Joshua Agusta has joined Mandiri Capital, the VC arm of Indonesia-based financial services firm Bank Mandiri, as director of fund investments, DealStreetAsia reported today.
Mandiri Capital hired Agusta following a stint of more than four years at MDI Ventures, telecommunications firm Telkom Indonesia’s corporate venturing unit. He had been head of portfolio from early 2017 to September 2018 before being promoted to vice-president of investments.
Formed in 2015 with a reported $36.5m in capital, Mandiri Capital targets financial technology developers located in Southeast Asia and also oversees an incubator known as Digital Business Incubator.
The unit is reportedly in the process of raising $50m to $100m in capital for its second fund, which is set to expand its focus outward from fintech while also seeking higher financial returns.
Agusta’s departure follows that of MDI Ventures CEO Nicko Widjaja, who left in July this year to take the reins at BNI Ventures, a $250m vehicle being raised by another Indonesia-based bank, Bank Negara Indonesia. MDI Ventures is yet to hire a permanent replacement.
Photo of Joshua Agusta courtesy of MDI Ventures.
