<img class="alignnone size-full wp-image-2518" alt="Post - investors analysis 2 - graphic" src="http://redwingconsulting.com/wp-content/uploads/Post-investors-analysis-2-graphic.jpg" width="700" height="200" />
<h4 style="text-align: justify;"><b>Following on from Redwing’s comprehensive list of tech investments in Indonesia (see <a title="The A to Z of Indonesian tech deals" href="http://redwingconsulting.com/investors/the-a-to-z-of-indonesian-tech-deals/">here</a>) and our analysis of investment sources by country (see <a title="Where do tech investments in Indonesia come from?" href="http://redwingconsulting.com/investor-posts/where-do-tech-investments-in-indonesia-come-from/">here</a>), we now turn our attention to investor types. VCs and incubators have done 75% of all tech deals in Indonesia. However, they only account for 50% of the total amount invested, with the Indonesian media companies emerging as the other group of major investors.</b></h4>
<h5 style="text-align: justify;"><b>Four distinct groups of investors</b></h5>
<p style="text-align: justify;">The tech investment deals in Indonesia over the past three years split neatly into four segments:</p>

<ul>
	<li>About a quarter of deals were made by Indonesian incubators and VCs.</li>
	<li>About a quarter of deals were made by VCs based in Singapore.</li>
	<li>About a quarter of deals were made by VCs from Asia, Europe and the US.</li>
	<li>About a quarter of deals were made by non-fund investors (corporates from Indonesia or foreign internet companies).</li>
</ul>
<p align="center"><img class="size-full wp-image-2515 aligncenter" alt="Post - investors analysis 2 - chart 1" src="http://redwingconsulting.com/wp-content/uploads/Post-investors-analysis-2-chart-1.jpg" width="458" height="465" /></p>

<h5 style="text-align: justify;"><b>Foreign funds play a critical role</b></h5>
<p style="text-align: justify;">What’s interesting is to see how this changes when deal values are taken into account:</p>

<ul style="text-align: justify;">
	<li>Nearly half of the investment value has come from foreign VCs, with a huge skew due to the large Rocket Internet investments.</li>
	<li>Around a third of the investment value has come from Indonesian media companies, specifically Para Group, MNC and Kompas.</li>
</ul>
<p align="center"><img class="size-full wp-image-2516 aligncenter" alt="Post - investors analysis 2 - chart 2" src="http://redwingconsulting.com/wp-content/uploads/Post-investors-analysis-2-chart-2.jpg" width="459" height="465" /></p>
<p style="text-align: justify;">However, this graph is significantly distorted by the size of the Rocket Internet and Para Group deals.</p>
<p style="text-align: justify;">So what happens if you remove the investments into Lazada, Zalora and Detik.com?</p>
<p style="text-align: justify;">You get the following graph, which shows where the money has been coming from to fund Indonesian startups in their seed and early-stage rounds:</p>
<p align="center"><img class="size-full wp-image-2517 aligncenter" alt="Post - investors analysis 2 - chart 3" src="http://redwingconsulting.com/wp-content/uploads/Post-investors-analysis-2-chart-3.jpg" width="459" height="465" /></p>
<p style="text-align: justify;">So in terms of the number of deals, tech investments in Indonesia come from:</p>

<ol>
	<li>Foreign VCs</li>
	<li>Singapore-based VCs</li>
	<li>Indonesian incubators</li>
	<li>Foreign dotcoms</li>
	<li>Indonesian media conglomerates</li>
	<li>Indonesian VCs</li>
</ol>
<p style="text-align: justify;">And in order of value, tech investments in Indonesia come from:</p>

<ol>
	<li>Rocket Internet (but irrelevant unless you’re a Rocket Internet company)</li>
	<li>Indonesian media conglomerates</li>
	<li>Foreign dotcoms</li>
	<li>Foreign VCs</li>
	<li>Singapore-based VCs</li>
	<li>Indonesian VCs</li>
	<li>Indonesian incubators</li>
</ol>