SYDNEY and JAKARTA, Indonesia and SINGAPORE, Oct. 30, 2023 /PRNewswire/ — Mandiri Capital Indonesia (MCI) and Investible have signed a Term Sheet and will establish a new Co-GP early-stage climate tech fund aimed at identifying and investing in climate technology and innovation, globally.
MCI is the Corporate Venture Capital subsidiary of Indonesia’s largest financial institution, Bank Mandiri, and Investible is an Asia-Pacific-based early-stage venture capital firm headquartered in Sydney and Singapore.
Once fully established, the joint venture—called the Mandiri-Investible Global Climate Tech Fund—will leverage the expertise and resources of both firms to identify, invest, and provide support to climate tech startups, addressing the pressing issues of climate change in the Southeast Asia and Oceania regions and beyond.
The Fund’s investment strategy will be underpinned by the strengthening economic ties between Australia, Indonesia, Singapore, and the broader region. The partnership between one of Australia’s most active early-stage VCs and a leading financial institution is illustrative of growing ties between Australia and Southeast Asia as seen through the recent ASEAN Summit and Australia’s Southeast Asia Economic Strategy to 2040.
Launched in 2021, Investible’s Climate Tech Strategy has already reviewed over 3,200 opportunities across 20 countries and invested in 19 early-stage companies to date through Investible’s Australian Climate Tech Fund including its recently announced lead investment in the battery recycling startup Renewable Metals, energy management platform CIM, and Singapore-based biotech firm TeOra.
This new climate fund will offer a sustainable investment alternative in a region facing significant environmental challenges and immense opportunities. Where the fund focuses squarely on climate technology, the initiative aligns with market demands and advancing regional sustainability goals.
The fund’s core objective is to leverage the complementary strengths of Indonesia, Southeast Asia, and Australia, and will include allocations of up to 30% of its investments in Indonesia — the world’s fourth highest population and Southeast Asia’s largest economy.
Investible CEO Rod Bristow said “Indonesia offers significant growth potential and a diverse and dynamic startup landscape, which, alongside the mature deep tech and research-based ecosystem of Australia and Singapore’s established hub for commerce, capital and climate innovation, demonstrate the region’s potential to be a climate tech leader.”
Bristow also noted that “Investible is pleased to be working with the MCI team, and the wider Bank Mandiri group, on the Mandiri Investible Global Climate Tech Fund. MCI recognized the unique opportunity presented by Investible’s proprietary early-stage investment process, methodology, global networks, and experience as an early-stage climate tech investor. We are excited to be further establishing our on-ground presence in Indonesia to bring this investment strategy to life.”
Investible is well established in Southeast Asia, actively investing via its Singapore office since 2018 and one of the few Australian firms on the ground. The VC has made several investments in Indonesian startups including Eden Farm, Rakamin Academy, BintanGO, and in MyRobin — a recent exit for Investible’s Fund 2.
Mandiri Capital and Investible’s partnership leverages the synergies between both firms’ current strategies. This fund is a continuation of the Indonesia Impact Fund’s mandate to create a bigger impact on supporting the Net Zero Emissions Initiative, together with the APEC Business Advisory Council (ABAC) and UNDP to significantly contribute to Indonesia’s sustainable development. The new fund will explore opportunities in key sectors identified by the UNEP, such as Energy, Transport, Buildings and Cities, Industry, Food, and Agriculture, as well as Forests and Land Use.
Dennis Pratistha – Chief Investment Officer, Mandiri Capital Indonesia noted “We are excited to be partnering with Investible, as it aligns with our unique strengths and shared vision for the future of climate technology. This collaboration not only highlights Mandiri Group’s commitment to Indonesia’s dynamic economy and evolving ESG priorities but also shows our dedication to sourcing and nurturing breakthrough climate innovations. Our deep-rooted relationships with investors across Indonesia will serve as the cornerstone for this venture, with the aim of elevating and supporting climate tech companies to a global stage.”
About Mandiri Capital Indonesia
PT Mandiri Capital Indonesia (“MCI”) is a subsidiary of Bank Mandiri, operating in the venture capital sector. MCI acts as a bridge between the Mandiri Group and startups, fostering innovation and synergy initiatives. MCI is dedicated to forming strategic partnerships to accelerate innovation within Indonesia’s digital ecosystem. Furthermore, it invests in startups that align with and synergize with the Mandiri Group’s innovation objectives. Since its inception in 2015, MCI has facilitated investments and cultivated partnerships between its portfolio and the Mandiri Group. Currently MCI have several funds including: Balance Sheet Fund, Merah Putih Fund, and Indonesia Impact Fund. Notable companies in MCI’s current portfolio include: AgriAku, Amartha, Ayoconnect, Cakap, Greenhope, iSeller, Kecilin, PrivyID, PTEN, Qoala, Sinbad, and Yokke. Additionally, MCI champions startups via premier programs such as Xponent for collaboration and Zenith for acceleration.
Investible is an Asia-Pacific-based early-stage venture capital firm backing the visionaries advancing humanity through technology. Our mission is to connect ground-breaking companies with the capital, expertise and networks they need to realise their potential on a global scale.
Founded in 2014 and with offices in Sydney and Singapore, its unique approach to early-stage tech investment globally sees its cross-sector and climate tech VC Funds co-investing alongside members of Club Investible, an active, global investor syndicate and community. The Investible portfolio includes more than 140 early-stage companies across 11 countries and 20 sectors including Canva, Ipsy, Car Next Door, Quantum Brilliance, Eden Farm, Applied EV, Parcel Perform, Mize, Renewable Metals and more.
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