The Indonesia Impact Fund (IIF) has formally announced the completion of its first close, which took place in early Q4 2021. Initiated by Asia-Pacific Business Advisory Council (ABAC) and managed by Mandiri Capital Indonesia, the corporate VC arm of Bank Mandiri Group. IIF is the first Indonesian-run ESG-compliant private impact investment fund which aims to showcase a public-private partnership in the Venture Capital industry. The fund’s limited partners include Indonesian family offices and private institutions, and is currently in collaboration with UNDP in developing and implementing the proper Impact Measurement Framework for portfolio companies.
IIF will focus on investing in early-stage startups that are aligned with United Nation’s Sustainable Development Goals (SDGs). The main target sectors will be education, healthcare, waste management, climate change, financial inclusion, and sustainable cities.
“We believe that by introducing this new initiative, IIF will serve as a catalyst for venture capital companies and fund managers in Indonesia to shift their investments toward impact and sustainability. IIF will not only bring financial profits but also create a positive impact towards the Indonesian community as a whole,” mentioned Eddi Danusaputro, CEO of Mandiri Capital Indonesia.
Mandiri Capital has appointed Joshua Agusta, its Venture Fund Director, to become the Fund Manager and Partner at IIF. The fund has recently closed its first investment deal on Cakap, a leading upskilling platform in Indonesia.
Cakap is an EdTech company that offers high quality non-formal education in Indonesia that mainly focuses on foreign language and vocational courses. Cakap developed a highly interactive online learning application that connects students to professional teachers and experts, both local and foreign. Cakap learning solutions enable personalized learning experiences through adaptive technology that modifies each student’s learning journey by delivering flexibility courses in private, group, and webinar formats, as well as an advanced learning management system, multimedia materials, and certification.
According to Agusta, “Non-formal education is a big market with untapped potential in Indonesia. We believe that by investing into company like Cakap, our fund will contribute in bridging language proficiency gap in Indonesia and improving public welfare in the long run.”
Source: Yahoo! finance