The Silicon Valley-based venture capital firm stated that it’s going to invest in three Indonesian startups soon

Fenox Venture Capital just announced that it will soon make three investments in three different startups, all Indonesian. By the end if 2018, the Silicon Valley-based firm will target another three investments, as reported by Deal Street Asia.

The latest investment the company made in the country was the follow-on contribution in the recently announced $24-million Series B funding round raised by point-of-sale app operator Moka.

Retno Dewati, Regional Manager of Fenox Southeast Asia, confirmed that the VC firm has just closed two more deals to be announced soon, and that it is still working on one more final deal.

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Dewati only revealed that the startups are fintech, logistic, and adtech companies. In total, if the firm goes through with its plan of closing the year with three more deals, Fenox will have nine investments in Indonesia this year alone.

With no preferences nor priority on sectors to invest in, Fenox claimed that it took interest in sharia fintech sector as it’s a promising market in the country.

The numbers raised for these Indonesian startups remain consistent with their investment strategy for Southeast Asia. “For Southeast Asia, we start from $200,000 up to $1 million for new investment, but can be up to $2 million for follow-on investments,” Dewati said.

The way the company does their investments aren’t specifically from one fund. The firm usually will establish the most suitable one out of its 20+ existing parallel funds, each backed by multinational corporations.

“We usually will try to bring it to our LPs and tell them about good deals that we found. We let them know how the company can complement their business and can even help them expand into a new business, instead of starting from scratch,” explained Dewati.

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Fenox Venture Capital has offices in eight different countries, including Japan, Indonesia, and South Korea. In Indonesia, the firm which was founded in 2011 has invested in startups like Bridestory, Alodokter, Hijup, and Travelio.

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Image Credit: PR Newswire

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