CVC
CVC arm of Bank Mandiri. First SOE-owned CVC in Indonesia (founded 2015). Manages 4 funds with combined ~$700M. 22+ portfolio companies.
StageSeed
Ticket$2M - $10M
StatusActive (CVC)
Investment Thesis
Mandiri Capital Indonesia is the CVC subsidiary of Bank Mandiri, Indonesia's largest financial institution by assets. Founded 2015, first SOE-owned CVC in Indonesia. Manages: Balance Sheet Fund ($250M), Merah Putih Fund, BTN Property Fund, and Mandiri-Investible Global Climate Tech Fund (with Investible, 30% Indonesia allocation). CIO Dennis Pratistha. Disbursed IDR 1.4T ($94M) since inception across 22 startups.
Operating Model
- 01Mandiri Group integration
- 02Merah Putih Fund participant
- 03Climate tech focus
- 04Programs: Xponent, Zenith Accelerator
Notable Investments
Verified Deal Flow (2019-2025)
| Startup | Date | Stage | Amount | Sector |
|---|---|---|---|---|
| FishLog | Apr 2024 | Pre-Series A Extension | Undisclosed | Agritech |
| Ayoconnect | Jan 2024 | Series B Extension | US$ 2.5M | Fintech |
| Kecilin | Mar 2023 | Pre-Series A | US$ 4M | SaaS |
| iSeller | Jan 2023 | Series B | US$ 12M | Retail Tech |
| AgriAku | Jul 2022 | Series A | US$ 35M | Agritech |
| Qoala | May 2022 | Series B | US$ 65M | Insurtech |
| Mekari | May 2022 | Series E | US$ 50M | SaaS |
| Privy | Oct 2021 | Series B | US$ 17.5M | SaaS / AI |
| Amartha | May 2021 | Series D | US$ 28M | Fintech |
| Bukalapak | Apr 2021 | Series G | US$ 234M | Commerce |
| Crowde | Mar 2021 | Series B | US$ 9M | Agritech |
| iSeller | 2021 | Pre-Series B | US$ 8M | SaaS / AI |
| KoinWorks | Jun 2019 | Series B | US$ 12M | Fintech |
Data Integrity Check
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