New investors enter Indoexchange

JAKARTA (JP): Indonesian business and finance portal Indoexchange.com announced on Monday it completed a US$2.9 million private placement from TFG Venture Capital AG & Co KGaA and PT Giat Utama Sukses.

TFG Venture Capital is a Germany-based publicly listed venture capital group and Giat Utama Sukses primarily invests in information and technology companies, the company said in a statement.

The company, established in 1996, will use the money to build a solid e-commerce platform, it said.

"This creates a solid platform for Indoexchange.com to expand its position," Indoexchange president Eddie Darajat said in the statement.

Indoexchange also said it had appointed PT Ciptadana Sekuritas lead underwriter for its initial public offering early next year.

It also announced two additional members of its board of management -- the director of PT Danareksa and former president of the Surabaya Stock Exchange, Bibin Busono, and Donna Scattolini, an expert in convergent technology and the founder of Union Tech. Ltd.

A number of new commissioners have also joined the board, including Julian Sandt of TFG and Scott Coffey, a cofounder of the portal, it said in the statement.

"To further strengthen the technical expertise, Onno W. Purbo has been appointed an adviser," the company said.

Indoexchange.com currently has 87,000 registered users with approximately 250,000 page views a day. (tnt)