SB Isat, the $50m fund formed by Indonesia-based telecommunications firm Indosat and Japan-based internet and telecom conglomerate Softbank, has invested 80% of its capital, DealStreetAsia has reported.
Alexander Rusli, who stepped down as Indosat’s CEO last week, told the publication that approximately $40m of the fund has been deployed and no decision has been made regarding raising a new fund.
Rusli said: “There [are] already so many other funds supporting (the startups) and I am not sure if we have to do it anymore.”
SB Isat was launched in 2014 to invest in Indonesia-based e-commerce, mobile financial services, and digital and social media startups.
The fund invested in e-voucher app developer Dealoka’s January 2015 series A round after the startup participated in Indosat’s accelerator program, Ideabox, and led jobs information site Qerja’s series A round two months later.
SB Isat also led a $4m round for media platform Tech in Asia in June 2015. It subsequently backed cybersecurity software provider Darktrace as part of a $65m round in July 2016.