Photo caption: Privy CEO Private Marshall (center) and Asia Technology Growth Investor at KKR & Co. Inc Kirby Lam (third from left) digitally signed a memorandum of understanding, also witnessed by Telkom President Commissioner Bambang Permadi Soemantri Brodjonegoro (second from left), Telkom Commissioner Marcelino Pandin (third from right), Telkom President Director Ririek Adriansyah (far left),  Telkom Digital Business Director M. Fajrin Rasyid (second from right), CEO of MDI Ventures Donald Wihardja (far right).

Photo caption: Telkom President Commissioner Bambang Permadi Soemantri Brodjonegoro ( third from left), Telkom Commissioner Marcelino Pandin (fourth from right), Telkom President Director Ririek Adriansyah (second from left), Telkom Digital Business Director M. Fajrin Rasyid (third from right), CEO of MDI Ventures Donald Wihardja (second from right), COO & Risk Management of MDI Sandhy Widyasthana (far right), CEO of Privy Marshall Pribadi (center), and Asia Technology Growth Investor at KKR & Co. Inc. Kirby Lam (fourth from left) posed for a group photo after the signing of the memorandum of understanding.

Bali, 16 November 2022 - PT Telkom Indonesia (Persero) Tbk (Telkom) through its subsidiary MDI Ventures supports the vision of the B20 Summit by rolling out a series of events aimed to help channeling investment for Indonesian startups, and to accelerate the progress of Indonesia's digital economy. Since July 2022, TelkomGroup has converged hundreds of national startups with national and international investors from many parts of the world. Thanks to this initiative, 25 startups in Indonesia have managed to secure a total of 6.19 trillion rupiah ($399 million) in funding for the pre-seed to Series-C funding.

On Tuesday (14/11), concurrently with the B20 Summit, Telkom invited investor representatives, global investors, and MDI Ventures-assisted startups to sign a memorandum of understanding for the investment distribution. Telkom Indonesia President Director Ririek Adriansyah, Telkom Digital Business Director M. Fajrin Rasyid, Telkom Wholesale & International Service Director Bogi Witjaksono, and CEO of MDI Ventures Donald Wihardja were among those present at the event.

As a manifestation of the investment channeling, Marshall Pribadi, CEO of Privy, as a representative for Indonesian startups, and Kirby Lam, Asia Technology Growth Investor at KKR & Co. Inc., who represented international investors also attended the event. They closed the Series-C funding round to strengthen their position as a startup provider of digital signature and digital identity services in Indonesia. MDI Ventures, Telkomsel Mitra Inovasi (TMI), and other investors also participated in this funding round.

"We believe that Telkom has a role as one of the backbones of Indonesia's digitalization. Therefore, we continue to be proactive in reading market potential and looking at various opportunities to expand our business. Through various initiatives and collaborations with various parties, in line with the vision of the B20 Summit, we are able to facilitate in securing extraordinary funding for startups in Indonesia. This is an honor and a form of our real commitment to continue accelerating digitalization in the country," Telkom Indonesia President Director Ririek Adriansyah said. 

Indonesia's Minister of State-Owned Enterprises Erick Thohir appreciated Telkom's move with MDI Ventures. "The investment agreement that secured 399 million dollars in funding is certainly clear evidence that Telkom is committed to supporting the development of the national startup ecosystem. This achievement is in line with President Joko Widodo's spirit and direction to invite as much investment as possible to Indonesia and we can see it from what Telkom has done," Erick Thohir said.

Several TelkomGroup initiatives in supporting the B20 events were: 

1. MDI-Telkom Business Match Working 2022, one-on-one online meetings and pitching sessions. on 28 July 2022, which invited 115 startups, featured 56 national and international investors, and produced 261 meeting sessions.

2. Indigo Demo Day 2022 on 3 August 2022, this event featured talk shows and pitching sessions, and invited 10 startups that have participated in Telkom's incubation program to meet with 25 national and international investors.

3. NXC International Summit 2022 from 31 August to 2 September 2022. Telkom in collaboration with the Nexticorn Foundation held a conference to discuss Web3 and brought startups together with investors. There were 100 startups and 16 Web3 participants, and more than 100 institutional investors and 200 individual investors from 13 countries who attended 1,600 matchmaking sessions.

4. HUB.ID Summit 2022, held by Indonesia's Ministry of Communications and Informatics and supported by MDI Ventures. The event took place on 5-6 September 2022 and involved 80 startups from various industries with 70 investors and business partners that could assist their businesses development.

Of $399 million funding, the majority (92.8%) were advanced Series (AC) funding, while the remainder were early-stage funding. This shows that investors have high confidence in the climate to develop the digital economy in Indonesia, and national domestic startups have the global competitiveness and a strong market potential.

"In a series of MDI Ventures matchmaking initiatives as part of Telkom, we see that the opportunities that exist are not only to facilitate investors to channel funding to startups to obtain capital gains, but also to open opportunities for investors to gain access to products and innovations," CEO of MDI Ventures Donald Wihardja said.

"We and TelkomGroup hope to continue to be a bridge for Indonesian startups with national and international investors to work together as one of the steps to support development of Indonesia's digital ecosystem," he added.

According to Bank Indonesia, in 2021, digital trade value in Indonesia reached 401 trillion rupiah in line with the increasing adoption of digital lifestyles in society, supported by the development of digital payment systems and acceleration of digital banking. In 2025, the digital economy in Indonesia is projected to reach USD 146 billion before growing eightfold to 4,531 trillion rupiah in 2030. Indonesia is now the most popular digital investment destination in the region, representing 40% of digitalization in Southeast Asia. 

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