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Thursday, February 2, 2023
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Creative Gorilla launches $20m fund to back Indonesian startups

Indonesia

Creative Gorilla Capital (CGC), a new venture capital platform initiated by a collaboration between Future Creative Network (FCN), Vynn Capital and Pomona, launched a debut fund of IDR 300 billion called the Gorilla Silverback Fund. The fund has a focus on investing in potential D2C/Consumer-focused startups in various ecosystems in Indonesia. CGC is centered on supporting potential startup businesses with creative and marketing skills to be able to hone the right strategies to achieve hypergrowth.

“We believe that it is important for CGC to encourage Indonesian startups by providing the best facilities and having a positive impact on the wider community. In addition to funding and expert consultation from partners, CGC also provides access to the largest creative ecosystem in Indonesia for selected startups. Exposing them to world-class marketing professionals and data-driven solutions from the start will increase a startup’s chances of success and continue to grow,” said Benz Julio Budiman, 29, Founding & Managing Partner of Creative Gorilla Capital.

CGC with its strong desire to achieve business expansion goals is a mission based on data. According to the whitepaper information released by Accenture, the rapid growth in the goods and services market reached sixfold with a value of US$7.9 billion between 2015 and 2020 and is expected to continue to grow in the future. This is also influenced by Indonesia’s population which has now reached more than 260 million people, rapid urbanization, and an increase in people’s per capita income.

This great potential is a driving force for technology-based and digital D2C businesses that directly provide consumer goods and services to continue to grow. As e-commerce platforms in Indonesia mature, supply chains become more efficient and rely on technological advances, D2C services have the potential to develop in the coming years.

However, it is important to note that “D2C” is still very nascent in the Indonesian region, so it specifically requires an omni-channel approach that requires reliance not only on e-commerce but also through traditional/modern trade channels.

Therefore, CGC initiated a 300 billion rupiah Gorilla Silverback Fund to build momentum for D2C/Consumer focused startup companies to take advantage of the booming digital business ecosystem in Indonesia. Unlike typical VCs, CGC differentiates itself by positioning itself as a partner in the overall marketing & consumer business network.

“By tapping into the largest creative network in the region; new startups can access all the resources needed to create a winning brand, from day one. We will help startups apply consumer insight and brand-led thinking to drive their growth. Expertise normally provided to established incumbents/brands will be available across our portfolio.”

For this reason, CGC not only invests but also hones skills and shares the comprehensive experiences of its three partners with novice entrepreneurs from day one. Future Creative Network (FCN) is an expert in the marketing ecosystem with over 42 companies and agencies under its wing. FCN will play an active role in providing comprehensive access to integrated expertise and creative solutions in branding and digital services for CGC to further develop the D2C brand and achieve effective results.

Meanwhile, Vynn Capital’s experience in the investment sector certainly comes with an extensive and tested portfolio up to the regional level. Some of Vynn Capital’s successful portfolio of companies includes Southeast Asia’s largest integrated car e-commerce ecosystem, Carsome, and Indonesia’s largest property management platform, Travelio.

Having experience in the field of Consumer Packaged Goods/FMCG and data at Pomona, Benz believes that Indonesia is the right place to find the next wave of the D2C/Consumer Products business. Making CGC a potential expansion step, Benz places Pomona as the data-core for both internal needs and the CGC portfolio which provides a number of research data and insights in identifying the next product trend that has the potential to develop on a national to global scale.

Furthermore, CGC will allocate 300 billion rupiah for startups selectively by looking at several key critical indicators. Such factors as a clear profitability path, proven product market suitability, and distribution prowess will be the main emphasis in the selection process. In addition, potential startups must adhere to a forward-thinking vision to decide the future in categories such as sustainability, social equity, as well as responsible consumerism.

“To date, CGC has funded more than 5+ innovative and ambitious startups such as Offmeat, Summarized, Kynd, and Allura, with several more deals in the pipeline. Regardless of the “winter” phase that is currently happening in the market as a whole, CGC is confident in seeing the sustainability of startups that can last as long as possible. Our goal over the next three years is to work selectively and closely with future leaders to build long-lasting winning brands that can grow not only locally but globally as well. We really hope that through our work we can have a lasting impact on revitalizing Indonesia’s creative economy & presenting Indonesian products to the world,” Benz concluded.

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