Indonesian Bakrie Group establishes venture capital arm for start-up investments

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Indonesian conglomerate PT Bakrie and Brothers Tbk (BNBR) has set up a venture capital firm Quantum Ventures for seed investments to foster business innovation.

The venture capital firm will manage an initial fund of $30 million, anchored by the group.

TechInAsia first reported the development.

As of December 2021, the fund has deployed over $10 million across five companies.

His portfolio includes solar energy solutions startup Helio; fintech player created in partnership with Pos Indonesia Posfin; Prefab builder module; Loggis logistics aggregation platform; and electric vehicle startup VKTR.

BNBR investor relations spokesperson Andini Aritonang told DealStreetAsia that the fund is focused on scaling up business innovation through seed investments. The company envisions synergy between startups and strategic partners through Quantum Ventures.

Since 2018, for example, VKTR has been collaborating with Chinese electric vehicle manufacturer BYD Auto to supply electric buses in Indonesia.

In March 2022, VKTR partnered with UK electric vehicle battery maker Britishvolt to set up a nickel sulphate plant in Indonesia. In addition, there are plans to appraise the development of a battery gigafactory in Indonesia with a total investment of around $2 billion by 2027.

Another startup in its portfolio, Helio, has partnered with Indonesian power company PLN to support a hybrid solar power plant in South Sulawesi. The company is also involved in other renewable energy projects, including photovoltaic plants on the roof.

“We intend to partner with other global players,” Benny Tjia, managing partner of Quantum Ventures, said in a statement to DealStreetAsia. Tjia, a former Microsoft and Indogen Capital executive, is also member of the investment committee of the Indonesia Impact Fund.

The diversified Bakrie Group has business interests in the automotive parts, construction, infrastructure, metals sector, among others. With Quantum Ventures, the group joins other leading Indonesian family businesses such as Djarum, Sinar Mas and Lippo Group to enter the venture capital investment space.

BNBR has earmarked capital expenditure of about 500 billion rupees ($34.79 million) to support existing and new projects, especially in the area of ​​renewable energy, this year. The company recorded a profit of 98 billion rupees ($6.82 million) at the end of 2021, after posting a loss of 930 billion rupees ($64.71 million) at the end of 2020.

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