$20m set for Internet firms

JAKARTA (JP): Indonesia Online, a local group of Internet companies and the parent firm of news portal Astaga!com, said on Thursday it would allocate US$20 million in venture capital for Indonesian Internet start-up companies.

Jonathan Morris, chief executive officer of Indonesia Online, said the company would leverage the resources of Astaga!com to help raise the funds, which would be used to assist entrepreneurs in developing their Internet businesses.

"We will fund entrepreneurs with good ideas and develop them into thriving, successful companies," he said.

Morris claimed the venture capital fund would be the first of its kind in Indonesia.

Indonesia Online's news portal Astaga!com currently receives over one million hits per day and has 80,000 registered users. (cst)