Jakarta, Biology – The Ministry of Communications and Information (Kominfo) has recorded the total funding directed to graduates of startups (startups) from the first batch of Startup Studio Indonesia (SSI). As a result, 65 startups have successfully raised funding amounting to IDR 332.1 billion as of May 2022.
“Out of each batch, 30-40 percent of them received seed funding after participating in SSI,” said Director General of Information Applications at the Ministry of Communications and Information (KOMINFO) Simuel Abrijani Panjrapan in a press release. 6).
Up to the fourth batch of SSI, the SSI incubation program has produced in total 65 graduates of start-up companies who have successfully grown rapidly after training. Through this intensive incubation program, the Ministry of Communications and Informatics assists and promotes early-stage digital startups in the country to be able to achieve optimal alignment with the product market.
Semwell expressed his pride in the accomplishments of the SSI alumni. According to him, the Ministry of Communications and Informatics hopes that digital startups will develop and have an impact on the national economy.
“We are very proud to see the various accomplishments of SSI graduates. Not just in terms of finance, but most importantly that these early stage startups can grow and have an increasingly important impact on the economy and quality of life in the country.”
Through the SSI program, Semuel emphasized that his party is committed to empowering national digital startups so they can continue to grow, be resilient, be a solution, and be able to meet market needs.
Also Read: Dropout SSI Startups Guide To Get Init-6 Funding
SSI Nursery Program
One of the graduates who grew rapidly after joining SSI was Verihubs from the first batch. The AI-powered verification startup processes more than 4.5 million verifications per month and has increased revenue 25x in a single year.
The third batch of Soulparking startups also recorded revenue growth of more than 20 percent month over month. The startup that digitized the parking system also increased its operating points by 50 percent by expanding to Bali after previously focusing on Greater Jakarta and Java. Meanwhile, Batch 2 startup LingoTalk was able to secure two initial phases of funding from Iterative Capital, Eduspaze from Spaze Ventures, and Kistech Pte Ltd.
Several startups that received seed funding after participating in the SSI program include Justika, Practical, Finku, Gajiku, Keyta and Fishlog. Meanwhile, Verihubs, Deall Sejuta Cita, Finku and Sribuu were also elected to represent Indonesia in the Silicon Valley incubator programme, Y Combinator.
The Ministry of Communications and Informatics initiated the SSI program in September 2020 to support the progress of the startup ecosystem in Indonesia by providing facilities that provide access to early-stage startup activists to develop their business potential. The ministry has now opened the fifth batch program.