Cassava-based Biotechnology

Thursday, 21 July 2022

The Indonesia Impact Fund (IIF) has officially funded a biotechnology startup. Greenhope is a producer of biodegradable-bioplastic plastics using cassava.

This is the second close investment of IIF, a company managed by Mandiri Investment Management, with Mandiri Capital Indonesia acting as investment advisor. Previously, IIF also invested in Cakap, one of Indonesia's technology education platforms, with the same value, in March 2022.

‘The Indonesia Impact Fund has an investment mandate to support the growth of Indonesian startups engaged in sustainability,’ said APEC Business Advisory Council (ABAC) Indonesia Chairman Anindya Bakrie in an official statement in Jakarta, Friday (11/6).

Anindya explained that IIF is the first private social impact fund in Indonesia to invest in startup companies. The programme is also aimed at accelerating sustainable development goals (SDGs) in Indonesia.

‘Indonesia's SDGs focus on poverty alleviation, quality and affordable health services, a quality and accessible education system, increasing women's participation, sustainable environmental and urban development, and concern for climate change,’ she explained.

Anin revealed that the initiative was also supported by Kadin Indonesia Chairman Arsjad Rasjid, as well as ABAC Indonesia members Shinta Kamdani and John Riady. In addition, a number of third-generation Indonesian businessmen are members of IIF, including Michael Sampoerna, Anderson Tanoto, Jonathan Thahir, Alvin Sariaatmadja, Agus Pangestu, and Arif Rachmat.

Anin added that ABAC Indonesia appointed Mandiri Investment Management Singapore Pte Ltd (MIMS), as IIF's fund manager. MIMS, which is based in Singapore, is part of the PT Mandiri Manajemen Investasi (Mandiri Investasi) group.

ABAC Indonesia, according to Anindya Bakrie, also wants to attract funds from foreign investors to invest in IIF. In addition, ABAC Indonesia appointed The United Nations Development Programme (UNDP) as an advisor who monitors the management of start-up companies in the use of funds to meet SDG targets.


Anin emphasised that IIF's vision is to become a platform to raise awareness and provide support to young Indonesians to contribute through the development of startups that care about social and environmental fields. ‘The total managed fund of Indonesia Impact Fund is targeted to reach US$ 5 million in the next two years, with the support of foreign and local investors,’ said Anin.

Editor: Abdul Aziz