MDI Ventures

What MDI Ventures does

MDI Ventures is the corporate venture capital arm of PT Telkom Indonesia (Persero) Tbk, Indonesia's state-owned telecommunications company, founded in 2015 and headquartered at Telkom Landmark Tower in Jakarta. The firm operates a one-team, multiple-fund platform managing approximately US$830 million in committed AUM across six stage-specific vehicles — eMerge (angel/pre-seed), Arise (pre-Series A, with Finch Capital), Ascent (early stage), MDI 100 and TMI (Series A-B), Centauri (Series A-B, joint with South Korea's KB Investment for the Korea-ASEAN corridor), and MDI 500 (Series C) — plus thematic funds including the US$300 million Merah Putih Fund anchored by five SOEs (Telkom, Telkomsel, Bank Mandiri, BRI, BNI), the Bio Health Fund (US$20 million with Bio Farma), the Energy Fund (with Pertamina NRE, targeting a US$100 million first close), and the Agri Fund (with Pupuk Indonesia). MDI has invested in 80+ portfolio companies across approximately 10 countries spanning AI, cybersecurity, blockchain, fintech, agritech, logistics, insurtech, and enterprise software, with notable holdings including Whale, Cyfirma, Kata.ai, JULO, Amartha, Qoala, Tada, and Privy.

MDI's core operating model is a synergy-driven CVC: it bridges startup innovation with the Indonesian state-owned enterprise (BUMN) ecosystem, generating what the firm reports as US$708+ million (IDR 10 trillion) in cumulative synergy value to 2023 through matchmaking programs (Nex-BE Fest, Explorise Pulse, Synergy Innovation Week) and direct SOE distribution channels. Revenue is generated primarily through management fees on committed AUM and, on a realized basis, capital gains and carried interest from exits. Pefindo's September 2025 credit report recorded Rp 127.4 billion (~US$8 million) of revenue and Rp 37.1 billion (~US$2.3 million) of net profit for H1 2025, consistent with a lean CVC earning approximately 2% management fees on US$830M AUM.

The firm's strategic posture has been complicated by the June 2026 conviction of former CEO Donald Wihardja and three other executives for corruption related to a US$25 million investment in the failed agritech startup TaniHub made between 2019-2023. MDI has responded with strengthened governance, obtaining ISO 37001 Anti-Bribery Management System certification from SUCOFINDO in December 2025, retaining the Indonesia Trusted Company designation at the 2025 CGPI Awards, and securing an idBBB+ credit rating with stable outlook from Pefindo. The firm also expanded internationally with representative offices in Singapore and Los Angeles, and has positioned itself as a regional governance standard-setter through the AMVESINDO-led Maturation Map framework co-authored with VC associations across Singapore, Thailand, Vietnam, and Malaysia.

Name

MDI Ventures

Legal name

PT Metra Digital Investama Ventura

Website

https://mdi.vc

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

MDI Ventures is a Jakarta-based corporate venture capital firm and the CVC arm of PT Telkom Indonesia, managing US$830 million across multi-stage funds targeting AI, cybersecurity, blockchain, fintech, and enterprise software startups across Southeast Asia.

Ownership category

akta.pro rank

Product category

Corporate Venture Capital

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Joint Venture CVC / Consortium Funds (Multi-corporate) (FSANAHAE)

akta.pro secondary industries

Corporate Strategic Partnership & Ecosystem Investment Arms (FSANAHAF), Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

Keywords

• Venture capital services
• Corporate venture capital
• Startup investment funds
• Growth equity financing
• Fund management services

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Capital Gains / Investment Returns: MDI Ventures generates returns through appreciation in the value of its portfolio company equity, exits via IPOs, trade sales, and secondary transactions. The firm manages multiple funds across different investment stages (pre-seed through Series C) and generates performance fees and carried interest on successful exits.
2. Management Fees: As a VC firm managing multiple funds anchored by SOE LP investors, MDI Ventures earns management fees on committed AUM. Funds include Arise (pre-Series A), MDI 100 (Series A-B), Centauri (Series A-B, Korea-ASEAN corridor), MDI 500 (Series C), TMI, and the Merah Putih Fund ($300M SOE pool). Total committed AUM stands at US$830 million.
3. Synergy Value Creation: MDI Ventures creates value through synergies between portfolio companies and the SOE/BUMN ecosystem — cumulative synergy value reached US$708+ million (IDR 10 trillion) to 2023. Revenue from synergies and partnership facilitation supplements traditional VC income.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

MDI Ventures is a global multi-stage corporate venture capital firm that deploys capital into Indonesian and Southeast Asian digital startups through multiple stage-specific and thematic fund vehicles. The firm manages committed AUM of US$830 million across 80+ portfolio companies, providing portfolio startups with direct access to Indonesia's state-owned enterprise (SOE/BUMN) ecosystem for distribution, pilots, and corporate partnerships. Beyond capital deployment, MDI runs structured business matchmaking programs (Nex-BE Fest, Explorise Pulse, Synergy Innovation Week) that connect portfolio companies with Telkom Group and other SOE anchor partners to generate measurable synergy value.

Product overview

MDI Ventures operates as a global multi-stage venture capital firm managing multiple fund vehicles across all investment stages. The firm offers a unified platform with distinct fund products: eMerge (angel network/pre-seed), Arise (pre-Series A with Finch Capital), Ascent (early-stage), MDI 100 (Series A-B growth), TMI (business matchmaking), Centauri (Korea-ASEAN corridor with KB Investment), and MDI 500 (Series C late-stage). Additionally, thematic funds including Merah Putih Fund ($300M SOE-backed), Bio Health Fund (biotech), Energy Fund (renewable energy), and Agri Fund (agriculture) address vertical sectors. The firm also runs facilitation programs like Nex-BE Fest and Explorise Pulse that connect portfolio startups with the SOE ecosystem. As of 2025, MDI manages US$ 830 million in committed AUM across 80+ portfolio companies, leveraging synergies with parent company Telkom Group and the broader state-owned enterprise ecosystem.

Differentiator

Problem solved

Functional benefit

Brands

• eMerge: Angel investor network for early-stage startups
• Arise
• Ascent
• MDI 100
• TMI
• Centauri
• MDI 500

Products and services

• eMerge Angel investor network and pre-seed fund providing seed funding and connecting angel investors with promising Indonesian startups.
• Arise Fund Pre-Series A fund launched in partnership with Finch Capital to plug ASEAN's early-stage funding gap, targeting high-growth potential startups in Southeast Asia.
• Ascent Early-stage investment fund focused on supporting nascent startups with growth potential in the Indonesian digital ecosystem.
• MDI 100 Growth-stage fund targeting Series A and B startups, focusing on companies with proven business models seeking expansion capital.
• TMI (Telkom Metra Investama) Growth-stage investment vehicle facilitating business matchmaking between startups and the broader SOE/BUMN ecosystem.
• Centauri Fund Joint fund with KB Investment (South Korea) targeting Series A-B growth-stage companies, creating an investment corridor between Korea and ASEAN markets.
• MDI 500 Late-stage fund focused on Series C and beyond investments, targeting soonicorn and centaur startups with established market presence.
• Merah Putih Fund $300 million fund backed by five state-owned enterprises (Telkom, Telkomsel, Bank Mandiri, BRI, BNI) targeting soonicorn and centaur-stage startups, addressing the funding gap at growth stage.
• Bio Health Fund Vertical-focused fund investing in biotech and pharmaceutical startups, launched with Bio Farma targeting seed to Series B/C stage companies in the healthcare sector.
• Energy Fund Vertical-focused fund investing in energy sector startups, launched with Pertamina NRE targeting renewable and sustainable energy innovations.
• Agri Fund Vertical-focused fund investing in agricultural technology startups, launched with Pupuk Indonesia targeting agritech innovations.

Quantifiable outcome

• US$708+ million in cumulative synergy value generated for portfolio companies through SOE ecosystem collaborations through 2023
• +3 more outcomes

Named customers11 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and strategic.

• Indonesia Venture Capital Association (AMVESINDO)coreStrategic or Co-development Partner · 1 November 2025MDI Ventures and AMVESINDO co-hosted Synergy Innovation Week 2025, bringing together portfolio companies, SOEs, regulators (OJK, Jamdatun, Bappenas, Komdigi, Ministry of Creative Economy), and government representatives. The initiative focused on governance alignment, regulatory clarity, and building trust as foundations for a sustainable innovation ecosystem. MDI was a co-author of the Maturation Map governance framework published with five Southeast Asian VC associations.
• Ripple, IOTA, Stellar, FireblocksstrategicTechnology or Integration · 11 September 2025MDI Ventures participated in the Tokenize Indonesia initiative alongside Ripple, IOTA, Stellar, and Fireblocks as technology enablers, alongside Saison Capital, Coinvestasi, BRI Ventures, Pegadaian, and PosDigi. The initiative aims to accelerate blockchain adoption and real-world asset (RWA) tokenization in Indonesia's digital ecosystem.
• Singapore Venture & Private Capital Association (SVCA)strategicStrategic or Co-development Partner · 3 May 2025MDI Ventures, through its AMVESINDO membership, co-authored the 'Maturation Map' governance framework with SVCA (Singapore), TVCA (Thailand), VPCA (Vietnam), and MVCA (Malaysia). The Maturation Map provides practical governance recommendations for startups and investors across Southeast Asia, addressing transparency and accountability standards in response to regional fraud scandals.
• CyfirmacoreTechnology or Integration · 18 February 2025Cyfirma, MDI's cybersecurity portfolio company, integrated its Cyber Threat Intelligence (CTI) capabilities into Digiserve by Telkom Indonesia and Telkom Solution's enterprise offerings. This collaboration enables enterprise customers to detect cyber threats, assess associated risks, and implement preventive measures at scale. The partnership combines Cyfirma's threat intelligence technology with Digiserve's go-to-market reach within the Telkom ecosystem.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• BRI Ventures: BRI Ventures is the corporate venture arm of Bank Rakyat Indonesia, one of Indonesia's largest state-owned banks. It is the most directly comparable peer to MDI Ventures: fellow SOE-anchored CVC, fellow Merah Putih Fund anchor LP, fellow participant in the TaniHub corruption case, and fellow investor in the Whale AI round. Comparability is highest because both firms share the SOE-LP structure, target the same Indonesian startup market, and are navigating the same post-TaniHub governance reform landscape.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mdi-indigo-ventures
• Instagraminstagram.com/mdiventures

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments117 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MDI Ventures