Indonesia wants to keep it home and make sure that its leading startups are funded with local funds. Yes, the Indonesian Government has launched a Soonicorn fund to invest in Indonesian startups that are on the track to become Unicorns (valuation of at least $1 billion).
Indonesia, on Wednesday, officially launched a venture capital fund that will target local startups with a valuation of over $200 million. The Merah Putih Fund, launched by president Joko Widodo — also known as Jokowi — aims to back ‘soonicorns’ or startups that have the potential to soon become unicorns. “The market potential is big.
Currently, we have 2,319 startups and it is increasing every day. We have one decacorn, seven unicorns, and so many soonicorns that will be pushed to the unicorn and decacorn clubs,” Widodo said at the inauguration of the Digital Generation Acceleration Movement in Jakarta.
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