Indogen, Finch Capital, and Tokocrypto Collaborate to Form Cydonia Fund

Indogen Capital and Finch Capital inaugurated a new investment vehicle “Cydonia Fund” in collaboration with Tokocrypto, focused on funding the Web3 ecosystem in Indonesia.

 As the first global mandated Web3 fund in Indonesia, Cydonia will invest in the development of a global-scale Web3 ecosystem and become an enabler for industry players.

This strategic step is in line with Tokocrypto’s vision to continue to be a builder and leader in the crypto, blockchain, and Web3 ecosystem in the country, while at the same time bringing Indonesia to be a barometer in the global arena.

In a press conference held at T-Hub Tokocrypto in the Patal Senayan area (17/3), Tokocrypto CSO Chung Ying Lai also revealed, “Tokocrypto and Cydonia Fund are expected to be the best support systems to bring the Web3 ecosystem in Indonesia to a higher level in the global arena.”

With the development of the digital asset ecosystem, investment is now not only in the form of equity shares, but can also be in the form of tokens or coins.

“As venture capital, we have our own investment thesis. This is why we formed a new fund specifically to invest in companies in the form of tokens or coins,” said Indogen Capital Managing Partner Chandra Firmanto.

Many Companies Focus on Digital Assets

Finch Asia Managing Partner Hans De Back sees that along with the increasing adoption of crypto assets globally, many new venture capital companies that focus on investing in digital assets are emerging.

“Reflecting on the collaboration between FTX, Solana Ventures, and Lightspeed Venture Partners in the United States at the end of 2021, we believe it is the right move for Cydonia Fund to partner with such a well-known platform, and we are very pleased to have found such a partner in the ranks Tokocrypto executives,” he added.

When asked about the value of the managed funds to be distributed, both Indogen and Finch have not dared to speak out. However, Hans once said that the amount is quite significant, “Enough to support 40-50 company portfolios,” he explained.

Regarding the source of funds, Chandra also revealed that there are around 20 LPs that are ready to support every initiative that will be launched by Cydonia. “More details will be reported again in June 2022,” said Chandra.

Indogen Capital as venture capital has experienced since 2016. Currently running 2 funds with 25 portfolios under management, 2 unicorns, and 5 exits.

Meanwhile, Finch Asia is a venture capital company with a track record of fintech that has been actively investing in Asia since 2014 with Indonesia as the market focus. Previously, Finch also released funds managed by Arise Fund with MDI Ventures.

Web3 Ecosystem in Indonesia

Citing a number of sources, Web3 allows users and machines to interact with data, values, and other partners through a peer-to-peer network substrate. That way, the interaction no longer requires a third party.

Web3 lets users control their own data. They will move from social media to email or shopping with one personalized account, keeping records on the blockchain of all activity. With decentralization, in fact the influence of Web3 on the development of the crypto-asset ecosystem is quite large.

Given that decentralization is likely to be one of the main parts of this new concept internet, it can be concluded that crypto assets and blockchain will also play an equally important role.

In Indonesia itself, web3 is becoming a prima donna in the digital industry. The concept of decentralization has not only penetrated the financial sector, but has also expanded to reach the arts and music industries.

Several Web3 projects that have been launched this year include the Superlative Secret Society which recently launched Indonesia’s first NFT gallery. There is also Netra, a royalty-sharing music NFT platform for musicians and music lovers.