Mandiri Capital Indonesia, the corporate VC arm of Bank Mandiri, has appointed Joshua Agusta as its director of venture fund investments to lead fundraising, LP management, structuring fund vehicles, and the investment operations of Mandiri Capital’s new fund. According to his LinkedIn post, Agusta officially started his new position on December 1st.
The venture fund is a new vehicle for Mandiri Capital to raise funds from multiple investors. “By far, Mandiri Capital has successfully managed up to USD 100 million from Bank Mandiri’s balance sheet, with decent return performance. The venture fund is Mandiri Capital’s growth plan in terms of increasing its fund size and expanding its investment horizon,” Agusta told KrASIA.
Agusta is a no stranger to the Indonesia VC community. Prior to his new role, he was a vice president of investments at MDI Ventures, the corporate venture capital arm of Indonesia’s largest telco company, Telkom Indonesia. Seven of MDI Ventures’ portfolio companies made exits during his stint at the firm. He was also involved in industry and market research where he co-led MDI Ventures’ two white paper publications, Agusta said.
Mandiri Capital was founded in 2015. The firm has invested in 13 startups including state-owned mobile wallet LinkAja, digital signature startup PrivyID, and peer-to-peer lender KoinWorks. More recently, Mandiri Capital poured investments into digital financial advisory and wealth management platform Halofina in a pre-series A funding round.
“Next year, our main plan is definitely to raise a new fund with a size as big or bigger than the initial fund which was around USD 75 million. We are targeting early to growth-stage companies not only in the fintech sector, but also other verticals with core angles of banking or financial products such as education, agritech, and so forth,” Agusta said.