Discovering the Mission Behind Northstar Group and Google’s Joint Business Plan

In 2021, Northstar and Google have agreed to form a joint business plan. It’s to focus on accelerating the growth of the digital economy in Southeast Asia.

Northstar Group‘s Director, Henky Prihatna said to DailySocial that the two companies will share roles. As a private equity firm, Northstar will focus on investing and allocating resources to provide local market knowledge. While Google will help a lot on the technology part, it also teaches best practices from global case studies.

“The combination is necessary for entrepreneurs in Indonesia. A successful startup does not only need a good founder but also has to understand the ‘know-how’. At this point, we will share useful insights according to our experience and observations,” Henky said.

In the initial phase, Northstar and Google will first test it. Therefore, it’ll be focused on the existing portfolios. He also said that the big vision of this joint business plan is to deliver to a new unicorn in Southeast Asia for verticals outside the existing ones.

“The stage [startup] is actually flexible, but because it is still new, we want to pilot the project to startups that are already running [later stage]. Because this is also Google’s first collaboration with venture capital,” he added.

Apart from nurturing their existing businesses, they will also assist traditional companies to run digital transformation. As a general note, Northstar not only invests in technology companies but also embraces consumer and financial sectors.

“This collaboration is expected to generate new entrepreneurs. As we all know, Google has various accelerator programs and business education. We are also often involved in startup development programs. We are discussing joint programs that can later be implemented for this purpose,” Henky said.

In an official release, Google Indonesia’s Managing Director Randy Jusuf said, “At Google, we want to continue to support digital transformation through collaboration with stakeholders and encouraging the development of the startup community through the Google for Startups initiative. It is an honor for us to work with Northstar Group and support their investment in startups through platforms such as Google Ads and Google Cloud. ”

Northstar Group’s Chief Investment Officer Tan Choon Hong also gave his speech, “With the support of partners of the caliber of Google, we hope to help our portfolio to continue to adapt and maximize new opportunities in the future. This collaboration with Google is also part of our commitment to drive the Northstar portfolio’s growth. ”

Northstar alone since 2003 has managed about $2.2 billion in funds and is one of the largest investors in the region. In the Indonesian startup ecosystem, they invest in several startups such as Gojek, Zenius, and eFishery. They also have a Northstar Foundation unit that focuses on investing in social impact enterprises.

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Original article is in Indonesian, translated by Kristin Siagian

Mendalami Misi “Joint Business Plan” Northstar Group dan Google

Tahun 2021 ini, Northstar dan Google sepakat membentuk joint business plan. Fokusnya untuk bersama-sama mempercepat pertumbuhan ekonomi digital di Asia Tenggara.

Kepada DailySocial, Direktur Northstar Group Henky Prihatna mengatakan bahwa kedua perusahaan akan berbagi peran. Sebagai private equity firm, Northstar akan fokus pada investasi dan mengalokasikan sumber daya untuk memberikan pengetahuan pasar lokal. Sementara Google akan banyak membantu di unsur teknologi, juga mengajarkan praktik terbaik dari studi kasus global.

“Kombinasi ini diperlukan untuk entrepreneur di Indonesia. Karena startup yang sukses tidak hanya butuh founder-nya bagus saja, tapi juga harus paham ‘know-how’-nya. Dari sini kami akan sharing insight yang bermanfaat sesuai dengan pengalaman dan pengamatan kami,” ujar Henky.

Di fase awal, Northstar dan Google akan melakukan uji coba dulu. Sehingga masih berfokus pada jajaran portofolio yang sudah ada. Ia turut menuturkan, visi besar dari joint business plan ini adalah melahirkan unicorn baru di Asia Tenggara untuk vertikal-vertikal di luar yang sudah ada.

“Untuk stage [startup] sebenarnya fleksibel, tapi karena saat ini masih baru, kita mau pilot project ke startup yang sudah jalan [later stage]. Karena ini juga jadi kerja sama pertama Google dengan venture capital,” imbuhnya.

Selain memupuk bisnis yang sudah ada mereka juga akan membantu perusahaan yang masih tradisional untuk melakukan transformasi digital. Seperti diketahui, bahwa Northstar tidak hanya berinvestasi pada perusahaan teknologi, namun mereka juga merangkul dua sektor lainnya, yakni konsumer dan finansial.

“Kerja sama ini juga diharapkan memunculkan pengusaha-pengusaha baru. Seperti kita tahu, Google punya berbagai program akselerator dan edukasi bisnis, kami pun juga sering involved ke dalam program-program pengembangan startup. Sedang didiskusikan program-program bersama yang nanti bisa dijalankan untuk tujuan tersebut,” kata Henky.

Dalam rilis yang diterbitkan, Managing Director Google Indonesia Randy Jusuf menyampaikan, “Di Google, kami ingin terus mendukung transformasi digital melalui kolaborasi dengan para pemangku kepentingan dan mendorong pengembangan komunitas startup melalui inisiatif Google for Startups. Merupakan suatu kebanggaan bagi kami untuk bekerja sama dengan Northstar Group dan mendukung investasi mereka pada startup melalui platform seperti Google Ads dan Google Cloud.”

Chief Investment Officer Northstar Group Tan Choon Hong juga memberikan sambutannya, “Dengan dukungan dari partner sekaliber Google, kami berharap bisa membantu portofolio kami untuk terus beradaptasi dan memaksimalkan peluang baru ke depannya. Kolaborasi dengan Google ini juga merupakan bagian dari komitmen kami untuk mendorong pertumbuhan perusahaan portofolio Northstar.”

Northstar sendiri sejak tahun 2003 telah mengelola dana sekitar $2,2 miliar, dan menjadi salah satu investor terbesar di regional. Di ekosistem startup Indonesia, mereka berinvestasi ke beberapa startup seperti Gojek, Zenius, dan eFishery. Mereka juga memiliki unit Northstar Foundation yang fokus memberikan investasi pada usaha berdampak sosial.

Northstar Mencari “Lumbung Permata” di Pasar Indonesia

Pada bulan April, perusahaan Private Equity yang berkantor pusat di Singapura, Northstar telah mengumumkan penutupan fund kelimanya. Sejak debutnya pada tahun 2003, Northstar telah aktif berinvestasi di pasar Indonesia. Salah satu portofolio mereka yang teranyar adalah raksasa ride hailing, Gojek.

Dengan jumlah populasi anak muda dan basis konsumen yang terus berkembang menggerakkan roda perekonomian negara, Indonesia tetap menjadi pasar terbesar bagi investor di Asia Tenggara. Hal tersebut diungkapkan secara jelas oleh Co-Chief Investment Northstar, Sunata Tjiterosampurno, dalam sesi wawancara eksklusif dengan DailySocial. Setiap kali investor mencari peluang di Asia Tenggara, Indonesia harus ada di peta.

Selama membahas lanskap investasi di Indonesia dan negara-negara lain di Asia Tenggara, ia menekankan untuk tidak menggeneralisasi lanskap VC dan PE. Di skema PE, lanjutnya, Indonesia dikatakan sebagai pasar yang cukup menarik karena banyaknya kesepakatan pasar menengah ($50-100 juta).

Singapura, di sisi lain, memiliki pasar sendiri. Lanskap ini relatif mirip dengan Thailand, Vietnam, dan Filipina. Ia juga menyoroti fakta bahwa tidak banyak potensi sumber daya alam atau sektor terkait masyarakat di Singapura. Selain itu, terdapat basis manufaktur di Thailand, dibandingkan dengan Indonesia yang kebanyakan melayani jenis transaksi pasar massal konsumen.

Secara historis dan ke depannya, memberi eksposur terhadap pertumbuhan konsumsi di Indonesia (yang didasari pertumbuhan kelas menengah) menjadi tema penting di Northstar. Apalagi di era digital ini, di mana segala sesuatu mulai bergeser ke cara non-konvensional.

“Digital telah menjadi komponen ekonomi yang lebih besar dan menyerbu pasar massal konsumen dan layanan keuangan dengan cara yang berbeda. Evolusi model bisnis yang memanfaatkan pasar tersebut telah menghasilkan investasi dalam bisnis yang lebih berorientasi digital atau menggabungkan bisnis online-offline,” imbuhnya.

Fokus pada market yang besar

Dalam hal investasi, Northstar memiliki tiga area fokus, pasar massal konsumen, layanan keuangan, dan digital. Strategi ini telah diterapkan pada fund IV dan akan terus diadopsi dalam fund V. Dipastikan bahwa pasar terbesar perusahaan sejauh ini adalah Indonesia. Dari perspektif geografis, Indonesia akan mencaplok 60% – 70% dari total, sementara pasar lain mendapat bagian hingga 30% – 40%. Di pasar regional, Northstar telah mengambil peluang di Filipina, Thailand, Singapura, dan Vietnam.

Berinvestasi bukanlah tugas yang mudah. Ada beberapa kualitas utama untuk diperhatikan atau menjadi fokus. Bagi Northstar, yang pertama dan terpenting adalah pengusaha itu sendiri. Sampai pada akhirnya mereka bertemu dengan tim manajemen, para pendiri memang orang paling penting yang dapat menggerakkan bisnis ini dan menjadikannya besar.

Selanjutnya, seberapa besar ukuran pasar yang mereka kejar? Ada banyak perusahaan rintisan digital, tetapi jika mereka mencari pasar kecil maka inilah saatnya untuk mempertimbangkan kembali. Sebagai perusahaan yang berkomitmen untuk berinvestasi pada perusahaan yang sedang berkembang, adalah alami untuk menargetkan pasar yang besar.

Ketiga, model bisnis yang dapat dipertahankan, artinya mereka memiliki cara yang menarik untuk menghasilkan uang. Selain itu, mereka dapat membuat mode pertahanan untuk mengelola persaingan saat semakin ketat.

DailySocial turut menyinggung perjalanan Northstar dalam menemukan dan berinvestasi pada salah satu harta karun Indonesia, Gojek. Singkat cerita, sebagai pendiri Northstar, Patrick Walujo menjadi salah satu yang pertama kali terlibat di masa-masa awal Gojek. Perusahaan modal ventura afiliasinya, NSI, yang kini berganti nama menjadi Openspace Ventures, berinvestasi di putaran Seri A pada tahun 2014. Saat itu, Gojek sama sekali belum digital.

Saat Openspace berinvestasi ke Gojek, tujuannya adalah membawa perusahaan tersebut online dan membuat aplikasi. Dalam enam bulan, perusahaan berhasil meluncurkan aplikasi dan mendapatkan daya tarik yang luar biasa. Dengan sejumlah koneksi ke perusahaan, sebuah privilege ketika Openspace menjadi salah satu yang pertama dihubungi terkait pendanaan. Namun, dengan fokus investasi tahap lanjut, sudah sewajarnya bagi Northstar untuk berinvestasi di Seri B. Dengan ukuran tiket rata-rata antara $50 – $60 juta, perusahaan berinvestasi secara progresif hingga mencapai $60 juta.

Sunata juga menyebutkan bahwa Northstar mengamati pertumbuhan global Uber yang pesat mulai tahun 2014 dan mengantisipasi tren ini akan datang ke Indonesia. Northstar melihat peluang di segmen ride hailing dan transportasi. Mereka mendukung Nadiem saat ia memulai Gojek sebagai versi lokal Uber.

Bekerja sama dengan tim manajemen

Pandemi telah menjadi bencana pada beberapa bisnis yang memiliki komponen offline yang besar, tetapi untuk bisnis digital native atau bisnis digital besar, sebenarnya mengalami banyak pertumbuhan, karena orang-orang yang bekerja di rumah mencoba mendapatkan akses ke hal-hal yang mereka lakukan sebelumnya melalui mobile. Tahun lalu, Northstar berinvestasi di perusahaan edtech bernama Zenius, dan telah menunjukkan pertumbuhan yang sangat kuat selama setahun terakhir. Terutama di saat pandemi, lebih banyak orang yang mencari untuk belajar di rumah karena tidak bisa bersekolah.

Karena Covid-19, adopsi digital meningkat. Oleh karena itu, beberapa bisnis mengalami pertumbuhan eksponensial seperti e-commerce dan banyak sektor berbeda mendapat manfaat dari peningkatan perilaku digital. Pada saat yang sama, kondisi makro secara keseluruhan sedang sulit di Indonesia, sehingga menyulitkan bisnis dengan komponen offline yang besar. Perusahaan menyadari bahwa sangat sulit bagi mereka untuk menumbuhkan skala yang sama selama pandemi.

Grup Northstar dipastikan menjadi investor aktif di semua portofolio bisnis. Mereka menduduki kursi dewan di Dewan Komisaris dan bekerja sangat erat dengan tim manajemen, terutama selama krisis. Beberapa bisnisnya telah dilanda pandemi parah. Seperti yang sudah sering kita dengar, industri perjalanan dan pariwisata telah menurun secara signifikan, dan secara global.

“Mengingat pandemi COVID-19, dalam beberapa kasus, kami harus membuat beberapa keputusan strategis di perusahaan portofolio kami untuk memfokuskan kembali strategi bisnis pada area pertumbuhan potensial. Kami bekerja sangat erat dengan tim manajemen dalam perubahan ini,” sebut perwakilan Northstar.

Untuk para pendiri yang bisnisnya cukup terpukul, berikut beberapa insight terkait masalah terkini. Banyak investor asing merasa sulit untuk berinvestasi tanpa melibatkan orang di lapangan. Dengan cara lain, sangat tepat untuk berasumsi bahwa akan sulit bagi perusahaan Indonesia untuk mendapat modal asing sampai pandemi selesai.

“Salah satu hal terpenting bagi para pendiri adalah memastikan bahwa mereka dapat mendanai bisnis selama mungkin tanpa memerlukan modal eksternal. Dalam hal model bisnis, bagaimana Anda terus berinovasi, beradaptasi, dan berkembang sesuai dengan kebutuhan konsumen yang berubah dengan cepat. Untuk kebanyakan bisnis, hal ini tentang beradaptasi dengan iklim yang berbeda dan belajar bagaimana bisa tetap bersinar dalam era new normal,” lanjutnya.

Flavor of the year

Mengenai strategi jangka panjang, sebagian besar private equity atau dana modal ventura sudah memiliki alokasi aset, fokus area, dan geografisnya sendiri. Juga jenis usaha yang akan diinvestasikan sambil menggalang dana. Dalam hal implementasi, Northstar akan tetap menggunakan strategi jangka panjang, tetapi mengkalibrasi tergantung pada siklus bisnis. Oleh karena itu, yang akan berubah sebenarnya dari segi valuasi, sektor tertentu, tetapi fokus tingkat tinggi tetap sama.

“Yang saya maksudkan adalah bahwa strategi investasi kami di bidang jasa keuangan, digital dan konsumen tetap sama, apakah ada pandemi atau tidak, menurut kami ini tetap menjadi sektor yang menarik dan akan terus fokus pada hal ini,” tambah Sunata.

Ia juga menyebutkan bahwa strategi jangka panjang berbeda dengan flavor of the year. Di tahun 2020 ini adalah Covid-19. Oleh karena itu, private equity perlu lebih optimis dan berhati-hati dalam hal penggelaran modalnya, banyak fokus pada optimalisasi perusahaan portofolio yang ada. Setiap tahun memiliki taste yang berbeda. Situasinya dinamis dan perusahaan akan terus mencari peluang yang sesuai dengan keadaan.

“Kami tetap aktif dalam mencari kesepakatan dan semua berbasis pada kasus, tergantung valuasi, performa bisnis. Namun, secara umum kami sangat aktif mencari peluang bagus,” ujar Sunata.

Hingga saat ini, The Northstar Group telah menginvestasikan lebih dari US $3,3 miliar di kawasan Asia Tenggara. Dana tersebut disalurkan melalui lebih dari 35 perusahaan di sektor perbankan, asuransi, konsumen/ritel, manufaktur, minyak dan gas, batubara dan pertambangan, teknologi, telekomunikasi, dan agribisnis. Belum lama ini perusahaan mengucurkan dana untuk eFishery, perusahaan intelijen akuakultur terkemuka di Indonesia.

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Artikel asli terbit dalam Bahasa Inggris, diterjemahkan oleh Kristin Siagian

Northstar Seeks Hefty Gem in the Indonesian Market

Last April, Singapore headquartered Private Equity firm Northstar had announced the closure of its fifth flagship fund. Since its debut in 2003, Northstar has been actively investing in the Indonesian market. One of their notable portfolios is the ride-hailing giant, Gojek.

With the number of young population and growing consumer base powering the country’s economy, Indonesia remains the largest market for investors in Southeast Asia. This is clearly stated by Northstar’s Co-Chief Investment, Sunata Tjiterosampurno, in an exclusive interview session with DailySocial. Therefore, whenever some investors look for opportunities in Southeast Asia, Indonesia has to be on the map.

As we continue discussing the investment landscape in Indonesia and other countries in Southeast Asia, he suggests to not generalized the VC and PE landscape. On the PE landscape, he continued, Indonesia is said to be quite an interesting market due to lots of mid-market deals ($50-100 million).

Singapore, on the other hand, is a market on its own. It’s a relatively similar landscape to Thailand, Vietnam, and the Philippines. He also highlighted the fact that there are not many natural resources or community-related sectors in Singapore. Also, there are more manufacturing-based deals in Thailand, compared to Indonesia which serves mostly consumer mass-market types of deals.

In terms of private equity firms, historically and still going forward, getting exposure to the growing consumption in Indonesia because the middle class is growing is an important theme in Northstar. Especially in this digital age, where everything starts to shift into non-conventional ways.

“Digital has become a big component of the economy and it is impacting consumer mass-market and financial services businesses in various ways. The transformation of business models in such segments has resulted in investment in a more digital-oriented business often leading to an online-offline business mode,” he added.

Focusing on the big market

In terms of investment, Northstar has three focus areas, consumer mass-market, financial services, and digital. This strategy has been implemented in fund IV and to be continuously adopted by fund V. It is confirmed that the firm’s largest market by far is Indonesia. From a geographic perspective, Indonesia is to take 60% – 70% of the plate, while other markets will take up to 30% – 40%. In the region, Northstar has been arranging deals in the Philippines, Thailand, Singapore, and Vietnam.

Investing is not an easy task. There are a few key qualities to look at or focus on. For Northstar, first and foremost is the entrepreneurs. As they further meet the rest of the management team, the founders are indeed the most important person who can drive this business and make it big.

Next, how big is the market size that they’re going after? There are lots of digital startups, but if they’re going for the small market then it’s time to reconsider. As the company committed to investing in growth companies, it is obvious to target a big market.

Third, the business model should be defensible, meaning that they have attractive ways to make money. Also, they can create a mode to manage the competition when it gets tight.

As the firm started to open up, DailySocial allegedly asked about Northstar’s journey in finding and investing in one of Indonesia’s treasure, Gojek. Long story short, as the founder of Northstar, Patrick Walujo was first involved in the early days of Gojek, its affiliated venture capital fund NSI, which is now rebranding into Openspace Ventures ended up investing in 2014 in series A. Gojek was barely digital.

As Openspace invested, the goal is to take the company online and to create an app. In six months, the company managed to launch an app and got tremendous traction. With a number of connections to the company, it’s a privilege to pick up the investing call on such short notice. However, as a later stage investment, it’s only natural for Northstar to invest in series B. With an average ticket size between $50 – $60 million, the company invested progressively to the extend of $60 million.

Sunata also mentioned that Northstar observed the rapid global growth of Uber starting back in 2014 and anticipated that it would come to Indonesia. Northstar saw the opportunities in the ride-hailing and transport segment, and backed Nadiem as he was starting Gojek as a local version of Uber.

Work closely with the management team

The pandemic has been very tough on some businesses that had large offline components, but for digital-native businesses or large digital businesses, it’s actually experienced a lot of growth, because people are at home working, trying to get access to things they’re doing previously through their phone. Last year, Northstar is reportedly invested in an edtech company named Zenius, and it has shown very strong growth for the past year. Especially in times of the pandemic, a lot more people are looking to learn at home because they can’t go to school.

Due to Covid-19, digital adoption has increased. Therefore, some businesses are having exponential growth such as e-commerce and a lot of different spaces benefit from digital behavior increase. At the same time, the overall macro condition is tough in Indonesia right now, resulting in difficulty for businesses with large offline components. The company is aware that it’s very hard for them to grow the same scale during the pandemic.

The Northstar Group is confirmed to be an active investor in all of the business portfolios. They occupied board seats in the Boards of Commissioners and work very closely with the management team, especially during the crisis. Some of its businesses have been badly hit by the pandemic. It’s as we’ve often heard that the travel and tourism industry has declined significantly, and globally.

“Given the COVID-19 pandemic, in some cases, we have had to make some strategic decisions at our portfolio companies to refocus the strategy of the business on potential growth areas. We work very closely with the management teams on these changes,” said the Northstar representative.

For those founders whose businesses were badly hit, here are some insights. A lot of foreign investors are finding it hard to invest without having people on the ground. In another way, it’s right to assume that it’ll be hard for Indonesian companies to tracks foreign capital until the pandemic is over.

“One of the most important things for founders is to make sure that they can fund their business for as long as possible without needing external capital. In terms of business models, how you constantly innovate, adapt, and evolve given rapidly changing consumer needs. For a lot of business, it is about adapting to the different climate we are in and learning how to prosper in the new normal,” he continued.

The flavor of the year

Regarding the long-term strategy, most private equity or venture capital fund already has its own asset allocations, focus areas, and geographic, also types of business to invest while raising the fund. In terms of implementation, Northstar is to stick with the long term strategy, but calibrate depending on the business cycle. Therefore, what will change is actually in terms of valuations, specific sectors, but the high-level focus remains the same.

“What I am saying is that our strategy of investing in financial services, digital and consumers, would remain the same, whether there was a pandemic or not. We think these remain attractive sectors and we will continue to focus on them,” Sunata added.

He also mentioned that the long term strategy is different from the flavor of the year. In 2020, it’s actually Covid-19. Therefore, private equity needs to be more cautiously optimistic in terms of deploying its capital, focus lots on optimizing the existing portfolio companies. Every year there will be a different flavor of the year. The situation is dynamic and the company will continue to look for an opportunity that fits the circumstances.

“We are actively looking for deals, but each opportunity is case by case-based, depending on valuation, management team, business performance, and prospects. In general, we are actively looking for good opportunities in our focus sectors,” Sunata said.

To date, The Northstar Group has invested over US$3.3 billion with its co-investors in the Southeast Asian region. The fund channeled through more than 35 companies across the banking, insurance, consumer/retail, manufacturing, oil and gas, coal and mining services, technology, telecom, and agribusiness sectors. The recent one is for eFishery, Indonesia’s leading aquaculture intelligence company.

eFishery Announces Series B Funding Led by Go-Ventures and Northstar

Today (12/8), the aquatech startup eFishery announced a series B funding with an undisclosed amount. This round was led by Go-Ventures and Northstar Group with the participation of Aqua-spark and Wavemaker Partners. The business run by Gibran Huzaifah is to use investment funds for product development, to strengthen business positions, and expand teams.

“Through the introduction of new technology to fish and shrimp farmers in Indonesia, we have the goal of increasing crop yields, lowering operational costs, and increasing their productivity. We hope that product development from eFishery can support the aquaculture ecosystem as a whole, from the cultivation process to distribution,” Gibran Huzaifah said.

He added, “The fresh money helps us to grow the company, open up access to launch our products throughout Indonesia, and achieve our vision to become the leading aquaculture intelligence company in Indonesia. We are excited to welcome the strategic collaboration with Gojek and the Northstar Group that we believe. will be an added value on our platform.”

To date, eFishery has four main products. First is the eFisheryFeeder, which is an automatic feeding device. The second is eFisheryFeed, helping fish and shrimp farmers get feed products at competitive prices. Next, there is eFisheryFund, a loan program for cultivators. And the fourth is eFisheryFresh, an online grocery platform to help farmers sell their crops.

“We are deeply inspired by the positive impact that eFishery has on the aquaculture sector supply chain. The company’s ability to provide farmers with new smart devices integrated with cloud-based mobile analytics has transformed the very traditional way of doing business in Indonesia,” Northstar Group’s Co-founder Patrick Walujo said.

Meanwhile, Go-Ventures’ VP of Investments Aditya Kumar said, “The eFishery solution, which directly supports local farmers, also addresses broader problems, including strengthening the food supply chain, reducing global food shortages, and helping to improve the fishing industry and Indonesian economy in a sustainable manner. Overall. We look forward to seeing these benefits grow exponentially as eFishery expands domestically now and regionally in the future.”

eFishery was founded in 2013 in Bandung, becoming one of the pioneering startups that develop the internet of things-based products. Currently, their products have reached almost all regions of Indonesia. Previously they secured pre-series A funding in 2015, followed by the closing of series A in 2018. The company claims, since the last two years the business has achieved profitability, after experiencing significant growth over the past four years.

Further plans

Some specific plans for new investment funds have been announced. The company wants to build robust data and algorithm capabilities for eFisheryFeeder, as well as to make the automated feed device more compatible with a wide range of pool types and sizes. In order to support business processes, eFisheryPoint was recently launched, to make it easier for farmers to get equipment products, sell their crops, and participate in other activities. Currently, there are 30 points and will be developed to 100 locations by the end of the year.

Currently, eFishery has around 250 employees and plans to add more to achieve business growth. This year is to focus on strengthening the product & engineer team and selling & customer experience.

“Although we have started several trials in Bangladesh, Thailand, and Vietnam, our main focus for 2020 is to strengthen our position in Indonesia by enhancing our products and creating more strategic collaborations. Once we have built a strong and replicable model across Indonesia. , we are ready to explore possibilities for regional expansion, “Gibran said.

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Original article is in Indonesian, translated by Kristin Siagian

eFishery Umumkan Pendanaan Seri B, Dipimpin Go-Ventures dan Northstar

Hari ini (12/8), startup aquatech eFishery mengumumkan pendanaan seri B dengan nilai yang tidak disebutkan. Putaran pendanaan dipimpin Go-Ventures dan Northstar Group dengan keterlibatan Aqua-spark dan Wavemaker Partners. Bisnis yang dinakhodai Gibran Huzaifah tersebut akan menggunakan dana investasi untuk mengembangkan produk, menguatkan posisi bisnis, dan mengembangkan tim.

“Melalui pengenalan teknologi baru kepada pembudidaya ikan dan udang di Indonesia, kami memiliki tujuan meningkatkan hasil panen, menurunkan biaya operasional, dan meningkatkan produktivitas mereka. Kami berharap pengembangan produk dari eFishery dapat mendukung ekosistem akuakultur secara menyeluruh, mulai dari proses budidaya hingga distribusi,” ujar Gibran Huzaifah.

Ia menambahkan, “Pendanaan baru ini membantu kami untuk menumbuhkan perusahaan, membuka akses untuk meluncurkan produk kami di seluruh Indonesia, dan mencapai visi kami untuk menjadi perusahaan aquaculture intelligence terkemuka di Indonesia. Kami sangat antusias menyambut kolaborasi strategis dengan Gojek dan Northstar Group yang kami yakini akan menjadi nilai tambah pada platform kami.”

Sejauh ini eFishery memiliki empat produk utama. Pertama adalah eFisheryFeeder, yakni perangkat pemberi pakan otomatis. Kedua adalah eFisheryFeed, membantu petani ikan dan udang mendapatkan produk pakan dengan harga kompetitif. Kemudian ada eFisheryFund, merupakan program pinjaman untuk pembudidaya. Dan yang keempat ada eFisheryFresh, platform online grocery untuk bantu petani jual hasil panen mereka.

“Kami amat terinspirasi oleh dampak positif yang diberikan oleh eFishery terhadap rantai pasok sektor akuakultur. Kemampuan perusahaan untuk menyajikan perangkat pintar terbaru yang terintegrasi dengan analisis seluler berbasis cloud kepada para pembudidaya telah mentransformasi cara berbisnis yang amat tradisional di Indonesia,” ujar Co-founder Northstar Group Patrick Walujo.

Sementara itu VP of Investments Go-Ventures Aditya Kumar mengatakan, “Solusi eFishery, yang secara langsung mendukung pembudidaya lokal, juga mengatasi permasalahan yang lebih luas, termasuk memperkuat rantai pasokan makanan, mengurangi kekurangan pangan global, dan membantu meningkatkan industri perikanan dan ekonomi Indonesia secara keseluruhan. Kami berharap dapat melihat manfaat-manfaat tersebut tumbuh secara eksponensial ketika eFishery berkembang secara domestik saat ini dan secara regional di kemudian hari.”

eFishery berdiri tahun 2013 di Bandung, menjadi salah satu startup pionir yang mengembangkan produk berbasis internet of things. Saat ini produk mereka telah menjangkau di hampir seluruh wilayah Indonesia. Sebelumnya mereka mendapatkan pendanaan pra-seri A di tahun 2015, dilanjutkan penutupan seri A di tahun 2018. Perusahaan mengklaim, sejak dua tahun terakhir bisnis sudah capai profitabilitas, setelah mengalami pertumbuhan signifikan selama empat tahun belakang.

Rencana berikutnya

Beberapa rencana spesifik alokasi dana investasi baru sudah disampaikan. Perusahaan ingin membangun kapabilitas data dan algoritma yang lebih kuat untuk eFisheryFeeder, juga membuat perangkat pakan otomatis itu lebih kompatibel dengan berbagai tipe dan ukuran kolam. Guna mendukung proses bisnis, baru-baru ini eFisheryPoint juga dilunjurkan, untuk memudahkan pembudidaya mendapatkan produk perangkat, menjual hasil panen, dan berpartisipasi dalam kegiatan lainnya. Saat ini sudah ada di 30 titik dan akan dikembangkan hingga 100 lokasi sampai akhir tahun.

Saat ini eFishery memiliki sekitar 250 karyawan dan berencana akan ditambah untuk mencapai pertumbuhan bisnis yang ditargetkan. Tahun ini fokusnya pada penguatan tim product & engineer dan selling & customer experience.

“Walaupun kami telah memulai beberapa uji coba di Bangladesh, Thailand, dan Vietnam, fokus utama kami untuk tahun 2020 adalah memperkuat posisi di Indonesia dengan meningkatkan produk kami dan menciptakan kolaborasi yang lebih strategis. Setelah kami membangun model yang kuat dan dapat direplikasi di seluruh Indonesia, kami siap untuk mengeksplorasi kemungkinan untuk ekspansi regional,” ujar Gibran.

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[Weekly Updates] Gojek Acquires Moka; Funding Updates From Northstar Group, Modalku, Fore Coffee; and More

Although no official statement yet, it’s reported that Gojek has acquired Moka for around $130 million. Furthermore, Northstar Group has completed first round of its Northstar V fund, Fore Coffee secures additional $1 million investment, and Modalku receives $40 million.

In other news, Bizzy has initiated TokoSmart Agent network to widen its customer base. The company is no longer put its focus on B2B marketplace.

Gojek Wraps Up Acquisition of Moka at 2 Trillion Rupiah Valuation

The acquisition of Moka by Gojek finally comes to an agreement, widely rumoured since Agustus 2019. The company has submitted corporate action to the regulator (KPPU) as of April 9th, 2020.

Bloomberg reported that Moka has been acquired by Gojek at $130 million or around 2 trillion Rupiah.

Northstar Group Secures First Round of Its Fifth Fund, Targeting 12.5 Trillion Rupiah

Northstar Group has just announced the first round of Northstar Equity Partner V Limited Fund (Northstar V). The fifth fund is focused on early-stage to growth-stage startups in Southeast Asia, esp. Indonesia.

The first round has represented one third of Northstar V target at $800 million or equivalent to 12.5 trillion Rupiah. Included into the investor’s list are sovereign wealth funds, insurance companies, institutional investors, family offices, and other high net-worth individuals.

Fore Coffee’s Expansion Plan After Raising 147 Billion Rupiah Funding

After raising a $9.5 million or around 147 billion Rupiah funding, Fore Coffee looks for more opportunity to expand and added more outlets. It has expanded its business to Bandung, Surabaya, and Medan. Fore Coffee claims to have profitable sales with increasing team numbers.

Fore’s Co-Founder, Elisa Suteja, told DailySocial that the company has achieved business growth phase after closing the Series A funding in April 2019 with additional $1 million secured early this year.

Modalku’s Parent Company to Proceed with Series C Funding Worth Over 625 Billion Rupiah

Modalku’s parent company, Funding Societies, raises series C funding worth of $40 million (over 625 billion Rupiah). Modalku’s CEO, Reynold Wijaya, said the fresh money will be distributed to support all aspects of the company’s strategies, including to empower Indonesia’s SMEs.

Internally, the company conducts streamline operations to improve efficiency and simplify the operational process. This process includes a small number of layoffs.

Bizzy Adapts to Consumer’s Behavior, Introducing Tokosmart Agent

Since January 2019, Tokosmart has launched an initiative to support the digitisation of micro, small and medium enterprises (MSMEs). Tokosmart has acquired 54,600 stores and more than 27,000 distribution companies in Indonesia.

To push Tokosmart’s further effectiveness, Bizzy has developed Tokosmart Agent, a new beta feature that was launched last week. Tokosmart Agent directly targets end-user and community leader segments, like RT or RW leaders in the local area. They can order large quantities of supplies to be distributed to residents in their homes.

Northstar Group Secures First Round of Its Fifth Fund, Targeting 12.5 Trillion Rupiah

The private equity company, Northstar Group has just announced the first round of Northstart Equity Partner V Limited fund (Northstar V). The fifth fund is to focused on the early-stage to growth-stage startups in Indonesia and Southeast Asia.

The first round has represented one third of Northstar V target at US$800 million or equivalent to 12.5 trillion Rupiah, following the two previous flagship funds. In this first round of Northstar V, Northstar Group has raised over US$2 million managed funds.

Some investors come from sovereign wealth funds, insurance companies, institutional investors, family offices, and other high-net-worth individuals.

“As a regional investment company, we set three investment lines for Northstar V, namely financial services, consumers, and digital economy; based on an analysis of insight market data and our experience in tagging along the company’s portfolio,” Head of Corporate Affairs Northstar Group Hiro Whardana told DailySocial.

Furthermore, he mentioned the representation plans, “At the planning stage, we are yet to define specific percentages for each investment line. The selection of funds will be based on our analysis regarding the balance of potential return and investment risk.”

As previously mentioned, Northstar portfolios are quite diverse. In terms of digital landscape, they also invest in some startups, including Gojek, Zenius Education, and three Vietnam-based startups named UPgen, Tiki.vn, and Topika.

“Specifically for the early-growth stage startup, we are currently focusing on the existing portfolio, however, there is always a possibility to explore more deals,” he added.

Northstar Group was founded in 2003 by Patrick Walujo and Glenn Sugita. In 2006, Northstar Group raised its first funding, Northstar Equity Partners (NEP) Limited for US$ 110 million. Followed by NEP II (US$ 285 million) in 2008, NEP III in 2011 (US$ 820 million), and NEP IV in 2014 (US$ 810 million). The company is backed by 27 professional teams in Singapore and Indonesia.

“The Indonesian market, and Southeast Asia in general, offer attractive medium and long-term investment opportunities supported by continuous rapid growth. It is driven by favorable demographic factors, increased consumption and economic standards of the citizen, and literature in education and digitalization,” Northstar Group’s Co-Founder & Managing Partner Patrick Walujo said.

Glenn Sugita, Northstar Group Co-Founder & Managing Partner added, “In this uncertain situation, we want to be the capital provider and partner of choice for business owners in managing challenges and maximizing opportunities in the future. We will continue to bring not only capital to our portfolio companies but also the expertise and experience we have gained in various sectors and business cycles.”

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Original article is in Indonesian, translated by Kristin Siagian

Northstar Group Bukukan Tahap Pertama “Fund” Kelimanya, Targetkan Dana 12,5 Triliun Rupiah

Perusahaan private equity Northstar Group baru-baru ini mengumumkan telah merampungkan tahap pertama pendanaan Northstar Equity Partner V Limited (Northstar V). Fund kelima ini akan difokuskan untuk berinvestasi di perusahaan tahap early stage dan growth yang berada di Indonesia dan Asia Tenggara.

Tahap pertama pendanaan ini merepresentasikan sekitar sepertiga dari total target Northstar V sebesar US$800 juta atau setara 12,5 triliun Rupiah, serupa dengan dua flagship funds Northstar sebelumnya. Dengan perampungan tahap pertama Northstar V, Northstar Group kini memiliki lebih dari US$2 miliar dana kelolaan.

Beberapa investor yang turut mendukung termasuk dari kalangan sovereign wealth funds, perusahaan asuransi, investor institusional, family offices, serta investor high net worth individual.

“Sebagai perusahaan investasi regional, kami menetapkan tiga tema investasi untuk Northstar V, yakni financial services, consumers, dan digital economy; berdasarkan analisa dari insight data market dan pengalaman kami mendampingi portfolio company,” ujar Head of Corporate Affairs Northstar Group Hiro Whardana kepada DailySocial.

Lebih lanjut Hiro menjelaskan mengenai rencana pengucuran dana tersebut, “Pada tahap perencanaan, kami tidak secara spesifik mendefinisikan persentase untuk masing-masing tema investasi tersebut. Penentuan penggunaan dana akan didasari oleh analisa kami mengenai keseimbangan potensi return dan risk investasi.”

Seperti diketahui, sebelumnya cakupan portofolio Northstar cukup beragam. Di lanskap digital, mereka berinvestasi kepada beberapa startup termasuk Gojek, Zenius Education, dan tiga startup asal Vietnam yakni UPgen, Tiki.vn, serta Topica.

“Specific untuk early growth stage startup, saat ini kami masih akan lebih fokus pada portfolio yang ada, tapi tidak menutup kemungkinan untuk tetap melakukan eksplorasi deal yang ada,” lebih lanjut Hiro menjelaskan.

Northstar Group didirikan tahun 2003 oleh Patrick Walujo dan Glenn Sugita. Pada tahun 2006, Northstar Group menghimpun pendanaan pertamanya yaitu Northstar Equity Partners (NEP) Limited sebesar US$110 juta. Diikuti berturut-turut oleh NEP II (US$285 juta) pada 2008, NEP III di 2011 (US$820 juta) dan NEP IV di 2014 (US$810 juta). Perusahaan didukung 27 tim profesional di Singapura dan Indonesia.

“Pasar Indonesia, dan Asia Tenggara pada umumnya, menawarkan peluang investasi jangka menengah dan panjang yang menarik dengan didukung oleh kelanjutan pertumbuhan yang pesat. Pertumbuhan ini akan dipacu oleh faktor demografis yang menguntungkan, peningkatan konsumsi dan standar ekonomi masyarakat, serta kemajuan edukasi dan digitalisasi”, sambut Co-Founder & Managing Partner Northstar Group Patrick Walujo.

Glenn Sugita, Co-Founder & Managing Partner Northstar Group menambahkan, “Dalam situasi yang penuh ketidakpastian ini, kami ingin menjadi penyedia permodalan dan mitra pilihan bagi pemilik bisnis dalam mengelola tantangan serta memaksimalkan kesempatan di masa depan. Kami akan terus menghadirkan tidak hanya kapital untuk perusahaan portofolio kami, melainkan juga keahlian dan pengalaman yang kami dapatkan di berbagai sektor dan siklus bisnis.”

Zenius Plans Business Growth, to Rocus on Tech Development and Content Production

The huge market potential in the edtech sector in Indonesia has encouraged Zenius to accelerate business growth in order to acquire more students while raising positive retention.

Zenius’ CEO Rohan Monga told DailySocial, after receiving US$20 million Series A funding (around 260 billion Rupiah), the company plans to develop technology, increase the variety of content, as well as recruit talent to strengthen the team. Aside from Northstar Group, Kinesys Group and BeeNext also participated in this round.

“The power of online learning platform positioned is the ability to analyze and diagnose each student based on collected data. Using a personal approach, it is expected to provide students with improved abilities. In order to create technology, it requires a very large cost.

The company also plans to launch massive marketing activities. Regarding marketing activities, Rohan said it will be similar to other players, all online and offline activities will be carried out as authentic. Zenius’ engineer team are based in Indonesia and India, with the objective to build technology that supports business processes.

Zenius focus as an edtech platform

Prior to the CEO position, Rohan Monga was a former Gojek’s COO and contributed to establishing first Indonesia’s decacorn at the early stage. He also the angel investor for Zenius’ seed funding. The sharp vision and mission of Zenius’ Co-Founder, Sabda PS who currently serves as Chief Educational Officer at Zenius, is one reason Monga is digging into the edtech sector in Indonesia.

“I am very enthusiastic about Sabda’s vision and Zenius team to present an even better online learning platform. This is in line with my experience mission in the technology era and my passion for social impact,” Monga said.

Was founded in 2004, Zenius claims to have formulated a learning approach using technology that prioritizes conceptual understanding and thinking model. The basic competency is to form a deep understanding of scientific concepts, not just a matter of remembering and memorizing.

Therefore, students should ideally have a good mindset after learning and be able to adapt and find solutions to the current problems they’re facing. The thinking ability is quite essential for future generations to adapt, collaborate and compete.

“I am very happy and glad for Monga to join Zenius. Monga, with his character that is focused on solutions and has deep insight and extraordinary experience in his field, is the most appropriate person for this role. I hope to encourage Zenius’ growth to continue improving the education sector in Indonesia,” said Sabda.

Zenius offers several types of products, the core business is Zenius.net, an online learning website contains more than 80 thousand leaning videos and hundreds of thousands of practice question

Zenius has several types of products, with the main product being Zenius.net, an online learning website that contains more than 80 thousand learning videos and hundreds of thousands of practice questions for elementary and high school levels that have been adapted to the national curriculum. Throughout 2019, the site has been accessed by more than 12.8 million users. Zenius has also launched mobile applications on Google Play and the App Store.

“I predict within the next 2-3 years there will be more and more edtech startups in Indonesia to bring new innovations around the online learning platform with diverse skills material to formal education as we have,” Rohan said.

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Original article is in Indonesian, translated by Kristin Siagian

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