Indonesia Impact Fund offers funding to Greenhope biotech start-up
Author
IIF
Published On
June 10, 2022
Category
News
Jakarta (ANTARA) - Indonesia Impact Fund, an investment fund managed by state-owned Mandiri Manajemen Investasi, with Mandiri Capital Indonesia as investment advisor, has provided funding worth US$500,000 to Jakarta-based biotechnology start-up company Greenhope.
The funding was provided by Indonesia Impact Fund, under the supervision of the APEC Business Advisory Council (ABAC), to support start-up companies committed to the sustainability industry.
"Indonesia Impact Fund has an investment mandate to support Indonesian start-up companies active in sustainability industries," Chairperson of ABAC Indonesia, Anindya Bakrie, stated here on Friday.
Bakrie noted that ABAC Indonesia had appointed Singapore-based Mandiri Investment Management Singapore Pte. Ltd., part of state-owned PT Mandiri Manajemen Investasi (Mandiri Investasi), as the fund manager for the Indonesia Impact Fund.
ABAC Indonesia will also accommodate other foreign investors keen to invest through the Indonesia Impact Fund, the chairperson revealed.
"This is the second close after the earlier investment in Cakap, an Indonesian education technology platform start-up, with the same value on March 22," he noted.
Greenhope is a start-up company active in the biotechnology industry that produces cassava-based biodegradable bioplastic products, he noted.
Bakrie explained that to monitor the utilisation of funds disbursed to the start-up company and ensure its compliance with Sustainable Development Goals (SDGs), ABAC Indonesia has also cooperated with the United Nations Development Programme (UNDP) as an advisor.
He noted that Indonesia Impact Fund is the first private-led social impact fund in Indonesia focused on start-up companies.
Achieving SDGs through investment in start-up companies would be focused on achieving targets on poverty eradication, quality and accessible healthcare and education, bolstering women's participation, sustainable environmental and urban development, and conscience towards climate change aspects, the chairperson expounded.
The total funding managed by the Indonesia Impact Fund is expected to reach US$5 million in two years that will be available through investments made by domestic and foreign investors, he stated.
The initiative is also supported by Chairperson of the Indonesian Chamber of Commerce and Industry Arsjad Rasjid and members of ABAC Indonesia, Shinta Kamdani and John Riady, Bakrie stated.
Other investors that have committed their participation to the Indonesia Impact Fund are Michael Sampoerna, Anderson Tanoto, Jonathan Thahir, Alvin Sariaatmadja, Agus Pangestu, and Arif Rachmat, he added.
Source: Antara
