Creative Gorilla Capital (CGC), a venture capital firm formed by Future Creative Network (FCN), Malaysia-based Vynn Capital, and adtech Pomona, on Tuesday launched a $20-million debut fund to back consumer-focused startups in Indonesia through early-stage investments.
Bolstered by Indonesia’s giant consumer market, the fund — named Gorilla Silverback Fund — seeks to help direct-to-consumer (D2C) brands and startups benefit from the digital business ecosystem in the country.
The fund has already backed five startups, including alternative protein startup Offmeat, mortgage startup Ringkas, beauty product Kynd, and fashion line Allura. Benz Julio Budiman, founding and managing partner of CGC, said a few more deals are already in the works.
CGC has been busy since early 2022 by participating in Indonesia-based foodtech startup OFF FOODS’ $1.7-million seed round led by Alpha JWC Ventures announced in April last year, besides contributing to Ringkas’ $2.3-million pre-seed round announced in June 2022, among other deals.
“Our goal in the next three years is to work selectively and closely with future leaders to build a lasting winning brand that could thrive not only locally but also globally,” Budiman said in a statement.
The fund, according to a statement, will look at key indicators in startups, including their path to profitability, tested product-market fit, and distribution expertise.
“In addition to funding and expert consulting from the partners, CGC provides these selected startups with access to the largest creative ecosystem in the region. Exposing them to world-class marketing professionals and data-driven solutions since early days will enhance the startups’ probabilities to win,” Budiman said.
CGC was founded in February 2022 by Benz Julio Budiman of Pomona, Ivan Hadywibowo of FCN, and Victor Chua of Vynn Capital.