Indonesia's Telkom to invest $200m in tech start-ups
Telkom, the biggest information and communication operator in Indonesia, plans to invest $200 million in technology start-ups.
According to a statement, Telekom will back start-ups with business models that are expected to contribute to the long-term growth of the company.
Telekom wants to forge partnerships with several Silicon Valley venture capital firms, including Fenox Venture Capital, with a view to bringing more expertise, in particular digital media, to Indonesia.
The initiative, which is expected to help strengthen the company's existing Indigo incubator program, makes Telkom as the first Indonesian company to expand into Silicon Valley. It will operate through its subsidary Telkom Metra.
Additionally, the firm will send some outperforming start-ups incubated under its Indigo program for further mentorship in the US.
Indigo Incubator is now working with its second batch of start-ups. A dozen new ventures are taking part in the program, including online wedding organizer MeritYuk and advertising solution provider Karamel, according to Techinasia.
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