Cautiously opportunistic: How Indonesian VCs are riding out the Covid-19 crisis

Indonesian VCs on how they are doing deals during Covid-19, and their advice to startups, from how to cut costs to M&A 

More than two months after the Indonesian government announced the first Covid-19 case on home soil, the country’s VCs are cautiously adapting to “the new normal.” The firms are still seeking out new deals, but have mostly narrowed their criteria to what they refer as “pandemic-proof” sectors.

Melina Subastian, Principal at Alpha JWC Ventures, said at a webinar organized by GK-Plug and Play that VCs and their LPs are questioning whether they should go forward with investments given such uncertain conditions. Alpha JWC is not backing down from making new commitments, she said, but has taken a more “selective mode, in terms of dollar value and number of investments.” 

Just this week, O2O coffee startup Kopi Kenangan, an Alpha JWC investee, said it had raised $109m in a funding round led by Sequoia Capital India. Alpha JWC also participated in the deal, raising its stake in the company.

At Indogen Capital, Managing Partner Chandra Firmanto said LPs from East Asia are eager to shift to resilient sectors. “Edtech,

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