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Wednesday, June 12, 2024

Government-backed Startup Studio Indonesia Alumni raises $65.8M in funding


Startup Studio Indonesia (SSI), an accelerator program supported by the Indonesian Ministry of Communication and Informatics (Kominfo), is now welcoming applications for its seventh cohort. This government-backed program has been successful in helping startups grow, with its alumni collectively raising $65.8 million (RM305 million) in funding.

The application process for the seventh batch of SSI is now open, with the program set to commence in May 2023. SSI is dedicated to supporting the growth and success of startups by providing them with valuable resources and opportunities. The program focuses on assisting early-stage companies in achieving product-market fit and expanding their business.

By prioritizing this aspect, startups can ensure that their products or services align with market needs, making them more attractive to potential investors. Additionally, the program facilitates networking opportunities and knowledge exchange with established startup leaders across Asia, allowing participants to gain valuable insights from their experiences.

SSI’s team of mentors and coaches consists of industry experts from leading technology companies in Indonesia, such as Xendit, eFishery, IDN Times, Halodoc, and Bukalapak.

The primary target of Startup Studio Indonesia is startups in the pre-Series A funding stage or earlier, with a minimum of six months of traction and a consistent month-on-month growth rate of at least 5%. These criteria ensure that the selected startups have demonstrated initial market validation and have the potential to effectively scale their operations.

Semuel Abrijani Pangerapan, the Director General of Informatics Applications at the Ministry of Communication and Information Technology, expressed the firm commitment of the Indonesian government, under the purview of the Ministry of Communication and Information, to provide support to startups in Indonesia, despite the challenges of the technological landscape.

“We will make every effort to provide unwavering support to startups in Indonesia. We are optimistic about the emergence of exceptional startups from Indonesia through the Startup Studio Indonesia program,” he affirmed.

The Ministry of Communication and Informatics Indonesia aims to nurture 150 early-stage businesses by 2024 through the SSI program. With the start of the seventh cohort, the program will accept an additional 18 firms, bringing the total number of supported startups to 115.


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