Merah Putih Fund Hunting for Potential Startups

Summary

Minister of State-Owned Enterprises (BUMN) Erick Thohir said the Merah Putih Fund – comprised of funding institutions from several state-owned companies – had obtained a license from the Financial Services Authority (OJK). He also opened up opportunities for the private sector to be involved in the funding. According to him, Merah Putih Fund's initial capital reached US$300 million. "Merah Putih Fund is very open," he said on Tuesday.

Erick mentioned several conditions for startups that can be financed by the Merah Putih Fund, including requirements to have an Indonesian-national founder and running its operation in Indonesia, "And if [startup] plans to go public, it must be in Indonesia," he said. Meanwhile, the Chairperson of the Merah Putih Fund's Project Management Officer Eddi Danusaputro said that after obtaining OJK permission, the official name of this institution is Dana Ventura Merah Putih Fund.

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