#Asia Indonesian accelerator programme Ideabox is now a venture capital firm

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Ideabox Ventures is a joint venture between Indosat Ooredoo, Kejora Ventures, and Mountain Partners SEA

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Indonesian telco operator Indosat Ooredoo, together with Kejora Ventures and Mountain Partners SEA, today announced the launch of new venture capital firm Ideabox Ventures, a development of the annual acceleration programme Ideabox.

Currently running its third year, Ideabox had produced 14 startups with notable names including Dealoka and Wobe. The programme runs for 120 days with each startup receiving up to US$5,000 funding.

“We have decided to take Ideabox into the next level,” said Indosat Ooredoo President Director and CEO Alexander Rusli during a press conference.

Also Read: Accelerators versus incubators: Which one should your startup go to?

“We formalise it in form of a company so that we can include more money,” he explained.

At the same event, Kejora Ventures’ Andy Zain explained that under the new structure, Ideabox Ventures is now able to fund up to US$500,000 per startup. They will also provide strategic commercial advice and support for expansion plan for its portfolio companies.

The joint venture has also partnered with several global institutions in Asia, Europe, and America, such as Shift., MDEC, Plug and Play Indonesia, Mountain Middle East, Rheingau Founders, Mountain Fintech, Founders Instute, and Mountain Nazca.

Also Read: Revealed, the latest 6 Indonesian startups to join Google Launchpad Accelerator

Ideabox Ventures is looking for early stage or pre-series A startups with a proven traction in the region.

The original accelerator programme itself will continue to run, starting in January 2017. While startups participating in the programme may also have the opportunity to receive investments from Ideabox Ventures, the investment firm aims for a different stage of funding.

The post Indonesian accelerator programme Ideabox is now a venture capital firm appeared first on e27.

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