Indonesian Government-backed Accelerator Achieves $65.8 Million in Funding for Alumni Startups

Government-supported accelerator program Startup Studio Indonesia (SSI) is now accepting applications for its seventh cohort. The program, backed by the Indonesian Ministry of Communication and Informatics, has witnessed its alumni raising a total of $65.8 million (RM305 million) in funding.

SSI has opened the application process for its seventh batch, scheduled to commence in May 2023. The accelerator program is supported by the Indonesian Ministry of Communication and Informatics (Kominfo) while it is dedicated to helping the growth and success of startups by providing them with valuable resources and opportunities. The program focuses on helping early-stage companies achieve product-market fit and boost their business expansion.

By prioritizing this aspect, startups can ensure that their products or services align with market needs, making them more appealing to potential investors. Besides, the program facilitates networking opportunities and knowledge exchange with established startup leaders across Asia, enabling participants to gain valuable insights and learn from their experiences.

SSI’s team of mentors and coaches include industry experts from leading technology companies in Indonesia such as Xendit, eFishery, IDN Times, Halodoc, and Bukalapak.

Startup Studio Indonesia primarily targets startups in the pre-Series A funding stage or earlier, with a minimum of six months of traction and a consistent month-on-month growth rate of at least 5%. These criteria ensure that the selected startups have demonstrated initial market validation and possess the potential to scale their operations effectively.

Semuel Abrijani Pangerapan, the Director General of Informatics Applications at the Ministry of Communication and Information Technology, expressed the firm commitment of the Indonesian government, under the purview of the Ministry of Communication and Information, to provide support to startups in Indonesia, regardless of the challenging technological landscape.

“We will exert all efforts to provide steadfast support to startups in Indonesia. We are optimistic about the emergence of exceptional startups from Indonesia through the Startup Studio Indonesia program,” he affirmed.

The Ministry of Communication and Informatics Indonesia has set a goal to nurture 150 early-stage businesses by 2024 through the SSI program. With the start of the seventh cohort, the program will accept an additional 18 firms, bringing the total number of supported startups to 115.