ANGEL INVESTMENT NETWORK INDONESIA

ANGIN
End of Year
Report 2018
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01
Table of Contents
Foreword ANGIN End of Year Report 2018

Table of
contents 01. Executive Summary
04. Entrepreneurial Landscape: 2018
12. Investor Spotlight
14. Portfolio Highlight
15. ANGIN Advisory
17. ANGIN Highlights Reel
19. Looking Ahead: 2019
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Executive Summary ANGIN End of Year Report 2018

Executive Summary
The year 2018 has been an exciting one for ANGIN. From receiving seed investment from 500 Startups
and prominent angel investors to expanding our team, creating ANGIN Advisory to broaden our impact
in Indonesia, and working with meaningful clients around the world, there has never been a more
exciting time than now to be investing in this country’s entrepreneurial talents.

In this report, we summarize ANGIN’s key activities for 2018 - statistics on the companies we’ve
screened and the deals we’ve worked on, updates on our publications, and highlights of our events.
We will also be laying out our 2019 roadmap, ambitions to grow our impact, and projects in our
pipeline. The ANGIN Team is confident that we will be able to deliver the best deals and services for
angel investors in Indonesia, and welcome you all to step forward with us together in the upcoming
years.

Cheers,
The ANGIN Team
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Executive Summary ANGIN End of Year Report 2018

While it has been a good year for ANGIN, we would like to take the time to step back and extend our
condolences to our former colleague Vivian Afifa’s family and friends. Vivian was a passenger of the
Lion Air flight JT 610, which crashed in October 2018.

Vivian was one of our newest employees and had recently joined to manage our partnerships and
public relations. Despite her young age, Vivian demonstrated strong leadership skills and impressive
commitment to support young entrepreneurs. She successfully led several workshops with the Indo-
nesian government to train and inspire women entrepreneurs, as well as an international event with
Korean and Indonesian investors in Jakarta. We have lost more than a colleague, but also a dear friend.
We believe Vivian will remain an inspiration for young female professionals who would like to dedicate
their careers to create impact.
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Entrepreneurial Landscape: 2018 ANGIN End of Year Report 2018

Key Highlights
Since the implementation of our new system in July 2018, ANGIN has received and tracked a total of
535 company applications. While this number does not include the applications received from January
to June 2018, we believe this sample can be generalized to represent the typical profile of companies
we screen year-round.

Here are the key highlights of the deals we’ve scouted and assessed:
The majority of the companies were in Financial Services, Lifestyle, and Education. While their core
models were similar (e.g., online learning app for edtech), we noticed there is a growing number of
companies choosing to be in a specific “niche,” rather than targeting the masses (e.g. edtech
companies focusing on parenting, programming, or gaming education).

Out of 535 companies, 25% passed our initial screening and 12% out of them were introduced to our
angel investors. The three most common factors for rejection were: 1) unavailability of strong
differentiation and value proposition in comparison to existing players, 2) presence of many highly
similar competitors in the same industry, and 3) absence of committed and qualified founders to grow
the company.

Demographics
Sectors
Out of the 535 companies that applied to ANGIN, 73% are technology-based ventures while 27% are
brick-and-mortar businesses. The top sectors for the technology-based companies are:

Financial Services 60

Lifestyle 45

Education 45

In the financial services sector, the most common business models used by these technology-driven
companies are billing and payment solutions, followed by peer-to-peer lending, crowdfunding, and
financial products marketplace (for business loan and insurance). In the lifestyle sector, many of the
companies are running a marketplace model, focusing on either fashion and art or travel and tourism.
The majority of companies in the education sector operate an online learning product, both for
school-related learning materials and other skill development (e.g., music, cooking). The second most
popular models are education enablers (e.g., integrated learning management systems, student data
analytics, and school payment systems) as well as courses and tutor marketplaces.
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Entrepreneurial Landscape: 2018 ANGIN End of Year Report 2018

Meanwhile the majority of the offline businesses are in:

Food & Beverage 25

Agriculture 20

Many of the businesses in the food and beverage industry are engaged in the value added processing
activities of agricultural commodities into retail products (e.g., chocolate bar, moringa powder, kenari
nuts butter). On the downstream side, most of these companies are operating a restaurant or a coffee
shop. The business model of companies in the agriculture sector are highly varied, from input provider
(e.g., fertilizer), production/farming, to distribution, both domestic and export.

Business Industry:
In which industry are businesses concentrated?

Sector:

Advertising and Marketing 5%

10%

Agriculture 6%
14%

Arts, Craft and Design 6%

7%

Consumer Goods 8%
8%

Education
12%
Technology-Driven Businesses
7%
Offline Business
Financial Services 16%
1%

Food & Beverage 7% 43%

17%

Health, Sport, and Wellness 7% 43%

6%

Lifestyle 6%
12%

9% 43%
Travel and Tourism 7%

Stage:
In aggregate, 40% of the 535 companies are already revenue-generating. 30% of the technology-driven
companies are revenue generating but not yet profitable, 28% are in the MVP or prototyping phase, and
26% recently launched their business without revenue. Meanwhile, many of the offline businesses are
either generating revenue but not yet profitable (35%) or generating both revenue and profit (22%),
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Entrepreneurial Landscape: 2018 ANGIN End of Year Report 2018

Fundraising Statistics:
87% of all enterprises (468), both offline and technology-based companies, are seeking equity. The
second most sought instrument is grant 42% (224), followed by loan 25% (134). (Note: companies can
choose more than one fundraising instrument)

The most sought funding amount is ranging between IDR 650 million to 1.3 billion for technology-driven
companies (24% or 95 companies) and between IDR 325 million - 650 million for offline businesses (22%
or 31 companies).

Non-monetary supports:
Beyond investment, what kind of other supports do companies need
from angels?

Sector:

Access to media/PR 43%

Access to government 36%

Business and legal supports 55%

Follow-on investment 54%

Mentorship 61%

Office space 33%

Portfolio synergies/Partnership 49%

Recruitment and HR development 35%

Sales lead outside Indonesia 36%

Sales lead in Indonesia 57%

Beyond investment, 90% of the companies are also seeking investors who can provide sales leads. Other highly
requested non-monetary support include mentorship (56%), business and legal support (55%), and follow-on
investment support (53%).
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Entrepreneurial Landscape: 2018 ANGIN End of Year Report 2018

ANGIN Deal Flow Funnel

Here is the deal flow funnel of the 535 applications

535 Desk Scanning

25% Meeting or Call

12%
Introduced to
angels and partners

3.6% Received interests

from angels or partners

0.6% In due diligence

0.2% Invested

Most of the companies who received interest from ANGIN’s angel investors and investor partners
come from Human Resources, Fashion, and the Food and Beverage industry.

The top factors why ANGIN rejected the companies are:

Unavailability of strong differentiation and value proposition (41%)
Presence of many highly similar competitors in the same industry (24%)
Absence of competent and committed founders to grow the company (24%)

Angels’ Portfolio Management

This year, we have also been occupied with a handful of tailored portfolio support cases; from
recruiting talents, helping their marketing activities, to providing business legal assistance. One of our
angel members’ portfolio companies succeeded in its follow-on funding round and three others are in
the fundraising process. Currently, we are also proceeding an exit for our angel members in two
portfolio companies.
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Entrepreneurial Landscape: 2018 ANGIN End of Year Report 2018

Our Pipeline Highlights:

Here are a few notable companies in our pipeline, representing a wide variety of ticket sizes and
industries:

Restricted Content
Exclusively for ANGIN’s angel members
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Entrepreneurial Landscape: 2018 ANGIN End of Year Report 2018

Gender Lens
Startup Applicants to ANGIN by Gender Tech vs. Non-Tech: Type of Business by
Gender

14%

Male 112 350

Female 32 41

Female Offline Business

86%
Male Technology-Driven Business

Out of 535 applicants, 73 are women founders. They are almost equally split between technology (56%)
and non-technology (44%) business segments. Sector-wise and irregardless of technology classification,
the majority of these applicants are running a business in lifestyle (20%), food and beverage (16%), or
education (14%).

Business Industry by Gender:

In which industries are women concentrated in?

Sector:

Advertising and Marketing 8%

9%

4%
Agriculture 9%

Arts, Craft and Design 6%

11%

Consumer Goods 7%
12%

14% Female
Education 10%
Male
Financial Services 8%
12%

Food & Beverage 16%

9%

Health, Sport, and Wellness 8%

6%

21%
Lifestyle 8%

11%
Travel and Tourism 8%

Note:
Graphic is based on 535 respondents with 73 are female and 462 are male applicants in 10 top industries where
majority of them are in.
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Entrepreneurial Landscape: 2018 ANGIN End of Year Report 2018

While only 13% of applicants are women, the majority of the 535 companies claim to implement
gender lens in their business operations, with 40% of them striving for gender equality on their
teams and 27% having at least one woman at the C-level.

40% (315) - We strive for gender equality on our team(s)

27% (214) - We have at least one woman at C-level (e.g., CEO/co-founders/management team)

10% (80) - Our company explicitly targets women as main customer segment

(83) - Our company explicitly aims to benefit women in the supply chain (e.g., targeting women
11%
as artisans)

12% (93) - None of the above applies

Gender lens:
To what extent do the companies implement gender lens in
their operation?

40%

27%

11%
10%

Pursue gender equality in Team Explicity target women as main customers

Have at least 1 woman at C-level Explicity benefit women in the supply chain
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Entrepreneurial Landscape: 2018 ANGIN End of Year Report 2018

Deal Highlights: Gender

Here are some of our most notable deals led by women founders and co-founders.

Restricted Content
Exclusively for ANGIN’s angel members
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Investor Spotlight ANGIN End of Year Report 2018

Investor Spotlight
ANGIN in 2018 saw an influx of new investment activity, with 27 new investors joining our network.
These investors include venture builders, accelerators & incubators, angel investors, and venture
capital, representing capital from all stages of a startup’s growth. It is our hope that by covering a
broader range of deal size, we can better support the Indonesian startup ecosystem.

ANGIN’s Investor Statistics:

84 17
total investors
in ANGIN
27
total angel
investors
10
total corporate
new investors clients, including
joining in 2018 venture capital,
accelerators &
incubators

Some of our new ANGIN members:

Raditya Pramana Michele Soeryadjaya

Venturra Discovery William and Lily Foundation

Stig Traavik Nuniek Tirta

ANTLER #Startuplokal
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Startup
InvestorLandscape:
Spotlight 2018 ANGIN EndEnd
ANGIN of Year Summary
of Year Report2018
2018

Investor Awards
We want to recognize and reward our most active ANGIN members. After all, it takes time and
commitment to contribute to the entrepreneurial ecosystem. These superstars have made
outstanding contributions to the ecosystem through their investment activity within ANGIN’s networks
and roles as angel investors, mentors, and speakers.

ANGIN Investor Awards (metrics: greatest # of investments made, greatest # of startup

mentorship events attended - i.e. judge, mentor, pitch, greatest # of speaker opportunities attended)

Mariko Asmara
Chairman at JAC Recruitment Indonesia

Nuniek Tirta Sari

Initiator of #StartupLokal

Noni Purnomo
President Director of Bluebird Group

Want to be recognized for your outstanding contributions to the ecosystem? We are launching the all-new
ANGIN quarterly scoreboard! Every quarter we will be tallying up points for the above four categories and
recognizing our most active angels. At the end of the year, we will also accumulate all points to calculate
winners for our Annual ANGIN Awards. Points can be achieved through activity in the ANGIN network:
attending workshops, creating content with ANGIN, providing feedback and filling in surveys, investing,
and mentoring are just some ways to gain points. We will be providing more information on this new
initiative in the new year!
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Portfolio Highlights ANGIN End of Year Report 2018

Portfolio Highlights

Restricted Content
Exclusively for ANGIN’s angel members

Datanest
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ANGIN Advisory ANGIN End of Year Summary 2018

ANGIN Advisory
ANGIN Advisory is ANGIN’s all new research and consulting arm, specializing in providing primary data
and first-hand insights to Indonesia’s thriving entrepreneurial ecosystem. Our ability to connect to
various stakeholders and actors throughout the ecosystem, conduct research in Bahasa Indonesia,
and understand cultural norms, nuances, and contexts make us an ideal go-to source for those
wishing to strategize or gain a deeper knowledge of entrepreneurship and investment in Indonesia.

ANGIN Advisory saw its biggest growth in 2018, with 6 completed new projects:

Sasakawa Peace Foundation x ANGIN: Startup Assistance Organizations in Indonesia Dual

Report: ANGIN, supported by the Sasakawa Peace Foundation from Japan, launched a dual report on
Startup Assistance Organizations (SAOs) in Indonesia, gathering insights through exclusive interviews
with experts and key ecosystem players. The report identifies key challenges and gaps faced by
Indonesian SAOs in running their programs and achieving their objectives. It also includes a special
gender focus to identify how SAOs can better support women entrepreneurs.

Connector.ID (with UNDP, AWS and BEKRAF): ANGIN has continued the development and
outreach of the first free online matching platform channeling entrepreneurs to the largest database
of capital providers/funding sources. We have strived to support hundreds of entrepreneurs in their
fundraising journey via meaningful connections, introductions and capacity building (workshop, 1:1
mentoring),

Pact Indonesia: ANGIN was tasked with crafting several preliminary market entry strategies for Pact
Indonesia by conducting a thorough internal analysis of Pact, as well as an ecosystem mapping of
impact players in Indonesia, specifically utilizing a gap-led and market-opportunity based analysis
towards these players.

UNDP Islamic Finance: ANGIN and UNDP Indonesia co-authored a report on exploring Islamic
financial instruments as a tool for project financing and early stage investment. Given that Indonesia
has the world’s largest Muslim population with low participation in the Islamic economy, this area is
ripe for growth with massive development potential.

Canada-Indonesia Trade and Private Sector Assistance (TPSA) Project: This year, TPSA
Project, a five-year initiative funded by the Government of Canada, engaged with ANGIN in two
different initiatives for women entrepreneurs. The first is a report project titled “An Overview of Support
Given to Women Entrepreneurs in Indonesia and Canada: Special Focus on Women Entrepreneurs in
SME and Start-Up” and the second is a one-day workshop aimed at bridging the gap between
women-owned SMEs and lenders/investors in three cities in Indonesia (i.e. Bandung, Solo, Takengon).
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ANGIN Advisory ANGIN End of Year Summary 2018

The Downs of an Indonesian Technology Startup Journey (Ongoing): In collaboration with

Alpha JWC Ventures, ANGIN is doing a research titled “The Downs of an Indonesian Tech Startup
Journey” to provide an in-depth understanding to why many startups fail. The study will collect data
from past cases of failures to find patterns - where they exist - and build a template to uncover the
cause and effect relationship between certain factors and failure. The template of the “archetype”
failed startup, will be used support and educate technology entrepreneurs on how to avoid failure, and
provide valuable insights to investors and ecosystem builders on how to best support their startup
portfolios.

Women’s Spotlight (Ongoing): ANGIN Women’s Spotlight is a project within ANGIN’s Empowering
Women initiative. It aims to showcase unique stories - achievements and challenges alike - from
inspiring women across Indonesia. Our goal is to shine a light on women changemakers and leaders,
so that we can inspire a new generation of women leadership, motivate young women in their career
paths, and spark dialogue about the unique challenges that women face in the workplace. ANGIN has
partnered with UBS Unique on this initiative.

ANGIN Advisory has several projects in our pipeline, including:

Investing in Women in partnership with The Department of Foreign Affairs and Trade of Australia
Indonesian Women in Leadership (I-WIL) in partnership with OXFAM
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ANGIN Highlights Reel ANGIN End of Year Summary 2018

ANGIN Highlights Reel (events)

From Lampung to NTT to Jakarta itself, the ANGIN team traveled far and wide to provide business
support and investment insights for communities all over Indonesia. Here are a few notable events
and workshops we hosted for both entrepreneurs and investors:

Feb 18
UNDP Roadshow: Yale School of Management’s Global Social
ANGIN and UNDP Indonesia Entrepreneurship (GSE) Course: ANGIN was
traveled to both Lampung and selected by Yale School of Management as one among
Manado to host a series of few social enterprises worldwide to work together with
workshops and pitch clinics for
students in their GSE course. Five Yale students and the
entrepreneurs on business
ANGIN team worked together on a mini consulting
strategy and receiving
project to address ANGIN’s management challenges.
investment.

Mar 18
Invitation by Dag Hammarskjöld Foundation and the UN Development Operations
Coordination Office (UNDOCO): UNDP Indonesia’s former Country Director Francine Pickup and
ANGIN’s Managing Director David Soukhasing were invited to share their public-private partnership
experiences aimed at channeling financing for sustainable development at a workshop organised by
the Dag Hammarskjöld Foundation and the UN Development Operations Coordination Office 
(UNDOCO) in Sweden.

Apr 18
Investor Training with GIST and US State
Department: In collaboration with the United States
State Department and Global Innovation through
Science & Technology (GIST), ANGIN hosted an
exclusive investor training with its investors, inviting
professionals from Silicon Valley and the greater US
to share best practices in angel investment.
The NextDev 2018: ANGIN’s
Managing Director David Soukhasing
was one of the judges of the largest
startup competition in Indonesia, The
NextDev 2018. Together with The
NextDev team, he traveled to 7 cities in
Indonesia to scout the best startups.
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ANGIN Highlights Reel ANGIN End of Year Summary 2018

Jun 18
ANGIN at AVPN Conference 2018 in Singapore: Valencia
Dea, Principal at ANGIN, was invited as a speaker at the annual
Asia Venture Philanthropy Network (AVPN) Conference in
Singapore. As a panelist, she provided insights on Financing on
the Missing Middle in Southeast Asia.

Nov 18
ANGIN at ASEAN Angels Alliance (AAA): The ANGIN team
and network were given exclusive invitations to the ASEAN
Angels Alliance (AAA) Conference in Kuala Lumpur, Malaysia.
The team was able to network with other angel investors
throughout the region, while ANGIN’s very own Ibu Noni
Purnomo of Bluebird Group spoke about her journey as a
successful entrepreneur and investor.

Sept-present
ANGIN Monthly Pitch Luncheon:
Kicking off its flagship event, ANGIN is proud to have
relaunched its Monthly Pitch Luncheon event series in 2018.
Every month, ANGIN curates 3-4 companies and invites a
limited number of investors to view the pitches, provide
mentorship, and begin deal discussions in a casual setting.
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Looking Ahead: 2019 ANGIN End of Year Summary 2018

Looking Ahead: 2019

ANGIN INVESTMENT:
Keeping with the demand from the ecosystem, ANGIN will be moving to become more of an invest-
ment facilitator, broadening our client base beyond angel investors to serving the entire investment
process.

We are keeping a strong focus on individual angel investors, as we believe in the value of personal
money to grow the startup ecosystem -- faster implementation, flexible capital, non-monetary
value-add, industry expertise and more are just some of the benefits of angel investment. ANGIN is still
committed to servicing Indonesia’s largest network of angel investors. However, in order to scale and
provide better support for our startups, we believe clients in later stages of the investment process will
bring vitality and dynamism to our investments and portfolio.

With an emphasis on stronger user engagement and a data-driven approach, we hope to deliver a
better, leaner, and constantly-improving version of what you currently know as ANGIN: ANGIN 2.0.

ANGIN ADVISORY:
In 2019 and beyond, ANGIN will continue to provide an innovative mix of research, advisory, and invest-
ment services. We aim to grow our consulting and advisory services to become more prominent within
the ecosystem and hope to expand our scope of research including innovative strategies, analysing
trends and developing market-entry strategies, and coordinating and facilitating multi-stakeholder
initiatives.

UPCOMING EVENTS:
TPSA “Enhancing Women-Owned SMEs’ Access to Capital” Seminar in Takengon (January 16, 2019)
Amazon Web Services Roadshow (Q1 2019)
GIST Investor Training Part II (April 5,6 2019)
AVPN Conference (June 2019)
Investing in Women: Growing Angel Networks in Secondary Cities (TBD)

New ANGIN members of 2018

Feby Benedikta Gema
Ramadhani Atika Minang
Advisory Investment Investment
Consultant Analyst Analyst
More information:
www.angin.id
contact@angin.id

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