A couple of weeks ago Tech in Asia raised US$4 million from a group of international investors. One of them was Marvelstone, a name you may never have heard of
\nif you\u2019re based in Indonesia.<\/p>\n
Marvelstone is a venture capital firm that claims to have a strong presence in Korea, Singapore, and Hong Kong. Co-founder and CEO Gina Heng says her company
\ndevelops and funds growing Asian businesses. The firm\u2019s key focus is the financial sector, but it has also dabbled in the tech, real estate, hospitality,
\ntrading, and media verticals.<\/p>\n
Heng oversees all of Marvelstone\u2019s portfolio companies and subsidiaries which include the firm\u2019s affiliate accelerator, called 10K.<\/p>\n
Days after Tech in Asia announced its investment, Marvestone\u2019s managing partner Joel Ko visited Jakarta, Indonesia\u2019s capital, claiming to be on the hunt for
\ninteresting startups in areas like fintech. Heng says Marvelstone is also currently hunting for tech firms in ecommerce, social platforms, and O2O. She adds
\nthat in particular, the VC has a keen eye on mobile commerce companies in the beauty or cosmetics verticals.<\/p>\n
All sizes<\/p>\n
Heng says that Marvelstone invests at all stages, including in growth companies facing an IPO, a merger, or acquisition. However, she says the firm as a whole
\ndoes prefer to throw money down on startups in earlier stages so as to continue investing as they grow.<\/p>\n
\u201cFrom a VC view, we are more interested in startups that we can help to bring to new markets and grow quickly,\u201d she explains. \u201cWe are not just a financial
\ninvestor [\u2026] We want to invest in startups where we can contribute more than money.\u201d<\/p>\n
Marvelstone likes to seed companies with investments anywhere between US$25,000 to US$500,000, then invest again during the next round with a larger amount
\nbetween US$1 million and US$2 million. \u201cEven though we can do really later stage investment like pre-IPO investments, we\u2019d like to participate from [the] early
\nstage,\u201d she explains. \u201cIt really depends on how we can help the companies.\u201d
\nEyes on Jakarta<\/p>\n
Barriers to Indonesian ecommerce \u2013 separating fact from fiction<\/p>\n
The next step is to make a big move in Indonesia. Heng feels Indonesia\u2019s early tech ecosystem is not as strong as other markets. She says:<\/p>\n
From what I know, [the] Indonesian market doesn\u2019t have strong accelerators. Or it could also be that startups in Indonesia have reservations in accepting
\nsomething new from more developed markets. Accelerators are very active in other Asian markets such as Korea, Japan, and Singapore.<\/p>\n
Before this year ends, Marvelstone will open up its 10K accelerator program along with a co-working space in Indonesia. For now, the firm has a small office
\nwith a representative and an incubator space in Jakarta. However, she anticipates there will be more Marvelstone boots on the ground in the Big Durian later
\nthis year, and that naturally means more Indonesian investments.<\/p>\n
10k accelerator<\/p>\n
\u201cOur core partners have diverse investment and industry experiences,\u201d says Heng. \u201cFrom hedge fund, private equity, logistics, telcos, and IT, and cross-border
\nbusiness expansions, so we are able to understand across different sectors and markets and help companies to connect the dots.\u201d<\/p>\n
(Disclosure: Just a reminder, Marvelstone invests in Tech in Asia, but they did not ask for this article to be written. See our ethics page.)<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/this-foreign-vc-just-snuck-into-indonesia-and-is-setting-up-an-accelerator", "image": "marvelstone.png" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }