From the BVI-Fundnel Secondaries Fund launch ceremony
Singapore-based Fundnel Group, an online marketplace for alternative assets in Southeast Asia, has partnered with BRI Ventures to launch the BVI-Fundnel Secondaries Fund targeting growth-stage startups in Indonesia.
The new aims to build a portfolio of high-growth companies through a non-traditional route of investment which will directly support founders, employees and early backers.
Under this collaboration, global investors will be able to invest in Indonesia’s growth-stage startups.
Fundnel and BVI will also work with startups to find structured and standardised processes for employees to find secondary liquidity for their stock options.
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The BVI-Fundnel Secondaries Fund expects to attract investments of at least US$50 million.
Indonesia’s digital economy is expected to grow 18.9 per cent from US$44 billion in 2020 to US$124 billion in 2025, bolstered by increasing smartphone adoption, mobile-first development and expansion of technology, media and telecommunications infrastructure in rural areas.
Over the past three years, Fundnel has received a total of US$22 billion in secondary (bid-ask) transactions across more than 1,000 orders. In line with creating access and liquidity in the market, Fundnel is looking to explore tokenisation of the Fund on Hg Exchange to provide further liquidity for investors.
With tokenisation, a valuable channel may be opened for investors to tap on liquidity on the HGX, and it is intended to allow new investors to access high growth companies in the region with a minimum ticket size of US$10,000, a small fraction of the customary US$200,000 ticket.
Nicko Widjaja, CEO of BRI Ventures, said, “Exit environment has been more challenging due to various unfavourable macro conditions that lead to a supply crunch. Through this exclusive partnership with Fundnel Group, BRI Ventures is thrilled to make growth capital investments in private late-stage Indonesian companies to help provide liquidity in the market. With BRI Ventures’ strong track record of investments and huge ecosystem and Fundnel’s extensive pipeline of secondary opportunities, this partnership will also serve as an attractive entry point for larger foreign funds to enter Indonesian growing tech startups.”
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