Antler, the Singapore-based startup accelerator, has announced plans to back around 30 Indonesian startups in 2023. Since its launch in 2018, Antler has already helped more than 750 firms and established offices in several global cities, including New York, London, Berlin, Stockholm, Bangalore, Seoul, Tokyo, Sydney, Singapore, and Indonesia.
Antler’s investments will be focused on a range of industries, including health tech, direct-to-consumer (DTC), software as a service (SaaS), and fintech, among others. Additionally, the company will be holding its Founder Residency Program in Jakarta in June 2023, aimed at encouraging pre-ide to pre-seed founders to apply.
According to Kanta Nandana, Antler’s Indonesia Program Director, the company wants to support startups from Day Zero – from building teams to planning and improving ideas, securing funding, and expanding. With its experienced mentors, Antler Indonesia aims to acquire a deep understanding of Indonesia’s economy and provide valuable support to local businesses.
Antler’s decision to invest in Indonesia comes as the country continues to experience rapid growth in its startup ecosystem. Currently, there are around 4,000 applicants in Antler’s first year in the country, highlighting the country’s potential for further expansion.
Indonesia is a vast and diverse country, with a population of over 270 million people. It has a growing middle class, which has fueled the growth of a burgeoning digital economy. According to a recent report by Google, Temasek, and Bain & Company, the country’s digital economy is expected to reach $124 billion by 2025, up from $44 billion in 2020.
Antler’s expansion to Indonesia also comes at a time when the country’s government is pushing for more investment in its tech industry.