BRI Ventures
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Here's what they won't tell you: BRI Ventures and CEO Nicko Widjaja are currently embroiled in a major corruption scandal involving $25M in fraudulent investments in TaniHub, with Widjaja detained by Indonesian authorities in September 2025. Their investment activity has basically flatlined - their last disclosed deal was 18 months ago before the July 2025 scandal broke. While they've backed some legitimate winners like Xendit and Bukalapak, the corruption probe involving state-owned enterprise venture arms has chilled the entire Indonesian startup ecosystem, with even other SOE VCs scaling back investments. The fund's corporate backing from Bank BRI gives them deep pockets and local connections, but right now they're in damage control mode dealing with legal fallout.
- —Best for: Companies needing bank partnerships and Indonesian market access
- —Watch out for: Currently dealing with major corruption scandal and leadership detained
- —Known for: Strong fintech portfolio but recent investment activity has stalled
Rooted in the BRI legacy, we leverage decades of financial acumen to drive the expansion of financial inclusion. Through investments in innovative companies, we are the engine of growth for BRI Group and aim to support entrepreneurs in accelerating Indonesia's economic growth.
Focuses primarily on Seed stage (9 investments, $2.73M average) with range up to Series B/C. Heavy fintech focus (18 investments) plus agtech (7 investments) and consumer sectors across Indonesia.
Founding CEO of BRI Ventures since 2019, formerly founded MDI Ventures which achieved three unicorns and two IPOs under his leadership. Pioneer with 10+ years in VC, launched first Indonesia venture fund in 2010.
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