1/11//2018 – Indonesia venture capital firm Ideosource is looking to raise US$15 million to invest in the local movie scene as it shifts its focus away from tech investments.
The total aggregation for Ideosource Film Fund has so far reached around US$2 million, with most of the investments derived from individual investors.
According to Andi Boediman, the Managing Partner of Ideosource, the fund is currently looking to attract capital from financial institutions, including from fellow VC funds, as it looks to hit the US$15 million mark by next year.
“I will locate around US$10 million for the financing,” said Boediman. “The remaining US$5 million will be in the form of equity.”
Boediman has set up a company called Ideosource Entertainment to manage the fund as well as produce its own films. He likened the plan to investment opportunities in real estate. The projects can be financed by many investors, but investment in the property company will be in the form of an equity investment.
“That’s why VC firms can join because it will not be a fund of funds. I will set it up as a limited company, where they can have equity. We have started fundraising for this. I will close around US$3 million by the start of the year,” he added.
The Ideosource Film Fund has already started utilizing its capital and has so far invested in five films, including a few in which it co-invested with Indonesian unicorn Go-Jek.
For Ideosource, its investment in films comes after the full deployment of its US$15 million tech fund, through which it invested in 27 early-stage tech startups, including eCommerce service provider aCommerce, online jewelry retailer Orori, and auto fish feeder e-Fishery.
Boediman confirmed that Ideosource has currently stopped making investments in tech, but declined to offer more detail.
When asked if a return to tech investments be on the cards, Boediman said Ideosource would prefer to focus on investing in startups with a clear IPO path, something it has previously done before through its investment in digital kiosk company M Cash, which went public on the IDX in 2017.
“The public market is now starting to appreciate technology. Four years ago, it didn’t. It is because of the promotion of Go-Jek, Tokopedia, and the others. So there is a positive perception and trust in tech companies. So I think it would be a good timing,” Boediman said.