Participated · Seed · Jul 2023

Maka Motors develops electric two-wheeled vehicles tailored to Indonesian riding conditions. The founders, former Gojek employees Raditya Wibowo (CEO) and Arief Fadillah (CTO), began in-house EV development last year. The company will start deploying pilot vehicles this month and aims to mass produce two-wheeled EVs by late 2024. The $37.6M seed will fund continued R&D and the construction of a factory in West Java beginning later in 2023. Maka emphasizes a blend of driving range, power, usability and durability at competitive prices to replace gasoline motorcycles. The team is roughly 40 people, including hires from gasoline motorcycle manufacturers and global automotive firms.

Participated · Series A · Apr 2022

NOICE operates a non-music audio platform that hosts podcasts, radio, audiobooks, live audio and scripted drama series from Indonesian writers. The company works with influencers to create podcasts and live audio and claims more than 40,000 pieces of content on the platform. It reports about 2 million users, with daily listeners spending roughly 80 minutes per day. NOICE recently launched Noicemaker Studio, an audio-creation platform to encourage more creators to publish directly to the service. The startup says it will use new funding for content acquisition, to build technology for users and creators, and to adapt local writers' stories into audio formats. These initiatives indicate a focus on both expanding content supply and improving creator tools.

Participated · Series A · Aug 2020

Wahyoo, founded in 2017 by Peter Shearer and based in Indonesia, provides digitization services to micro, small and medium enterprises in the food and beverage industry. Its offerings include access to networks for sales and fulfillment, and it built the Bikin Tajir Group, a cloud-kitchen project that supports MSMEs and offers franchise rights for culinary brands. More than 27,000 companies use Wahyoo's services. The company completed a $6.5M Series B that raised its post-money valuation to $38.9M, with its share price nearly tripling compared to the prior year. Wahyoo previously raised $5M in an August 2020 Series A led by Intudo Ventures. The business continues to expand its platform and franchise initiatives to support F&B MSMEs. Wahyoo provides a platform and complementary services to digitize warung makan operations, including next-day grocery delivery from its own warehouses, integration with Go Food, and an education program called Wahyoo Academy. The app, launched about a year ago, has onboarded roughly 13,800 warung makan and the company employs about 170 people, including field teams that meet owners in person. Wahyoo is free for restaurant owners and monetizes through brand commission percentages, in-store advertising, and a fried chicken franchise that places stalls in front of partner stores (about 350 stalls today, with a goal of 1,000 by year-end). The startup also runs brand partnerships and offers owners ways to earn via ad banners and brochures in-store. During the COVID-19 pandemic eateries on the platform briefly saw a drop in business in April and May but began recovering in June and July, aided in part by the Go Food integration. Wahyoo plans to continue hiring, develop its tech platform further, expand beyond Greater Jakarta, and explore fintech and catering opportunities as part of its ecosystem strategy.

Participated · Equity · Mar 2020

Chilibeli is a community-based social commerce platform that connects farmers and manufacturers to bring fresh, quality products to households. Launched in July 2019 by co-founders Alex Feng, Damon Yue, and Matt Li and based in Jakarta, the platform enables agents (mitra), many of whom are housewives, to sell into local communities. The model creates local value, promotes community bonding, and increases household income; since inception the company has created 300+ direct jobs and thousands of indirect jobs for Mitra Chilibeli in Indonesia. Chilibeli raised $10m in funding to support its growth. The company plans to use proceeds to strengthen community networks in Jakarta, Tangerang Selatan, and Depok, expand into Bogor and Bekasi, improve the app's UI/UX, and enhance its Depok warehouse facility. Its core product centers on agent-led distribution of fresh goods sourced from farmers and manufacturers through a social commerce app.