Indonesia-based telecoms provider Indosat Ooredoo has joined investment firms Mountain Partners and Kejora Ventures to launch venture capital firm Ideabox Ventures, TechinAsia has reported.
Ideabox Ventures will provide up to $500,000 in early-stage or pre-series A funding to startups with proven traction in the region, targeting sectors such as e-commerce, web services, fintech, media and cybersecurity.
A number of institutions from around the world are collaborating with Indosat and its partners in the joint venture, including state-owned agency Malaysia Digital Economy Corporation, Rheingau Partners incubator in Berlin, and startup launch program Founder Institute, according to media reports.
The three partners responsible for Ideabox Ventures already oversee the Ideabox accelerator program in west Jakarta, which is a separate entity though it shares the same brand.
Created in October 2013, the 120-day Ideabox accelerator focuses on internet and telecoms-related businesses, and has graduated three batches of startups to date.
While the accelerator’s investment in businesses graduating from its program is limited to a maximum of $50,000 per startup, Ideabox Ventures can offer more if it chooses, but it is not required to do so.
Alexander Rusli, chief executive of Indosat Ooredoo, said he expects Ideabox Ventures to fund about six or eight startups a year.